New York will not count forgiven student loans as income, meaning they won’t be subject to the state’s income tax — which could have left borrowers with a bill of several hundred dollars, depending on how much money they currently make.
Recently graduated students of the City College of New York. The state confirmed this week that forgiven debt on student loans won't be taxed.Recently graduated students of the City College of New York. The state confirmed this week that forgiven debt on student loans won't be taxed.
Those seeking to take advantage of the plan will have to apply. The U.S. Department of Education expects to release applications by October. The deadline to receive relief is on November 15th. Borrowers looking to apply can sign up for notificationsThe forgiven portions of those loans are exempt from federal income tax under a provision in the 2021 American Rescue Plan Act — the third COVID stimulus package — that Senate Majority Leader Chuck Schumer took credit for inserting.
New York is a “conforming state,” according to Darren Dopp, the agency spokesperson. That means the state’s tax policy mirrors federal policy, unless state lawmakers and the governor step in to “decouple” a particular measure.
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