S. 351 — Introduced in Senate

II 114th CONGRESS 1st Session S. 351 IN THE SENATE OF THE UNITED STATES February 3, 2015Mr. Heller introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To prevent homeowners from being forced to pay taxes on forgiven mortgage loan debt. 1. Short title This Act may be cited as the Mortgage Debt Tax Relief Act. 2. Extension of exclusion from gross income of discharge of qualified principal residence indebtedness (a) In general Subparagraph (E) of section 108(a)(1) of the Internal Revenue Code of 1986 is amended by striking January 1, 2015 and inserting January 1, 2017. (b) Effective date The amendment made by this section shall apply to indebtedness discharged after December 31, 2014.