Mortgage Forgiveness Tax Relief Act

Bill: 114-s-608
Sponsor: full_name: Sen. Stabenow, Debbie [D-MI]
Introduced: 2015-02-27
Policy area: Taxation
Subjects: Housing finance and home ownership

Income tax exclusion
Latest action: action_date: 2015-02-27
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-02-27
action_desc: Introduced in Senate
text: <p><b>Mortgage Forgiveness Tax Relief Act </b></p> <p> Amends the Internal Revenue Code, as amended by the Tax Increase Prevention Act of 2014, to extend the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence that was discharged subject to an arrangement entered into and evidenced in writing before January 1, 2017.</p>

tv_txt: II 114th CONGRESS 1st Session S. 608 IN THE SENATE OF THE UNITED STATES February 27, 2015 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, as amended by section 102 of the Tax Increase Prevention Act of 2014 ( Public Law 113–295 ), is amended by striking before January 1, 2015 and inserting subject to an arrangement that is entered into and evidenced in writing before January 1, 2017 . (b) Effective date The amendment made by this section shall apply to any arrangement entered into and evidenced in writing before January 1, 2017.