summary
Introduced
01/22/2019
01/22/2019
In Committee
03/04/2020
03/04/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
Relative to treatment of debt on principal residences for tax purposes. Revenue.
AI Summary
This bill aims to provide tax relief for individuals who have had their mortgage debt on their principal residence forgiven or reduced through mortgage restructuring or foreclosure. Specifically, it excludes from taxable income up to $2 million ($1 million for married filing separately) of forgiven mortgage debt, as long as the debt qualifies as "acquisition indebtedness" under the federal tax code. The excluded amount would be used to reduce the taxpayer's Massachusetts basis in the principal residence. The bill applies to discharges of indebtedness on or after January 1, 2013 and requires the state tax commissioner to promulgate regulations to implement this provision.
Committee Categories
Budget and Finance
Sponsors (18)
Pete Capano (D),
Mike Connolly (D),
Sal DiDomenico (D),
Mindy Domb (D),
Michelle DuBois (D),
Jamie Eldridge (D),
Carlos González (D),
Pat Jehlen (D),
Mary Keefe (D),
Kay Khan (D),
Jack Lewis (D),
Elizabeth Malia (D),
Joe McGonagle (D),
Denise Provost (D),
Dave Rogers (D),
José Tosado (D),
Chynah Tyler (D),
Bud Williams (D),
Last Action
Bill reported favorably by committee and referred to the committee on House Ways and Means (on 03/04/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/H2550 |
| Bill | https://malegislature.gov/Bills/191/H2550.pdf |
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