[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3856 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 3856

    To amend the Internal Revenue Code of 1986 to provide a 2-year 
   extension of the exclusion from gross income for the discharge of 
  qualified principal residence indebtedness, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 13, 2014

  Mr. Foster introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to provide a 2-year 
   extension of the exclusion from gross income for the discharge of 
  qualified principal residence indebtedness, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Homeowners Debt Relief Extension Act 
of 2014''.

SEC. 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, 
2014'' and inserting ``January 1, 2016''.
    (b) Effective Date.--The amendment made by this section shall apply 
to indebtedness discharged after December 31, 2013.

SEC. 3. LIMITATION ON SECTION 199 DEDUCTION ATTRIBUTABLE TO OIL, 
              NATURAL GAS, OR PRIMARY PRODUCTS THEREOF.

    (a) Denial of Deduction.--Paragraph (4) of section 199(c) of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following new subparagraph:
                    ``(E) Special rule for certain oil and gas 
                income.--In the case of any taxpayer who is a major 
                integrated oil company (as defined in section 
                167(h)(5)(B)) for the taxable year, the term `domestic 
                production gross receipts' shall not include gross 
                receipts from the production, transportation, or 
                distribution of oil, natural gas, or any primary 
                product (within the meaning of subsection (d)(9)) 
                thereof.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2013.

SEC. 4. DEBT REDUCTION.

    The net amount of any savings realized as a result of the enactment 
of this Act and the amendments made by this Act shall be deposited in 
the Treasury of the United States and used only to redeem outstanding 
Federal debt.
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