All tagged student loan forgiveness
Governor Roy Cooper called on Republican legislators to waive state income taxes on student loans that have been forgiven. The General Assembly passed legislation to ensure that North Carolinians did not have to pay income tax on Paycheck Protection Program (PPP) loans that were forgiven.
The White House has indicated that President Biden’s recent student loan forgiveness will be excluded from federal income tax due to the student loan forgiveness exemption contained in IRC 108(f)(5). The North Carolina General Assembly did not adopt Section 108(f)(5) of the IRC for purposes of the state income tax.
