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Thirteen States Could Tax Biden Student Loan Forgiveness
The Biden administration’s plan to reduce student loan burdens by $10,000 could come with a catch for some Americans — they’ll be expected to pay taxes on the savings.
The White House has said that the forgiven portions of student loans will not be considered taxable income for the purposes of federal income tax, and most states follow federal guidance on such discharged debt.
But 13 states — including New York — may break from the federal government and consider the discharged debt as taxable income.
Read More at the New York Post
