To amend the Internal Revenue Code of 1986 to provide a 3-year extension of the exclusion of income from the discharge of indebtedness on qualified principal residences.

Amends the Internal Revenue Code to extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4250 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 4250

    To amend the Internal Revenue Code of 1986 to provide a 3-year 
extension of the exclusion of income from the discharge of indebtedness 
                   on qualified principal residences.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 22, 2012

  Mr. Daniel E. Lungren of California introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to provide a 3-year 
extension of the exclusion of income from the discharge of indebtedness 
                   on qualified principal residences.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. 3-YEAR EXTENSION OF EXCLUSION OF INCOME FROM DISCHARGE OF 
              INDEBTEDNESS ON QUALIFIED PRINCIPAL RESIDENCES.

    (a) Extension.--Subparagraph (E) of section 108(a)(1) of the 
Internal Revenue Code of 1986 is amended by striking ``January 1, 
2013'' and inserting ``January 1, 2016''.
    (b) Effective Date.--The amendment made by this section shall apply 
to discharges of indebtedness occurring after the date of the enactment 
of this Act.
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