Mortgage Debt Tax Relief Act

Mortgage Debt Tax Relief Act

Amends the Internal Revenue Code to extend through 2016 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 351 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 351

   To prevent homeowners from being forced to pay taxes on forgiven 
                          mortgage loan debt.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 3, 2015

  Mr. Heller 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 Debt 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, 
2015'' and inserting ``January 1, 2017''.
    (b) Effective Date.--The amendment made by this section shall apply 
to indebtedness discharged after December 31, 2014.
                                 <all>