Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
I
116TH CONGRESS
1ST SESSION
H. R. 285
To amend the Internal Revenue Code of 1986 to make permanent the exclu-
sion from gross income of discharge of qualified principal residence
indebtedness.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 8, 2019
Ms. BROWNLEY of California 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 make
permanent the exclusion from gross income of discharge
of qualified principal residence indebtedness.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Mortgage Debt Tax
4
Forgiveness Act of 2018’’.
5
VerDate Sep 11 2014
04:18 Jan 17, 2019
Jkt 089200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H285.IH
H285
kjohnson on DSK79L0C42 with BILLS
2
•HR 285 IH
SEC. 2. PERMANENT EXTENSION OF EXCLUSION FROM
1
GROSS INCOME OF DISCHARGE OF QUALI-
2
FIED PRINCIPAL RESIDENCE INDEBTEDNESS.
3
(a) IN GENERAL.—Section 108(a)(1)(E) of the Inter-
4
nal Revenue Code of 1986 is amended by striking ‘‘which
5
is discharged’’ and all that follows and inserting a period.
6
(b) EFFECTIVE DATE.—The amendment made by
7
this section shall apply to indebtedness discharged after
8
December 31, 2017.
9
Æ
VerDate Sep 11 2014
04:18 Jan 17, 2019
Jkt 089200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6301
E:\BILLS\H285.IH
H285
kjohnson on DSK79L0C42 with BILLS