HB842

Mississippi HB842 excludes forgiven, cancelled or discharged federal student loan debt under the PSLF Program from the definition of "gross income".

Mississippi HB842 amends the state income tax code to exclude forgiven, cancelled or discharged federal student loan debt under the Public Service Loan Forgiveness Program from the definition of "gross income." This means that such forgiven debt will not be included in the calculation of state income tax for affected taxpayers. The bill specifies that this exclusion applies to debt under the PSLF Program, ensuring that individuals who have had their federal student loans forgiven through this program will not have to pay state income tax on that forgiven amount.