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Bill would ensure court-ordered cancellation of coerced debt is not treated as taxable income
Summary
Senate File 860 would exclude forgiven coerced debt from taxable income and from calculations for renter and homeowner property tax relief; committee laid the measure over for omnibus inclusion after bipartisan remarks and Legal Aid testimony.
Senate File 860, brought by Senator Gustafson, would make forgiven coerced debt — debt the court has declared a survivor of coercion does not owe — a nontaxable subtraction for income-tax purposes and exclude it from household income calculations for renter credits and homeowner property tax refunds. The Taxes Committee heard the bill Feb. 19 and laid it over for omnibus consideration.
Sen…
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