US HB4062 | 2013-2014 | 113th Congress

Status

Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 14 2014 - 25% progression, died in committee
Action: 2014-02-14 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Homeowner Tax Fairness Act - Amends the Internal Revenue Code to: (1) extend through 2016 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence, (2) extend through 2015 the tax deduction for mortgage insurance premiums, (3) exclude from gross income any National Mortgage Settlement amount, and (4) deny a tax deduction for any National Mortgage Settlement amount that was paid in exchange for a full release of the potential civil claims of the United States under the Servicemembers Civil Relief Act. . Defines "National Mortgage Settlement amount" as any amount received pursuant to the settlement in a legal action against Bank of America Corporation filed in U.S. District Court on March 12, 2012, which is: (1) a payment for transitional assistance; (2) a payment from the Borrower Payment Fund under the National Mortgage Settlement to a borrower whose home was finally sold or taken in foreclosure after December 31, 2007, and before January 1, 2014; or (3) a payment received as a result of a foreclosure or excess charge of interest that the Department of Justice (DOJ) has determined was not in compliance with the Servicemembers Civil Relief Act.

Tracking Information

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Title

Homeowner Tax Fairness Act

Sponsors


History

DateChamberAction
2014-02-14HouseReferred to the House Committee on Ways and Means.
2014-02-14HouseSponsor introductory remarks on measure. (CR E216)

Subjects


US Congress State Sources


Bill Comments

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