The proposed bill, General Assembly Proposed Bill No. 5112, aims to amend chapter 229 of the general statutes to exempt from personal income tax any state and federal debt relief received by taxpayers specifically for student loans and medical debt. This legislative change is intended to alleviate the financial burden on individuals who benefit from such debt relief programs.

The bill introduces new legal language that specifies the exemption for debt relief related to student loans and medical debt, while there are no deletions from the current law mentioned in the text. The overall purpose of the bill is to provide tax relief to taxpayers who are receiving assistance in managing their educational and medical financial obligations.