IN THE SENATE OF THE UNITED STATES
March 29, 2012
Ms. Stabenow (for herself, Mr. Heller, Mr. Menendez, Mr. Brown of Ohio, Mr. Merkley, and Mr. Isakson) introduced the following bill; which was read twice and referred to the Committee on Finance
To prevent homeowners from being forced to pay taxes on forgiven mortgage loan debt.
This Act may be cited as the
Mortgage Forgiveness Tax Relief
Extension of exclusion from gross income of discharge of qualified principal residence indebtedness
Subparagraph (E) of
section 108(a)(1) of the Internal Revenue Code of 1986 is amended by striking
January 1, 2013 and inserting
The amendment made by this section shall apply to indebtedness discharged after December 31, 2012.