According to a report from Bloomberg, Mississippi plans to tax as income those residents who have their student loan debt forgiven, becoming the first state to do so.
The student loan forgiveness plan has been designated as tax-exempt, but according to an analysis from Tax Foundation, there are still some states that could be able to tax individuals receiving the loan forgiveness.
Mississippi intends to tax as income those residents who have their student loan debt forgiven, becoming the first state to declare that it plans to make such a move. https://t.co/vPHxeTnPx1
— Newsmax (@newsmax) August 31, 2022
Arkansas and Wisconsin are among the other states also considering taxing forgiven student loan debt. New York, Virginia, and Pennsylvania have already introduced tax exemptions for residents who qualify for debt forgiveness.
The student loan forgiveness program introduced by the Biden administration offers $10,000 in student debt forgiveness to an individual earning $125,000 or less or a family earning $250,000 or less. Pell Grant recipients receive an extra $10,000 in forgiveness.
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