[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 122 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                 S. 122

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 12, 2017

 Mr. Heller (for himself, Ms. Stabenow, Mr. Isakson, and Mr. Menendez) 
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 Debt 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, 
2017'' each place it appears and inserting ``January 1, 2019''.
    (b) Effective Date.--The amendment made by this section shall apply 
to indebtedness discharged after December 31, 2016.
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