[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 1187 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                S. 1187

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


_______________________________________________________________________


                   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.

    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, 
2014'' and inserting ``January 1, 2016''.
    (b) Effective Date.--The amendment made by this section shall apply 
to indebtedness discharged after December 31, 2013.
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