To amend the Internal Revenue Code of 1986 to provide a 3-year extension of the exclusion of income from the discharge of indebtedness on qualified principal residences.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. 3-YEAR EXTENSION OF EXCLUSION OF INCOME FROM DISCHARGE OF INDEBTEDNESS ON QUALIFIED PRINCIPAL RESIDENCES.
(a) Extension.--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, 2016''. (b) Effective Date.--The amendment made by this section shall apply to discharges of indebtedness occurring after the date of the enactment of this Act. <all>