Text – H.R.1002 – 114th Congress (2015-2016): Mortgage Forgiveness Tax Relief Act of 2015 | Congress.gov | Library of Congress : Loan Modification Key

Text – H.R.1002 – 114th Congress (2015-2016): Mortgage Forgiveness Tax Relief Act of 2015 | Congress.gov | Library of Congress

Text – H.R.1002 – 114th Congress (2015-2016): Mortgage Forgiveness Tax Relief Act of 2015 | Congress.gov | Library of Congress

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.

 

Mr. Reed (for himself, Mr. Rangel, Mr. Heck of Nevada, Mr. Paulsen, Mr. Young of Indiana, Mr. Tiberi, Mr. Buchanan, Mr. Schock, Mr. Neal, Mr. Thompson of California, Mr. Larson of Connecticut, Mr. Kind, Mr. McDermott, Mr. Blumenauer, Mr. Kelly of Pennsylvania, and Mr. Pascrell) 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.

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 2015”.

SEC. 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, 2015” and inserting “January 1, 2017”.

(b) Effective Date.—The amendment made by this section shall apply to indebtedness discharged after December 31, 2014.

 

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