Subtraction modification for student loan forgiveness awards (Article 22)

For tax years beginning on or after January 1, 2022, when computing New York adjusted gross income (NYAGI), a taxpayer will be allowed to subtract the amount of any student loan forgiveness award made by the state, including any awards made pursuant to a program established under Article 14 of the New York Education Law, to the extent the award was included in federal adjusted gross income.

For more information, see Form IT-225 , New York State Modifications , and its instructions .

[Part D of Chapter 59 of the Laws of 2022; Tax Law § 612(c)(46)]