ST. PAUL (LEARFIELD) — Minnesota state revenue officials say without legislative action student loan forgiveness will be taxable.
The Legislature never passed its 2022 tax bill to confirm with federal changes. President Joe Biden announced Wednesday a wide-ranging debt cancellation program where many student loan holders could get 10-thousand dollars of their debt forgiven.
That forgiveness would increase a person’s tax liability and potentially reduce tax credits or deductions a person would otherwise be eligible to receive.
