Mortgage Forgiveness Tax Relief Act

Bill: 113-s-1187
Sponsor: full_name: Sen. Stabenow, Debbie [D-MI]
Introduced: 2013-06-19
Policy area: Taxation
Subjects: Housing finance and home ownership

Income tax exclusion
Latest action: action_date: 2013-06-19
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-06-19
action_desc: Introduced in Senate
text: <p>Mortgage Forgiveness Tax Relief Act - 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.</p>

tv_txt: II 113th CONGRESS 1st Session S. 1187 IN THE SENATE OF THE UNITED STATES June 19, 2013 Ms. Stabenow (for herself, Mr. Heller , Mr. Menendez , 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.

1. Short title This Act may be cited as the Mortgage Forgiveness Tax Relief Act . 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.