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In some states, forgiven student loans will be subject to state income taxes unless they change their laws to conform with a federal tax exemption for student loans, according to a tally by the Tax Foundation, a Washington, D.C.-based think tank.
President Joe Biden’s student loan forgiveness plan could lift crushing debt burdens from millions of borrowers. But in some states, the tax man may demand a cut of that relief.
President Joe Biden’s student loan forgiveness plan could lift crushing debt burdens from millions of borrowers.
In some states, forgiven student loans will be subject to state income taxes unless they change their laws to conform with a federal tax exemption for student loans, according to a tally by the Tax Foundation, a Washington, D.C.-based think tank.
Some states could tax Biden's student loan debt relief | 2022-09-04 21:51:50