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NC S812
Bill
AI Summary
- Eliminates North Carolina state income tax on federal student loan debt relief provided under the American Rescue Plan Act of 2021
- Removes the requirement for taxpayers to add back to North Carolina taxable income any student loan forgiveness excluded from federal gross income for taxable years 2021 through 2025
- Limits the adjustment for insolvent taxpayers to only the amount of student loan discharge that exceeds what would have been excluded under pre-2021 federal law
- Effective for taxable years beginning on or after January 1, 2025
Legislative Description
Student Tax Reduction (STAR) Act
Individual Income
Last Action
Ref To Com On Rules and Operations of the Senate
5/6/2024
Committee Referrals
Rules and Operations of the Senate5/6/2024
Full Bill Text
No bill text available