Bill > HR4115

This bill, known as the Saving Our MALLS Act, proposes to amend the Internal Revenue Code to provide a tax benefit for certain commercial and retail businesses by excluding specific debt discharges from taxable income. Under the proposed legislation, qualified commercial or retail indebtedness incurred or assumed before March 1, 2023, and discharged between December 31, 2023, and January 1, 2028, would be exempt from income taxation if the debt is secured by real property used in the taxpayer's trade or business. The bill defines "specified real property" as property used in a business that does not fall under certain existing tax code exemptions. To qualify, the indebtedness must be secured directly or indirectly by the specified real property from the time it was incurred until its discharge. The legislation aims to provide financial relief to commercial and retail property owners by allowing them to exclude certain debt forgiveness from their taxable income, potentially helping businesses struggling with commercial real estate debt during a specified time period.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/4115/all-info