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2021 Senate Bill 25: Exempt forgiven disabled veteran student loan proceeds from income tax
Introduced by Sen. Tom Barrett (R) on January 13, 2021
To exempt from state income tax the value of federally-backed student loans to disabled veterans that have been “forgiven.” Under current law, the balance of loans that are forgiven after the borrower has already received the money is considered taxable income.   Official Text and Analysis.
Referred to the Senate Finance Committee on January 13, 2021
Reported in the Senate on March 11, 2021
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
To exempt from state income tax the value of federally-backed student loans to disabled veterans that have been “forgiven.” Under current law, the balance of loans that are forgiven after the borrower has already received the money is considered taxable income. This would be retroactive to 2016.
Received in the House on March 23, 2021
Referred to the House Tax Policy Committee on March 23, 2021
Reported in the House on April 28, 2021
Without amendment and with the recommendation that the bill pass.

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