Like Mississippi, Arkansas' tax policies don't follow federal policy, so, again, there's no obvious exemption on the books there to protect debt relief from being taxed. That's no guarantee they will ultimately tax debt relief it just means that, right now, there's nothing on the state's books to exempt canceled loans.Īs such, Mississippi's Department of Revenue has reportedly confirmed that under current state law, student debt relief is taxable. Unlike most states, Mississippi doesn't follow federal tax policy, so the changes in the American Rescue Plan don't mean much there. Tax officials there have confirmed (to the AP) that residents will be expected to list any debt relief they receive under taxable income. Like North Carolina, Indiana tends to follow federal tax policy, but has similarly chosen to break with Congress on this. And the Assembly has given no indication it will change that. "The Department is monitoring any further enactments by the General Assembly that could change the taxability of student loan forgiveness in North Carolina," a spokesperson says.īut for now, it's taxable. In a statement, the North Carolina Department of Revenue tells NPR the state's General Assembly chose not to adopt the federal student debt tax exemption.
What's interesting here is that the state decided, in spite of Congress, to tax student debt relief. Like most states, North Carolina conforms to federal tax law. States where borrowers may be taxed for loan cancellation "The majority of states that have an income tax essentially say, 'Whatever the federal government says is gross income, we say the same thing,' " explains John Brooks, a Fordham University professor who studies both tax policy and student loan law.īut seven states are out of step with federal tax policy and have either said they will tax debt relief or still have policies that could require it, barring a change in state law. That's because most places follow the federal government's lead when it comes to income tax. Now that the Biden administration has unveiled its sweeping new debt cancelation plan, this federal exemption is a really big deal. government will not consider canceled student loan debts to be taxable income. But in March of 2021, the American Rescue Plan changed that, at least temporarily: Until the end of 2025, Congress said, the U.S. While President Biden's sweeping student debt relief won't be subject to federal income tax, in seven states borrowers may have to pay state income tax on all those canceled loans.īefore 2021, student debt cancelation was generally considered a form of income, and therefore taxable both at the federal and usually state level. If you like PSequel, please report bugs and/or help spread the word.When federal student loan borrowers take a breath from celebrating the cancelation of some or all of their federal student loans, millions of them could be in for a nasty surprise: How do I support the development of PSequel? If you don't have a Github account, you could report bugs here. Please include your macOS, PostgreSQL and PSequel versions when reporting a bug. If you are reporting multiple bugs or suggesting multiple features, please create separate issues for each bug/feature. Please try not to create duplicate issues. How do I report bugs or suggest new features? If you think a feature is important, please let me know and I'll adjust its priority based on its popularity. My plan to implement most features in Sequel Pro. By supporting macOS 10.10+ only, I can keep the codebase simpler and save time by not testing it in older versions of macOS. I am developing PSequel in my spare time. No, PSequel is written from scratch in Swift 2, although PSequel's UI is highly inspired by Sequel Pro. Is PSequel a forked version of Sequel Pro? There is no plan to open source it at this moment. I just dislike Java desktop apps personally. I am a Java developer myself and I like JVM a lot. In the good old MySQL world, my favorite client is Sequel Pro, but its support for PostgreSQL doesn't seem to be happening. However, they are either web-based, Java-based * or don't support the features I want. I know there is a list of PostgreSQL GUI Tools. However, I found its UI is clumsy and complicated. Well, pgAdmin is great for its feature-richness. FAQ Why yet another PostgreSQL GUI client? Why not just pgAdmin?
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