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SC information letter #22-14
South Carolina Department of Revenue
South Carolina Department of Revenue
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Adobe PDF, 236.11 KB
Abstract
For federal income tax purposes, the receipt of a loan is not a taxable event. Since South Carolina adopts Internal Revenue Code Section 108, to the extent a student loan described in Internal Revenue Code Section 108(f) is forgiven for federal income tax purposes and excluded from federal taxable income, then the amount is also excluded from South Carolina taxable income.
Issue Date
9/1/2022
Keywords
Income tax--South Carolina, Student loans--Taxation--South Carolina
Type
Text
Rights
Records, documents, and information made available by the agencies of the South Carolina state government or its subdivisions are made accessible through the South Carolina State Library Depository and are protected under U.S. Copyright law (Title 17, U.S.C.) and South Carolina state law (Title 30 and 60, S.C.C.L.). Distribution rights are determined by the agency or author and users should contact the aforementioned for more information.
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