Minnesota Governor Tim Walz has signed a bill that will provide relief for student loan borrowers in the state by eliminating state taxes on debt forgiveness provided under the Biden Administration's student loan forgiveness plan. The proposal, which was fast-tracked, also includes cutting more than $100 million in taxes for Minnesota restaurants and other businesses that received federal aid during the pandemic. The bill, the first to be signed under the DFL-controlled government, will help eliminate tax liability for Minnesotans if President Biden's student loan plan is implemented. The plan, which proposes to forgive $10,000 in federal student debt for most borrowers and up to $20,000 for recipients of Pell Grants, is currently being challenged before the U.S. Supreme Court, with oral arguments scheduled for February. The Department of Revenue estimates that more than 600,000 Minnesota filers could see tax cuts under the new law.

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