GHJ Tax Partner Discusses Student Loan Forgiveness

GHJ State and Local Tax Practice Leader Frances Ellington spoke to The Charlotte Observer about student loan forgiveness and how it may affect taxpayers.

When President Biden announced plans to cancel up to $20,000 of federal student loan debt, it was specified that this forgiveness would not be subject to federal taxes. However, canceled debt is considered taxable at the state level in North Carolina and several other states.

Frances spoke to The Charlotte Observer about how North Carolina taxpayers would be taxed under current state regulations, and the likelihood this may change in the future.

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