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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.
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.
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.
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.