summary
Introduced
05/18/2017
05/18/2017
In Committee
05/18/2017
05/18/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Mortgage Forgiveness Tax Relief Act of 2017 This bill amends the Internal Revenue Code to extend through 2018 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.
AI Summary
This bill amends the Internal Revenue Code to extend through 2018 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence. This means that homeowners who have had mortgage debt forgiven or canceled will not have to pay federal income tax on that forgiven amount, which can provide significant financial relief to those facing foreclosure or other housing difficulties.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Referred to the House Committee on Ways and Means. (on 05/18/2017)
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://www.congress.gov/bill/115th-congress/house-bill/2543/all-info |
| BillText | https://www.congress.gov/115/bills/hr2543/BILLS-115hr2543ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr2543/BILLS-115hr2543ih.pdf.pdf |
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