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Nov 14, 2025 · This means that, with certain exceptions, forgiven credit card debt will typically be counted as taxable income for state tax purposes in New Jersey and New York. For instance, if … May 7, 2025 · Any payments that the SBA makes for principal, interest, and fees are considered to be cancellation of debt. This is because the payments all reduce the amount of the loan in some way. … Under the plan, and because of a provision in the American Rescue Plan, this forgiven debt will not be taxed federally as income, Kingston said. New Jersey doesn’t tax forgiven debt, though 13 other … Debt that is canceled as part of a bankruptcy case (including Chapter 7, Chapter 11 and Chapter 13 bankruptcy) does not count as taxable income. This applies both to unsecured debts like credit card … Nov 1, 2022 · For personal income tax (GIT) purposes, cancellation or forgiveness of debt is not subject to tax. This includes student loan forgiveness, which many taxpayers may soon be experiencing if … Apr 16, 2026 · Information on income that is exempt (nontaxable) from New Jersey income tax. Sep 16, 2023 · When a lender forgives or cancels a debt, the amount forgiven may need to be reported as income on your tax return. However, there are exceptions, such as insolvency or certain types of... This act shall take effect immediately. STATEMENT 23 22 This bill codifies the current New Jersey gross income tax 24 treatment of a specific type of cancellation of debt. Under current 25 law, ….