Summary

To amend the Internal Revenue Code of 1986 to extend the income exclusion for discharge of qualified principal residence indebtedness, to provide exclusions from income for certain payments... Read More

Status

This bill was introduced on Mar 28, 2012, in a previous session of Congress, but was not passed.

Date Introduced
Mar 28, 2012

Co-Sponsors

d-50

Bill Text

A BILL

To amend the Internal Revenue Code of 1986 to extend the income exclusion for discharge of qualified principal residence indebtedness, to provide exclusions from income for certain payments under the National Mortgage Settlement, 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 ``Homeowner Tax Fairness Act''.

SEC. 2. EXTENSION OF INCOME EXCLUSION FOR 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, 2016''. (b) Application to Certain Agreements.--Subparagraph (E) of section 108(a)(1) of such Code, as amended by subsection (a), is amended by inserting before the period the following: ``, or which is discharged after such date pursuant to an agreement entered into before such date under the programs created pursuant to, or using funds authorized by the Emergency Economic Stabilization Act of 2008''. (c) Effective Date.-- (1) Subsection (a).--The amendment made by subsection (a) shall apply to discharges in taxable years beginning after December 31, 2012. (2) Subsection (b).--The amendment made by subsection (b) shall take effect on the date of the enactment of this Act.

SEC. 3. EXTENSION OF DEDUCTION FOR MORTGAGE INSURANCE PREMIUMS.

(a) In General.--Subclause (I) of section 163(h)(3)(E)(i) of the Internal Revenue Code of 1986 is amended by striking ``December 31, 2011'' and inserting ``December 31, 2014''. (b)...

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Bill Summary

To amend the Internal Revenue Code of 1986 to extend the income exclusion for discharge of qualified principal residence indebtedness, to provide exclusions from income for certain payments under the National Mortgage Settlement, and for other purposes.

H.R. 4289the Transparency and Accountability in Congressional Travel Act H.R. 4291the United States Commission on Open Society with Security Act