Indiana the latest state to confirm it will tax student loan forgiveness [Axois]

As the Biden administration sets out to implement its student loan forgiveness plan, Indiana became the latest state Tuesday to confirm that it will tax student loan forgiveness. Several states have indicated that residents could face a state tax on the balances forgiven. Since Indiana’s tax rate is currently 3.23%, those eligible to have their debt canceled will pay up to $323 or $646 in taxes depending on the amount of student loan forgiveness they qualify for, per AP.

Check out the complete article by Axios here to learn why this matters.