x

Politics

Gianaris Says Student Debt Forgiveness Shouldn’t be Taxed by State

NEW YORK – Senate Deputy Leader Michael Gianaris announced new legislation that would exempt student loan forgiveness from being subject to state income taxes. Currently, state law could treat any student loan forgiveness as taxable income. New York is one of thirteen states that treats student loan forgiveness as income for tax purposes.

“Relieving student debt is critical for so many across New York. It should not turn into a cash grab by the state,” said Gianaris. “This is an important step in making it easier to access the higher education and career training New Yorkers need and deserve.”

Last week, President Joe Biden announced the federal Department of Education would forgive $10,0000 of student loan debt for most borrowers, and up to $20,000 for Pell Grant recipients. As part of provisions in the American Rescue Plan Act (ARPA), the money is exempt from federal income taxation. Senator Gianaris’ bill would ensure New York law conforms to the ARPA tax provisions. Senator Gianaris will push for the bill to receive a vote at the earliest possible opportunity.

Senator Brad Hoylman, co-prime sponsor said, “New York State shouldn’t receive a windfall on the backs of low- and middle-income student borrowers. I’m proud to partner with Deputy Leader Michael Gianaris in introducing this bill to conform New York’s law with federal practices and save New Yorkers hundreds of dollars this tax season.”

Jon Brown, a human services worker and New York City student loan holder said, as someone working human services, loan forgiveness could be a life saver but if New York chooses to tax this money, it will become a burden. I support Senator Gianaris’ effort to get people like me closer to paying off their student loans, not deeper in the hole.”

RELATED

SALT LAKE CITY, UT – Eleni Saltas, Salt Lake City-based food blogger, cookbook author of ‘All You Can Greek: Food Life Travel’, TV personality and influencer, has been announced as a special achievement honoree award winner for her show ‘Eleni’s Greek Odyssey’ and its episode ‘Poseidon Adventure’ in the Best of Europe category at the 15th Annual Taste Awards.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

By Defining Sex, Some States Are Denying Transgender People Legal Recognition

TOPEKA, Kan. (AP) — Mack Allen, an 18-year-old high school senior from Kansas, braces for sideways glances, questioning looks and snide comments whenever he has to hand over his driver's license, which still identifies him as female.

WASHINGTON (AP) — As he prepared to take office three years ago, Joe Biden's incoming administration considered a host of possible options to fulfill a campaign pledge to end the federal death penalty.

American consumers are feeling less confident this month as concerns over a possible recession grew.

MILAN (AP) — Conductor Gianandrea Noseda made a triumphant return to Teatro alla Scala in an informal role as cultural ambassador, leading the U.

Sixty-four percent of American travelers demand comfort and more innovative green options.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.