Six states are set to tax Biden's student loan debt forgiveness, but one expert says the number is likely to fall.
Wisconsin, and California to tax the loans were mainly due to legacy issues, Walczak said. He expected most to amend their tax codes rather than leave residents with an extra bill."No state has taken any sort of action since the announcement of student debt cancellation to affirmatively tax it," he said."Instead, we've had states largely trying to change the treatment to avoid taxing it.
"California is an interesting state," said Walczak."Officials are hanging on to the thin read that they don't know whether it's taxable or not.""So we've essentially seen legislative leaders say: 'well if that's true, we'll fix it'. We will go just pass a law that will change the treatment, and they almost certainly will," he added.
Any states that don't take steps to avoid the extra tax could saddle borrowers with an average tax bill of $500, Walczak estimated.
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