North Carolina Gov. Roy Cooper asked the N.C. General Assembly on Wednesday to not tax the student loans forgiven by the Biden administration as income.
Gov. Roy Cooper asked the N.C. General Assembly on Wednesday to not tax the student loans forgiven by the Biden administration as income.Just a handful of states are likely to tax forgiven student loans, including North Carolina, according to anSome borrowers might have to payUnder the Biden plan, borrowers who make less than $125,000 individually were eligible for $10,000 in student loan forgiveness. Those who received Pell Grants were eligible for up to $20,000 in forgiveness.
"Republican legislators were quick to help businesses and should now fix this fundamental unfairness for many hardworking people who will get hit hard by this," Cooper said in the statement.whether the legislature plans to address the issue, N.C. House Speaker Tim Moore said Republican legislative leaders have yet to discuss it.
It's unclear whether the General Assembly will hold votes on legislation in the remainder of the year, or if it will hold off on any policy changes until next year's session. "When it comes to deductibility for income taxes, I generally like to see us — where we can — be coupled with the federal government," Moore said.
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