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Tax Exemption for Dental Faculty Loan Repayments.

This law changes tax rules so that federal financial aid used to repay student loans for dental school faculty is no longer considered taxable income. Faculty members receiving this specific loan repayment assistance will keep the full amount without paying federal income tax on it. This aims to encourage more dentists to pursue teaching careers and practice in associated dental clinics.
Key points
Federal assistance for dental faculty student loan repayment is now excluded from taxable income.
The tax benefit applies specifically to repayments received under the Dental Faculty Development and Loan Repayment Program.
The financial incentive is designed to help retain faculty teaching and practicing in dental schools and affiliated clinics.
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Additional Information
Print number: 118_S_2172
Sponsor: Sen. Cardin, Benjamin L. [D-MD]
Process start date: 2023-06-22