3.0.0 2144 2019-11-15T21:52:17Z 2019-11-15T21:52:17Z Senate S S 2012-02-29 112 ssfi00 Finance Committee Senate Standing Referred to 2012-02-29T23:41:45Z 2012-02-29 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2012-02-29 Introduced in Senate IntroReferral 10000 9 Library of Congress S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI N Taxation Housing finance and home ownership Income tax exclusion Taxation 00 2012-02-29 Introduced in Senate 2012-03-22T21:03:45Z Mortgage Cancellation Relief Act of 2012 - Amends the Internal Revenue Code to allow a permanent exclusion from gross income of amounts attributable to the discharge of qualified residential indebtedness, in the case of an individual (currently, limited to principal residence indebtedness discharged before January 1, 2013).

Defines "qualified residential indebtedness" to mean indebtedness, including indebtedness from refinancing, that was incurred or assumed: (1) in connection with real property used as a residence and that is secured by such real property; and (2) to acquire, construct, reconstruct, or substantially improve such property.

Limits the amount of such exclusion to the excess (if any) of the outstanding principal amount of such indebtedness (immediately before the discharge) over the sum of: (1) the amount realized from the sale of such real property reduced by the cost of the sale, and (2) the outstanding principal amount of any other indebtedness secured by such property.

]]> Mortgage Cancellation Relief Act of 2012 Short Titles as Introduced Mortgage Cancellation Relief Act of 2012 Display Title Mortgage Cancellation Relief Act of 2012 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to exclude from gross income of individual taxpayers discharges of indebtedness attributable to certain foreign residential mortgage obligations. Introduced in Senate 2012-02-29T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s2144is/xml/BILLS-112s2144is.xml 2012-02-29 Read twice and referred to the Committee on Finance. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.