< Back to H.R. 2788 (113th Congress, 2013–2015)

Text of the Mortgage Forgiveness Tax Relief Act

This bill was assigned to a congressional committee on July 23, 2013, which will consider it before possibly sending it on to the House or Senate as a whole. The text of the bill below is as of Jul 23, 2013 (Introduced).

I

113th CONGRESS

1st Session

H. R. 2788

IN THE HOUSE OF REPRESENTATIVES

July 23, 2013

introduced the following bill; which was referred to the Committee on Ways and Means

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.