HR 917 ยท Mortgage Debt Tax Forgiveness Act of 2025
Referred to the House Committee on Ways and Means.
- Introduced
- Feb 4, 2025
- Latest action
- Feb 4, 2025
- Sponsor
- Rep. Julia Brownley [D-CA-26]
- Policy area
- Taxation
- Cosponsors
- 0
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.
Recent actions
- Feb 4, 2025 Referred to the House Committee on Ways and Means.
- Feb 4, 2025 Introduced in House
- Feb 4, 2025 Introduced in House
Votes
No recorded votes are available for this bill.