Minnesota Senate Media Services
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Exempting Tax on Student Loan Foregiveness
Posted
September 9, 2022
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September 9, 2022
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7:42Now PlayingPresident Joe Biden recently announced a plan to forgive $10,000 - $20,000 in student loan debt to qualifying borrowers. At the federal level, there is no tax on loan forgiveness, but Minnesota is among several states that will tax forgiven student loans as income unless lawmakers enact a fix. Tax Committee member Senator Kari Dziedzic, DFL-Minneapolis, recently called for a exemption to that tax, and she joins Capitol Report moderator Shannon Loehrke to explain why Minnesota lawmakers should make the change.
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