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H.R. 2543: Mortgage Forgiveness Tax Relief Act of 2017

The text of the bill below is as of May 18, 2017 (Introduced).

Source: GPO

I

115th CONGRESS

1st Session

H. R. 2543

IN THE HOUSE OF REPRESENTATIVES

May 18, 2017

(for himself and Mr. Kind) 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 extend for 2 years the exclusion from gross income of discharges of qualified principal residence indebtedness.

1.

Short title

This Act may be cited as the Mortgage Forgiveness Tax Relief Act of 2017.

2.

Two-year extension of exclusion from gross income of discharge of qualified principal residence indebtedness

(a)

In general

Section 108(a)(1)(E) of the Internal Revenue Code of 1986 is amended by striking January 1, 2017 and inserting January 1, 2019.

(b)

Effective date

The amendment made by this section shall apply to indebtedness discharged after December 31, 2016.