Friday, September 9, 2022

RI treatment of student loan debt forgiveness

On August 24, 2022, President Biden announced student loan debt forgiveness up to $20,000 for qualifying individuals. The discharge of student loan debt will be exempt from federal taxable income from January 1, 2021 through December 31, 2025. Rhode Island is adhering to this federal tax treatment and will not be including the discharge of student loan debt in Rhode Island taxable income for the same period of time.