North Carolina’s GOP lawmakers shouldn’t tax Biden’s student-loan forgiveness, the state’s governor says — and he calls on them to treat the relief like PPP loan forgiveness

North Carolina Gov. Roy Cooper speaks at a primary election night event hosted by the North Carolina Democratic Party in Raleigh, North Carolina, on May 17, 2022.
North Carolina Gov. Roy Cooper asked GOP state legislators to waive taxes on student-loan forgiveness.
He said the relief should be treated like the loans forgiven from the Paycheck Protection Program.
Some GOP-led states have confirmed they will impose state taxes on Biden’s relief.

A Democratic governor said Republicans should take a page out of their own books when deciding how to handle President Joe Biden’s student-loan forgiveness.

After Biden announced up to $20,000 in federal debt relief at the end of August, confusion emerged regarding how taxes would be applied to that loan forgiveness. While Biden’s American Rescue Plans ensure the relief will not be subject to any federal taxes, each state has its own individual tax code and can determine how, if at all, state taxes will be applied to federal debt…

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This article was written by [email protected] (Ayelet Sheffey) and originally published on www.businessinsider.com