Indiana will tax student debt relief as income, reflecting similar policies in other U.S. states following the Biden administration's announcement of a forgiveness plan last month.
The Indiana Department of Revenue confirmed in an email to the Associated Press Tuesday that residents are required to list their forgiven loans as taxable income per Indiana law.
But depending on the state's tax rates, the taxpayer's other income, and the deductions and exemptions they're able to claim, residents could owe up to several hundred additional tax dollars on the forgiven loans. Residents must also pay additional county taxes on the forgiven loans. For Marion County, which includes Indianapolis, residents would pay between $200 and $400, Rodriguez said.
Other states - Mississippi, Minnesota, Wisconsin, Arkansas and North Carolina - also tax forgiven debt as income, according to a tally by the Tax Foundation, a Washington, D.C.-based think tank.
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