Mortgage Foregiveness Tax Relief Act - Amends the Internal Revenue Code to extend through 2014 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]
[S. 2250 Introduced in Senate (IS)]
112th CONGRESS
2d Session
S. 2250
To prevent homeowners from being forced to pay taxes on forgiven
mortgage loan debt.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 29, 2012
Ms. Stabenow (for herself, Mr. Heller, Mr. Menendez, Mr. Brown of Ohio,
Mr. Merkley, and Mr. Isakson) introduced the following bill; which was
read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To prevent homeowners from being forced to pay taxes on forgiven
mortgage loan debt.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Mortgage Forgiveness Tax Relief
Act''.
SEC. 2. EXTENSION OF EXCLUSION FROM GROSS INCOME OF DISCHARGE OF
QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS.
(a) In General.--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, 2015''.
(b) Effective Date.--The amendment made by this section shall apply
to indebtedness discharged after December 31, 2012.
<all>
Introduced in Senate
Read twice and referred to the Committee on Finance.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line