Breaking News
More () »

Key NC leader: No plan to excuse state taxes on forgiven student loans

Forgiven debt is considered taxable income under North Carolina law. Gov. Cooper has called on lawmakers to waive it for student loans but Republican leaders say no.

RALEIGH, N.C. — Don’t expect the state of North Carolina to waive income taxes on student loan debts forgiven by the Biden administration.

Senate President Pro Tem Phil Berger, one of the most powerful elected officials in the state, said Tuesday that he doesn’t see the need to do so.

“I think it’s something that, in my opinion, we do not need to address,” Berger said.

Click here to sign up for the daily Wake Up Charlotte newsletter

The Biden administration’s plan to forgive up to $20,000 in individual federal student loan debt won’t trigger federal income taxes, but forgiven debt typically is taxable, and not every state has agreed to waive its own income taxes on the plan.

Click here to read more from WRAL.

You can stream WCNC Charlotte on Roku and Amazon Fire TV, just download the free app.

WCNC Charlotte podcasts

Flashpoint is a weekly in-depth look at politics in Charlotte, North Carolina, South Carolina, and beyond with host Ben Thompson. Listen to the podcast weekly.
SUBSCRIBEApple Podcasts || Spotify || Stitcher || Google Podcasts 

 Wake Up Charlotte To Go is a daily news and weather podcast you can listen to so you can start your day with the team at Wake Up Charlotte.  
SUBSCRIBEApple Podcasts || Spotify || Stitcher || TuneIn || Google Podcasts   

All of WCNC Charlotte's podcasts are free and available for both streaming and download. You can listen now on Android, iPhone, Amazon, and other internet-connected devices. Join us from North Carolina, South Carolina, or on the go anywhere.

Locked On is the leading podcast network for local sports and is owned by WCNC Charlotte's parent company TEGNA. 
Listen to Locked On here.   

Paid Advertisement

Before You Leave, Check This Out