H.R. 2994

Mortgage Forgiveness Tax Relief Act of 2013

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I

113th CONGRESS

1st Session

H. R. 2994

IN THE HOUSE OF REPRESENTATIVES

August 2, 2013

Mr. Reed (for himself, Mr. Rangel, Mr. Roskam, Mr. Thompson of California, Mr. Brady of Texas, Ms. Linda T. Sánchez of California, Mr. Griffin of Arkansas, Mr. Boustany, Mr. Kind, Mr. Neal, Ms. Jenkins, Mr. Larson of Connecticut, Mr. Watt, Mr. McGovern, Mr. Ribble, Mr. Capuano, Mr. Turner, and Mr. Buchanan) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to extend for 1 year the exclusion from gross income of discharges of qualified principal residence indebtedness.

1.

Short title

This Act may be cited as the Mortgage Forgiveness Tax Relief Act of 2013.

2.

1-year 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, 2015.

(b)

Effective date

The amendment made by this section shall apply to indebtedness discharged after December 31, 2013.