[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 608 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 608

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 27, 2015

 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, as amended by section 102 of the Tax 
Increase Prevention Act of 2014 (Public Law 113-295), is amended by 
striking ``before January 1, 2015'' and inserting ``subject to an 
arrangement that is entered into and evidenced in writing before 
January 1, 2017''.
    (b) Effective Date.--The amendment made by this section shall apply 
to any arrangement entered into and evidenced in writing before January 
1, 2017.
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