Newsom calls on California lawmakers not to tax federal student loan forgiveness | apartment

LOS ANGELES — Gov. Gavin Newsom on Saturday urged California lawmakers to act quickly to prevent student loan borrowers from having to pay state income taxes on up to $20,000 in federal debt forgiveness.

The Biden administration announced in August a sweeping, one-off loan forgiveness program that would wipe out thousands of dollars in direct federal loan debt. Borrowers who meet the program’s income limits — less than $125,000 for a single person or $250,000 for a couple — will be forgiven up to $10,000 in debt, or up to $20,000 if they are a state Pell -receive grant.

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