[Congressional Bills 112th Congress] [From the U.S. Government Publishing Office] [S. 2250 Introduced in Senate (IS)] 112th CONGRESS 2d Session S. 2250 To prevent homeowners from being forced to pay taxes on forgiven mortgage loan debt. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 29, 2012 Ms. Stabenow (for herself, Mr. Heller, Mr. Menendez, Mr. Brown of Ohio, Mr. Merkley, and Mr. Isakson) 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. 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 ``Mortgage Forgiveness Tax Relief Act''. 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, 2013'' and inserting ``January 1, 2015''. (b) Effective Date.--The amendment made by this section shall apply to indebtedness discharged after December 31, 2012. <all>