Assembly Bill 364 (Baca), as enacted on August 5, 1997, made the following changes to California law:
SUBJECT: Exclusion/Discharge of Indebtedness From California State University Forgivable Loan Program
Section 17134 is added to the Revenue and Taxation Code.
This act provides that any loan made pursuant to the Forgivable Loan Program of the California State University is a "student loan" for purposes of the exclusion from gross income of income resulting from discharges of student loan indebtedness.
This act applies to taxable years beginning on or after January 1, 1997, and discharges occurring on or after January 1, 1997.
This act does not require any reports by the department to the Legislature.