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Student Loan Tax Relief: No Tax on Forgiven Debt

This bill aims to permanently exclude forgiven or discharged student loan amounts from taxable income. This means individuals whose student loan debt is cancelled will not have to pay income tax on that amount, potentially providing significant financial relief. These changes apply to loan discharges occurring after January 31, 2022.
Key points
No tax on forgiven loans: Amounts from discharged student loans will not be counted as taxable income.
Covers various loan types: The exclusion applies to federal, state, private, and educational institution loans.
Retroactive effect: Changes apply to loan discharges made after January 31, 2022, potentially leading to tax refunds for some.
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Expired
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Additional Information
Print number: 118_HR_3967
Sponsor: Rep. Gomez, Jimmy [D-CA-34]
Process start date: 2023-06-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Student Loan Tax Relief Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3967.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-06-09.

What are the main provisions?

Key points include:

  • No tax on forgiven loans: Amounts from discharged student loans will not be counted as taxable income.
  • Covers various loan types: The exclusion applies to federal, state, private, and educational institution loans.
  • Retroactive effect: Changes apply to loan discharges made after January 31, 2022, potentially leading to tax refunds for some.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Gomez, Jimmy [D-CA-34].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Education