Mortgage Forgiveness Tax Relief Act of 2015

Bill: 114-hr-1002
Sponsor: full_name: Rep. Reed, Tom [R-NY-23]
Introduced: 2015-02-13
Policy area: Taxation
Subjects: Housing finance and home ownership

Income tax exclusion
Latest action: action_date: 2015-02-13
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-02-13
action_desc: Introduced in House
text: <p><strong>Mortgage Forgiveness Tax Relief Act of 2015</strong></p> <p> 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.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 1002 IN THE HOUSE OF REPRESENTATIVES February 13, 2015 Mr. Reed (for himself, Mr. Rangel , Mr. Heck of Nevada , Mr. Paulsen , Mr. Young of Indiana , Mr. Tiberi , Mr. Buchanan , Mr. Schock , Mr. Neal , Mr. Thompson of California , Mr. Larson of Connecticut , Mr. Kind , Mr. McDermott , Mr. Blumenauer , Mr. Kelly of Pennsylvania , and Mr. Pascrell ) 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 extend for 2 years the exclusion from gross income of discharges of qualified principal residence indebtedness.

1. Short title This Act may be cited as the Mortgage Forgiveness Tax Relief Act of 2015 . 2. Two-year extension of exclusion from gross income of discharge of qualified principal residence indebtedness (a) In general Section 108(a)(1)(E) 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.