Homeowners Debt Relief Extension Act of 2014

Bill: 113-hr-3856
Sponsor: full_name: Rep. Foster, Bill [D-IL-11]
Introduced: 2014-01-13
Policy area: Taxation
Subjects: Budget deficits and national debt

Housing finance and home ownership

Income tax deductions

Income tax exclusion

Oil and gas
Latest action: action_date: 2014-01-13
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-01-13
action_desc: Introduced in House
text: <p>Homeowners Debt Relief Extension Act of 2014 - Amends the Internal Revenue Code to: (1) extend through 2015 the exclusion from gross income of imputed income from the discharge of indebtedness with respect to a principal residence; and (2) exclude from the definition of "domestic production gross receipts" for purposes of the tax deduction for income attributable to domestic production activities, gross receipts of a major integrated oil company (i.e., a company which has an average daily worldwide production of crude oil of at least&nbsp;500,000 barrels for the taxable year and gross receipts in excess of $1 billion for its last taxable year ending during 2005) from the production, transportation, or distribution of oil, natural gas, or any primary product thereof.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 3856 IN THE HOUSE OF REPRESENTATIVES January 13, 2014 Mr. Foster 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 2-year extension of the exclusion from gross income for the discharge of qualified principal residence indebtedness, and for other purposes.

1. Short title This Act may be cited as the Homeowners Debt Relief Extension Act of 2014 . 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, 2014 and inserting January 1, 2016 . (b) Effective date The amendment made by this section shall apply to indebtedness discharged after December 31, 2013. 3. Limitation on section 199 deduction attributable to oil, natural gas, or primary products thereof (a) Denial of deduction Paragraph (4) of section 199(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: (E) Special rule for certain oil and gas income In the case of any taxpayer who is a major integrated oil company (as defined in section 167(h)(5)(B)) for the taxable year, the term domestic production gross receipts shall not include gross receipts from the production, transportation, or distribution of oil, natural gas, or any primary product (within the meaning of subsection (d)(9)) thereof. . (b) Effective date The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2013. 4. Debt reduction The net amount of any savings realized as a result of the enactment of this Act and the amendments made by this Act shall be deposited in the Treasury of the United States and used only to redeem outstanding Federal debt.