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The state Department of Taxation and Finance confirmed to Gothamist on Monday that it will not count the forgiven loans as income, meaning they won’t be subject to the state’s income tax — which could have left borrowers with a bill of several hundred dollars, depending on how much money they currently make.
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U.S. Senate Majority Leader Chuck Schumer is calling for increased staffing at lending agencies amid the rollout of President Biden’s student loan forgiveness plan.