Seven states that could tax loan forgiveness for borrowers:
Arkansas:
Arkansas is considering taxing student loan forgiveness, but a spokesperson from the state told CNBC that it will partially depend on what happens to the state legislature in January.
California:
California might tax loan forgiveness, depending on how the program is administered in the state.
Indiana:
Indiana confirmed student loan forgiveness will be taxable at the state level. Loan forgiveness may also be taxed at the county level.
Massachusetts:
While Massachusetts has not made an official determination, state Rep. Steve Owens said in a tweet that the state does not plan to make loan forgiveness taxable.
Mississippi:
The Mississippi Department of Revenue confirmed the state will tax loan forgiveness.
North Carolina:
The North Carolina Department of Revenue released a press release saying that loan forgiveness will be taxable, but North Carolina’s Governor, Roy Cooper, is urging the state to reconsider.
Wisconsin:
The state is still considering a tax plan for student loan forgiveness.
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