Thanks to a longstanding state tax provision, Mississippians who are eligible for the Biden administration’s student debt relief will be on the hook for up to $1,000 in additional state income taxes next year.
by Molly Minta, Mississippi Today September 2, 2022 On the federal level, student debt relief is tax exempt until 2026 due to a provision in the American Rescue Plan Act. But in Mississippi, where the state tax code differs from the federal government's, the Department of Revenue plans to tax student loan forgiveness as income the way it does any form of debt cancellation — as income.
This article first appeared on Mississippi Today and is republished here under a Creative Commons license.
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