summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
For legislation relative to the relief of mortgage debt. Revenue.
AI Summary
This bill allows for the exclusion of certain mortgage debt relief from a taxpayer's gross income in Massachusetts, subject to several conditions and limitations. Specifically, it permits the exclusion of up to $2 million of forgiven debt on a principal residence, including debt reduced through mortgage restructuring or forgiven in connection with a foreclosure. The exclusion only applies to "acquisition indebtedness" and reduces the taxpayer's Massachusetts basis in the principal residence. The bill applies to discharges of indebtedness on or after January 1, 2013, and the Massachusetts Commissioner of Revenue is directed to promulgate regulations to implement this provision.
Committee Categories
Budget and Finance
Sponsors (6)
Mike Connolly (D),
Sal DiDomenico (D),
Jamie Eldridge (D),
Pat Jehlen (D),
Mary Keefe (D),
Elizabeth Malia (D),
Last Action
Accompanied H2550 (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/S1639 |
| Bill | https://malegislature.gov/Bills/191/S1639.pdf |
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