MA S1719

Bill

Relative to the relief of mortgage debt

Introduced
01/22/2019

In Committee
01/22/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

For legislation relative to discharge of indebtedness of principal residence from gross income. Revenue.

AI Summary

This bill proposes to exclude from gross income the income attributable to the discharge of debt on a taxpayer's principal residence, including debt reduced through mortgage restructuring or forgiven in connection with a foreclosure. It sets a limit of $2 million (or $1 million for married filing separately) on the amount of forgiven debt eligible for the exclusion, and specifies that the exclusion only applies to "acquisition indebtedness" as defined in the federal tax code. The bill also requires the reduced debt to be applied to reduce the Massachusetts basis of the principal residence, and provides some other conditions and limitations on the exclusion. The bill would apply to discharges of indebtedness on or after January 1, 2013, and requires the commissioner to promulgate regulations to effectuate the provision.

Committee Categories

Budget and Finance

Sponsors (1)

Mark Montigny (D),

Last Action

Accompanied H2550 (on 03/04/2020)

Official Document

https://malegislature.gov/Bills/191/S1719

(11 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/S1719
Bill	https://malegislature.gov/Bills/191/S1719.pdf

Bill	Bill Name	Last Action	Type
H1148	Regarding Massachusetts drug price relief	Reporting date extended to Thursday December 31, 2020, pending concurrence	Similar To
H1259	Relative to capital relief in a counterclaim	Accompanied a study order, see H5089	Similar To
H2550	Relieving mortgage debt	Bill reported favorably by committee and referred to the committee on House Ways and Means	Replaced by
H2587	Providing tax relief to seniors while creating affordable housing	Accompanied a study order, see H5080	Similar To
H2657	Providing property tax relief for certain caregivers	Accompanied a study order, see H5031	Similar To
H3224	Providing tax relief for veterans	Accompanied a study order, see H4404	Similar To
H3812	Relative to student loan debt relief tax credit	Accompanied a study order, see H5080	Similar To
S1604	Providing tax relief to seniors while creating affordable housing	Accompanied a study order, see S2549	Similar To
S1790	Relative to property tax relief for senior citizens	Accompanied a study order, see S2549	Similar To
S469	Relative to agricultural disaster relief	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S860	Relative to obtaining relief from abuse and harassment	Accompanied a study order, see S2496	Similar To

Bill > S1719

MA S1719

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

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