2017 Senate Bill 642

Authorize income tax deduction for some college debt forgiveness

Introduced in the Senate

Nov. 1, 2017

Introduced by Sen. Rick Jones (R-24)

To authorize a state income tax deduction for college loan debt that has been forgiven under a federal “total and permanent disability discharge program” for veterans. Under current law forgiven loans are treated as taxable income.

Referred to the Committee on Veterans, Military Affairs, and Homeland Security

Jan. 24, 2018

Reported without amendment

With the recommendation that the substitute (S-1) be adopted and that the bill then pass.

Feb. 28, 2018

Amendment offered by Sen. David Knezek (D-5)

To require that any loss of school aid fund revenue under the bill be filled in with state general fund money.

The amendment failed 16 to 21 (details)

Passed in the Senate 37 to 0 (details)

Received in the House

Feb. 28, 2018

Referred to the Committee on Tax Policy