Bill > S1962

This bill amends the Massachusetts state tax code to exclude student loan forgiveness from taxable income specifically for veterans who are permanently and totally disabled. Under current law, loan forgiveness is typically considered taxable income, which means veterans with discharged student loans would normally have to pay taxes on the forgiven amount. By adding this provision, the bill ensures that when a permanently and totally disabled veteran has their educational loans discharged (likely under a federal program for disabled veterans), the forgiven loan amount will not be counted as taxable income in Massachusetts. This change provides financial relief to disabled veterans by preventing them from facing an additional tax burden when their student loans are forgiven, recognizing the sacrifices and challenges these veterans have experienced.

Budget and Finance

https://malegislature.gov/Bills/194/S1962