New Yorkers getting debt forgiveness for their student loans won't face income taxes. Under the plan announced last week by President Biden, borrowers will see $10,000 or $20,000 in debt wiped away. The forgiven debt could have been considered income -- subject to taxes -- but both the state and federal governments won't be taxing it. A provision of legislation already passed in Congress forgives the federal taxes, and the state Department of Taxation and Finance says it won't count the forgiven debt as income, either. Two Democrats in the state legislature say they will introduce legislation putting that policy into law.
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