summary
Introduced
01/08/2019
01/08/2019
In Committee
01/08/2019
01/08/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to make permanent the exclusion from gross income of discharge of qualified principal residence indebtedness. This bill modifies the rules for calculating taxable income to make permanent the exclusion from gross income of income attributable to the discharge of qualified principal residence indebtedness.
AI Summary
This bill, the Mortgage Debt Tax Forgiveness Act of 2018, aims to make permanent the exclusion from gross income of discharge of qualified principal residence indebtedness. The bill modifies the Internal Revenue Code to remove the expiration date for this exclusion, allowing homeowners to permanently avoid paying taxes on debt forgiven related to their primary residence. This provision was previously set to expire at the end of 2017, but this bill would make it a permanent part of the tax code.
Committee Categories
Budget and Finance
Sponsors (6)
Julia Brownley (D)*,
Peter King (R),
Jim McGovern (D),
Dina Titus (D),
Jeff Van Drew (R),
Susan Wild (D),
Last Action
Referred to the House Committee on Ways and Means. (on 01/08/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/285/all-info | 01/09/2019 |
| BillText | https://www.congress.gov/116/bills/hr285/BILLS-116hr285ih.pdf | 01/19/2019 |
| Bill | https://www.congress.gov/116/bills/hr285/BILLS-116hr285ih.pdf.pdf | 01/19/2019 |
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