States may not tax Biden's student loan forgiveness after all, says one tax expert

Contributing sentiments towards policy:

48% : Historically, any sort of debt forgiveness or debt cancellation at the state or federal level has been considered taxable income.
45% :California, for example, is more likely to adopt a provision conforming directly to the treatment of student loan debt under the IRC than allow the relief to be taxed.
44% : Walczak said that the only states that had actively made a decision about student debt and decoupled from the American Rescue Plan were Indiana and North Carolina.
44% : "No state has taken any sort of action since the announcement of student debt cancellation to affirmatively tax it," he said.
42% : But under the American Rescue Plan act any student loan debt forgiveness between 2021 and 2025 will not attract federal tax.
42% :Walczak said few believed tax could be avoided under California's existing regulations.

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