Mortgage Debt Tax Forgiveness Act of 2018

Bill: 116-hr-285
Sponsor: full_name: Rep. Brownley, Julia [D-CA-26]
Introduced: 2019-01-08
Policy area: Taxation
Subjects: Housing finance and home ownership

Income tax exclusion
Latest action: action_date: 2019-01-08
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2019-01-08
action_desc: Introduced in House
text: <p><b>Mortgage Debt Tax Forgiveness Act of 201</b><b>8</b></p> <p>This bill modifies the rules for calculating taxable income to make permanent the exclusion from gross income of income attributable to the discharge of qualified principal residence indebtedness. </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 285 IN THE HOUSE OF REPRESENTATIVES January 8, 2019 Ms. Brownley of California 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 make permanent the exclusion from gross income of discharge of qualified principal residence indebtedness.

1. Short title This Act may be cited as the Mortgage Debt Tax Forgiveness Act of 2018 . 2. Permanent 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 which is discharged and all that follows and inserting a period. (b) Effective date The amendment made by this section shall apply to indebtedness discharged after December 31, 2017.