IN THE SENATE OF THE UNITED STATES
February 27, 2015
Ms. Stabenow (for herself, Mr. Heller, Mr. Menendez, 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 Act.
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, 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.
The amendment made by this section shall apply to any arrangement entered into and evidenced in writing before January 1, 2017.