As part of a slate of budget bills signed by Gov. Newsom is an income tax exemption on student loans forgiven because of the pandemic
Source: SiliconValley.com
While the Supreme Court mulls the Biden administration’s student loan forgiveness plan, California moved to provide some relief to borrowers who had student loans forgiven during the pandemic.
Part of a slate of budget bills signed into law by Gov. Gavin Newsom earlier this week is legislation exempting Californians from paying income taxes on forgiven federal student loans and some pandemic-era emergency grants.
... “There was never intention to tax any of these items,” Assemblymember Phil Ting, who chairs the Budget Committee, told KCRA. “We’re just making sure this is very clear.”