The NC Department of Revenue (DOR) recently announced that student loan forgiveness is taxable income for the purposes of state income taxes. This means that borrowers will need to pay state income tax on the amount of their student loans that are forgiven. Legislative leaders have indicated that theydo not anticipate that the NC General Assembly will change this law.
A NC Senate bill (
Congress Repeals Tax on Nonprofit Transportation Benefits
On June 5, the Center met with staff for Senator Richard Burr (R-NC) and several other members of Congress from North Carolina and then submitted suggestions for four ways that Congress can provide tax assistance to help tax-exempt nonprofits more efficiently and effectively provide relief and recovery services after natural disasters.
This fall, North Carolina voters will have the opportunity to decide whether six amendments will be made to the North Carolina Constitution. Voters will be asked to decide on constitutional amendments that would:
- Reduce the maximum state income tax rate from 10% to 7%;
The Center recently visited Washington, DC to advocate with our members of Congress on nonprofit issues. These include:
1. Protecting nonprofit nonpartisanship.
3. Universal charitable deduction.
4. 2020 U.S.Census
5. Public Service Loan Forgiveness Program