An Act excluding student loan forgiveness from taxable income for permanently and totally disabled veterans
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill would exempt student loan forgiveness payments received by permanently and totally disabled veterans in Massachusetts from being considered taxable income. The legislation aims to provide financial relief to veterans who have experienced significant disabilities and may be facing challenges managing their student loan debt. It specifically targets assistance received due to a veteran’s permanent and total disability status. This bill builds on previous attempts to address this issue.
Key provisions
- Excludes student loan forgiveness from taxable income.
- Applies specifically to permanently and totally disabled veterans.
- Addresses student loan debt relief for veterans with disabilities.
- Provides a tax benefit for veterans receiving loan forgiveness.
- Aligned with similar legislation in Massachusetts.
Who is affected
- Permanently and totally disabled veterans
- Veterans in Massachusetts
- Students with outstanding loan debt
Notable changes
- Provides a tax exemption for student loan forgiveness.
- Expands upon existing efforts to support veterans' financial well-being.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Richard M. Haggerty
Cosponsor
Richard M. Haggerty
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