Governor Whitmer signed Senate Bill 25 this week which will help disabled veterans who are still paying on their student loans.
The bill will amend the income tax code to allow disabled veterans to deduct taxable income attributed to cancellation or forgiveness of a student loan. It will apply retroactively to the 2016 through 2019 tax years, and it will apply to future tax years beginning in 2025.
The bill was sponsored by Senator Tom Barrett, R-Charlotte, and Whitmer said, “Our nation’s disabled veterans have served our country with honor and dignity, and this bill helps alleviate some of their financial burdens. I am proud to sign Senate Bill 25 to recognize the sacrifices made by our veterans and their families and help make their lives easier.”
VFW Michigan State Commander Kevin Conklin said, “The VFW Department of Michigan applauds Governor Whitmer and Senator Tom Barrett’s efforts to make Michigan the best state in the Nation for veterans and their families, and we look forward to future legislation that helps us accomplish this goal together.”
Reporting for WGRT – Jessie Wiegand
