Mortgage Forgiveness Tax Relief Act of 2013

Mortgage Forgiveness Tax Relief Act of 2013 - Amends the Internal Revenue Code to extend through 2014 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. 2994 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 2994

  To amend the Internal Revenue Code of 1986 to extend for 1 year the 
   exclusion from gross income of discharges of qualified principal 
                        residence indebtedness.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 2, 2013

    Mr. Reed (for himself, Mr. Rangel, Mr. Roskam, Mr. Thompson of 
California, Mr. Brady of Texas, Ms. Linda T. Sanchez of California, Mr. 
Griffin of Arkansas, Mr. Boustany, Mr. Kind, Mr. Neal, Ms. Jenkins, Mr. 
Larson of Connecticut, Mr. Watt, Mr. McGovern, Mr. Ribble, Mr. Capuano, 
Mr. Turner, and Mr. Buchanan) 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 1 year the 
   exclusion from gross income of discharges of qualified principal 
                        residence indebtedness.

    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 
of 2013''.

SEC. 2. 1-YEAR 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, 2015''.
    (b) Effective Date.--The amendment made by this section shall apply 
to indebtedness discharged after December 31, 2013.
                                 <all>