Wolters Kluwer Expert Examines the Threats to Biden's Student Loan Forgiveness Program and Analyzes the Potential State Income Taxation for Borrowers
NEW YORK, Nov. 4, 2022 /PRNewswire/ --
- While the American Rescue Plan Act of 2021 (ARPA) ensures that this debt forgiveness is not subject to federal income taxes, some states are still looking to impose state income taxes.
- The map highlights states that will tax forgiven student debt, states that will not, and states that may do so.
- Some opponents of the program have even based their legal challenges on this potential state taxation.
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