Loading chat...
NC S295
Bill
Status
Introduced
3/9/2023
Primary Sponsor
Natalie Murdock
Click for details
AI Summary
- Eliminates North Carolina state income tax on federal student loan debt relief provided through the American Rescue Plan Act of 2021
- Requires taxpayers to add back to North Carolina taxable income any student loan discharge exclusion that exceeds what was allowed under federal tax law as of May 1, 2020, for tax years 2021 through 2025
- Limits the required addition for insolvent taxpayers to only the amount of loan discharge excluded under current law that exceeds what would have been excluded under prior insolvency rules
- Effective for taxable years beginning on or after January 1, 2023
Legislative Description
Student Tax Reduction (STAR) Act
Individual Income
Last Action
Ref To Com On Rules and Operations of the Senate
3/13/2023
Committee Referrals
Rules and Operations of the Senate3/13/2023
Full Bill Text
No bill text available