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S. 608 (114th): Mortgage Forgiveness Tax Relief Act

The text of the bill below is as of Feb 27, 2015 (Introduced).

Source: GPO

II

114th CONGRESS

1st Session

S. 608

IN THE SENATE OF THE UNITED STATES

February 27, 2015

(for herself, Mr. Heller, Mr. Menendez, and Mr. Isakson) introduced the following bill; which was read twice and referred to the Committee on Finance

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, as amended by section 102 of the Tax Increase Prevention Act of 2014 (Public Law 113–295), is amended by striking before January 1, 2015 and inserting subject to an arrangement that is entered into and evidenced in writing before January 1, 2017.

(b)

Effective date

The amendment made by this section shall apply to any arrangement entered into and evidenced in writing before January 1, 2017.