Mortgage Forgiveness Tax Relief Act

Mortgage Forgiveness Tax Relief Act - Amends the Internal Revenue Code to extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2788 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 2788

   To prevent homeowners from being forced to pay taxes on forgiven 
                          mortgage loan debt.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 23, 2013

Mr. Heck of Nevada 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Mortgage Forgiveness Tax Relief 
Act''.

SEC. 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.
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