113 S1187 IS: Mortgage Forgiveness Tax Relief Act U.S. Senate 2013-06-19 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II 113th CONGRESS 1st Session S. 1187 IN THE SENATE OF THE UNITED STATES June 19, 2013 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 A BILL To prevent homeowners from being forced to pay taxes on forgiven mortgage loan debt.

1.

Short title

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

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.