HR 917

Mortgage Debt Tax Forgiveness Act of 2025

Summary

Mortgage Debt Tax Forgiveness Act of 2025 This bill makes permanent the exclusion of the discharge of qualified principal residence indebtedness from gross income for federal tax purposes. Under current law, a taxpayer may generally exclude from gross income up to $750,000 (or $375,000 if married but filing a separate federal tax return) from the discharge of indebtedness that is (1) incurred to purchase, build, or substantially improve a principal residence (or refinance such indebtedness); and (2) secured by the principal residence. The discharge must currently occur before January 1, 2026, and some limitations apply.

Bill status

Status: In committee
Sponsor: Rep. Julia Brownley [D-CA-26]
Cosponsors: 0
Policy area: Taxation
Introduced: 2025-02-04
Latest action: 2025-02-04: Referred to the House Committee on Ways and Means.

Committee referrals

Ways and Means Committee: House · Referred To · 2025-02-04

Recent actions

2025-02-04: Referred to the House Committee on Ways and Means.
2025-02-04: Introduced in House
2025-02-04: Introduced in House