Mortgage Forgiveness Tax Relief Act

S. 1187 · 113th Congress · Jun 19, 2013 · Lineage

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.

Mortgage Forgiveness Tax Relief Act

1. Short title

2. Extension of exclusion from gross income of discharge of qualified principal residence indebtedness

Cite this provision

Incoming references