summary
Introduced
01/23/2017
01/23/2017
In Committee
05/04/2017
05/04/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
Relative to treatment of debt on principal residences for tax purposes. Revenue.
AI Summary
This bill allows for the exclusion of up to $2 million ($1 million for married filing separately) of income attributable to the discharge of debt on a principal residence, including through mortgage restructuring or foreclosure. The exclusion only applies to "acquisition indebtedness" as defined in the Internal Revenue Code, and the excluded amount must be used to reduce the Massachusetts basis of the principal residence. The exclusion does not apply if the discharge is due to services performed for the lender or other factors not related to the property's value or the taxpayer's financial condition. The bill applies to discharges of indebtedness on or after January 1, 2013, and the commissioner is required to promulgate regulations to effectuate the provision.
Committee Categories
Budget and Finance
Sponsors (21)
Mike Connolly (D),
Michelle DuBois (D),
Natalie Higgins (D),
Kevin Honan (D),
Jay Kaufman (D),
Mary Keefe (D),
Kay Khan (D),
Jack Lewis (D),
Jason Lewis (D),
Elizabeth Malia (D),
Joe McGonagle (D),
James Miceli (D),
Jim O'Day (D),
Denise Provost (D),
John Rogers (D),
Angelo Scaccia (D),
Tom Stanley (D),
RoseLee Vincent (D),
Chris Walsh (D),
Tom Walsh (D),
Bud Williams (D),
Last Action
No further action taken (on 01/01/2019)
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/190/H3337 |
Bill | https://malegislature.gov/Bills/190/H3337.pdf |
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