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H.R. 3856 (113th): Homeowners Debt Relief Extension Act of 2014

The text of the bill below is as of Jan 13, 2014 (Introduced).


I

113th CONGRESS

2d Session

H. R. 3856

IN THE HOUSE OF REPRESENTATIVES

January 13, 2014

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 provide a 2-year extension of the exclusion from gross income for the discharge of qualified principal residence indebtedness, and for other purposes.

1.

Short title

This Act may be cited as the Homeowners Debt Relief Extension Act of 2014 .

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.

3.

Limitation on section 199 deduction attributable to oil, natural gas, or primary products thereof

(a)

Denial of deduction

Paragraph (4) of section 199(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

(E)

Special rule for certain oil and gas income

In the case of any taxpayer who is a major integrated oil company (as defined in section 167(h)(5)(B)) for the taxable year, the term domestic production gross receipts shall not include gross receipts from the production, transportation, or distribution of oil, natural gas, or any primary product (within the meaning of subsection (d)(9)) thereof.

.

(b)

Effective date

The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2013.

4.

Debt reduction

The net amount of any savings realized as a result of the enactment of this Act and the amendments made by this Act shall be deposited in the Treasury of the United States and used only to redeem outstanding Federal debt.