[Congressional Record (Bound Edition), Volume 160 (2014), Part 1]
[House]
[Pages 588-589]
[From the U.S. Government Publishing Office, www.gpo.gov]




                   MORTGAGE FORGIVENESS TAX EXCLUSION

  (Mr. COURTNEY asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. COURTNEY. Mr. Speaker, on December 31, the tax exclusion for 
mortgage forgiveness expired. What does that mean? It means if someone 
sells their house for less than they owe, they have to pay tax on the 
difference.
  The failure of the House Republican leadership to extend this 
forgiveness

[[Page 589]]

provision, which has been on the books since 2009, means that 
underwater properties all across the country--6 million of them--now 
basically face paying taxes in terms of trying to do the right thing 
and get these properties to move.
  In Connecticut today, there are 772 pending short sale closings that, 
again, the owners are going to be taxed because of the failure of the 
Republican leadership to move.
  Mr. Camp said the other day that there is nothing to worry about; we 
have all year to deal with this. Well, the housing market can't wait. 
We need to move. H.R. 2994 will extend that mortgage forgiveness tax 
relief. It is time for this Chamber to take this measure up and vote on 
it.
  Ask a realtor; ask a home builder; ask a mortgage broker. They all 
know. This market needs to get the overhang of distressed properties 
cleared out if we are going to have a healthy housing market and a 
strong recovery.
  This Chamber needs to act. The Republican leadership needs to listen 
to people who are in the front trenches of the economy.

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