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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.

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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.

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