[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 2250 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 2250

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 29, 2012

Ms. Stabenow (for herself, Mr. Heller, Mr. Menendez, Mr. Brown of Ohio, 
Mr. Merkley, 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.

    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, 
2013'' and inserting ``January 1, 2015''.
    (b) Effective Date.--The amendment made by this section shall apply 
to indebtedness discharged after December 31, 2012.
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