II
113th CONGRESS
1st Session
S. 1187
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.
Short title
This Act may be cited as the
Mortgage Forgiveness Tax Relief
Act
.
Extension of exclusion from gross income of discharge of qualified principal residence indebtedness
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
.
Effective date
The amendment made by this section shall apply to indebtedness discharged after December 31, 2013.