Section 1 Short title
This Act may be cited as the “Mortgage Debt Tax Relief Act”.
Mortgage Debt Tax Relief Act
A BILL
To prevent homeowners from being forced to pay taxes on forgiven mortgage loan debt.
Sec. 2 Extension of exclusion from gross income of discharge of qualified principal residence indebtedness
In general— Subparagraph (E) of section 108(a)(1) of the Internal Revenue Code of 1986 is amended by striking “January 1, 2017” each place it appears and inserting “January 1, 2019”.
Effective date— The amendment made by this section shall apply to indebtedness discharged after December 31, 2016.