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Minnesota

question everything

(48,799 posts) Tue Sep 6, 2022, 12:24 PM Sep 2022

Minnesota may tax student debt relief?

https://www.democraticunderground.com/100217127310

Under § 9675 of the American Rescue Plan Act (ARPA), however, the forgiveness of student loan debt between 2021 and 2025 does not count toward federal taxable income.

Minnesota’s conformity date is December 31, 2018, which is well prior to ARPA, and the state currently lacks any other provision to exclude student loan debt cancellation from income.

5 replies

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Minnesota may tax student debt relief? (Original Post) question everything Sep 2022 OP

Then the Democratic legislature should change that JohnSJ Sep 2022 #1

The state senat is RepubliCON. But since they are supposedly anti-tax, a few might go along with it progree Sep 2022 #2

I didn't know that. Thanks JohnSJ Sep 2022 #3

Why should anyone be taxed? It's not... Mawspam2 Sep 2022 #4

I think that whenever a debt is forgiven, it is considered an income question everything Sep 2022 #5

JohnSJ

(96,523 posts)

1. Then the Democratic legislature should change that

Reply to question everything (Original post)

Tue Sep 6, 2022, 01:04 PM

Sep 2022

progree

(11,463 posts)

2. The state senat is RepubliCON. But since they are supposedly anti-tax, a few might go along with it

Reply to JohnSJ (Reply #1)

Tue Sep 6, 2022, 03:57 PM

Sep 2022

JohnSJ

(96,523 posts)

3. I didn't know that. Thanks

Reply to progree (Reply #2)

Tue Sep 6, 2022, 03:59 PM

Sep 2022

Mawspam2

(848 posts)

4. Why should anyone be taxed? It's not...

Reply to question everything (Original post)

Wed Sep 7, 2022, 01:23 AM

Sep 2022

...like people are getting a check in the mail. The Feds own the loan and are simply deleting $10k ($20k) from the balance sheet.

question everything

(48,799 posts)

5. I think that whenever a debt is forgiven, it is considered an income

Reply to Mawspam2 (Reply #4)

Wed Sep 7, 2022, 09:48 AM

Sep 2022

I think that during the last recession, when many owed more on their houses than the house's value and they were negotiating with the mortgage holders, this was an issue.

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