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30 November 2012

Will the Mortgage Forgiveness Debt Relief Act be extended past 2012?

  » LATEST UPDATE: 1/2/2013 – MORTGAGE FORGIVENESS DEBT RELIEF ACT EXTENDED FOR ONE YEAR UNDER ‘FISCAL CLIFF’ AGREEMENT!    Many homeowners are wondering whether or not tax protections originally extended as part of the Mortgage Forgiveness Debt Relief Act of 2007 will be extended after the December 31, 2012 expiration. We can’t predict the future, […]

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» LATEST UPDATE: 1/2/2013 – MORTGAGE FORGIVENESS DEBT RELIEF ACT EXTENDED FOR ONE YEAR UNDER ‘FISCAL CLIFF’ AGREEMENT! 

 

Many homeowners are wondering whether or not tax protections originally extended as part of the Mortgage Forgiveness Debt Relief Act of 2007 will be extended after the December 31, 2012 expiration. We can’t predict the future, but there are multiple bills currently with congressional committees that, if passed, will extend these protections. We’ll keep this page updated with the latest information regarding these bills and their progression through congress.

 

HR 4202

Summary: To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness. This bill would extend tax protections through December 31, 2014. Companion bill S 2250.

Introduced: March 19, 2012

Status: This bill was assigned to the House Committee on Ways and Means on March 19, 2012, which will consider it before possibly sending it on to the House or Senate as a whole. The committee chair determines whether a bill will move past the committee stage.

Sponsor: Rep. Charles Rangel (D-NY15)

Co-Sponsors (51): Becerra, Xavier (D-CA31)

Berkley, Shelley (D-NV1)

Blumenauer, Earl (D-OR3)

Crowley, Joseph (D-NY7)

Kind, Ronald “Ron” (D-WI3)

Larson, John (D-CT1)

Levin, Sander (D-MI12)

Lewis, John (D-GA5)

McDermott, James “Jim” (D-WA7)

Neal, Richard (D-MA2)

Pascrell, William “Bill” (D-NJ8)

Stark, Fortney “Pete” (D-CA13)

Thompson, Michael “Mike” (D-CA1)

Doggett, Lloyd (D-TX25) (joined Mar 20, 2012)

Miller, George (D-CA7) (joined Mar 26, 2012)

Clarke, Hansen (D-MI13) (joined Apr 26, 2012)

Fudge, Marcia (D-OH11) (joined Apr 26, 2012)

Ross, Mike (D-AR4) (joined May 16, 2012)

Rothman, Steven (D-NJ9) (joined May 16, 2012)

Schakowsky, Janice “Jan” (D-IL9) (joined May 16, 2012)

Schiff, Adam (D-CA29) (joined May 16, 2012)

Sherman, Brad (D-CA27) (joined May 16, 2012)

Courtney, Joe (D-CT2) (joined May 18, 2012)

Eshoo, Anna (D-CA14) (joined May 18, 2012)

Jackson-Lee, Sheila (D-TX18) (joined May 18, 2012)

McGovern, James “Jim” (D-MA3) (joined May 18, 2012)

Boren, Dan (D-OK2) (joined May 31, 2012)

Braley, Bruce (D-IA1) (joined May 31, 2012)

Johnson, Henry “Hank” (D-GA4) (joined May 31, 2012)

Michaud, Michael (D-ME2) (joined May 31, 2012)

Pingree, Chellie (D-ME1) (joined May 31, 2012)

Quigley, Mike (D-IL5) (joined May 31, 2012)

Waxman, Henry (D-CA30) (joined May 31, 2012)

Carson, André (D-IN7) (joined Jun 08, 2012)

McNerney, Jerry (D-CA11) (joined Jun 08, 2012)

Conyers, John (D-MI14) (joined Jun 19, 2012)

Norton, Eleanor (D-DC0) (joined Jun 19, 2012)

Hochul, Kathleen (D-NY26) (joined Jun 20, 2012)

Lofgren, Zoe (D-CA16) (joined Jun 20, 2012)

Lee, Barbara (D-CA9) (joined Jul 24, 2012)

Baca, Joe (D-CA43) (joined Aug 02, 2012)

Kaptur, Marcy (D-OH9) (joined Aug 02, 2012)

Honda, Michael “Mike” (D-CA15) (joined Sep 11, 2012)

Slaughter, Louise (D-NY28) (joined Sep 11, 2012)

Watt, Melvin “Mel” (D-NC12) (joined Sep 11, 2012)

Costa, Jim (D-CA20) (joined Sep 21, 2012)

Fattah, Chaka (D-PA2) (joined Oct 19, 2012)

Bordallo, Madeleine (D-GU0) (joined Nov 13, 2012)

Rush, Bobby (D-IL1) (joined Nov 15, 2012)

Tierney, John (D-MA6) (joined Nov 29, 2012)

Capuano, Michael (D-MA8) (joined Dec 31, 2012)

 

HR 4250

Summary: 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. This bill would extend tax protections through December 31, 2015.

Introduced: March 22, 2012

Status: This bill was assigned to the House Committee on Ways and Means on March 22, 2012, which will consider it before possibly sending it on to the House or Senate as a whole. The committee chair determines whether a bill will move past the committee stage.

Sponsor: Rep. Daniel Lungren (R-CA3)

Co-Sponsors (9): Coble, Howard (R-NC6) (joined Sep 13, 2012)

Gallegly, Elton (R-CA24) (joined Sep 13, 2012)

Coffman, Mike (R-CO6) (joined Sep 14, 2012)

Nugent, Richard (R-FL5) (joined Sep 14, 2012)

Brooks, Mo (R-AL5) (joined Sep 19, 2012)

Hinojosa, Rubén (D-TX15) (joined Sep 19, 2012)

Richardson, Laura (D-CA37) (joined Sep 19, 2012)

Bartlett, Roscoe (R-MD6) (joined Sep 20, 2012)

Carney, John (D-DE0) (joined Sep 20, 2012)

 

Homeowner Tax Fairness Act (HR 4290)

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. This bill would extend tax protections through December 31, 2015.

Introduced: March 28, 2012

Status: This bill was assigned to the House Committee on Ways and Means on March 28, 2012, which will consider it before possibly sending it on to the House or Senate as a whole. The committee chair determines whether a bill will move past the committee stage.

Sponsor: Rep. James “Jim” McDermott (D-WA)

Co-Sponsors (50): Becerra, Xavier (D-CA31)

Berkley, Shelley (D-NV1)

Blumenauer, Earl (D-OR3)

Crowley, Joseph (D-NY7)

Doggett, Lloyd (D-TX25)

Kind, Ronald “Ron” (D-WI3)

Larson, John (D-CT1)

Levin, Sander (D-MI12)

Lewis, John (D-GA5)

Neal, Richard (D-MA2)

Pascrell, William “Bill” (D-NJ8)

Rangel, Charles (D-NY15)

Stark, Fortney “Pete” (D-CA13)

Thompson, Michael “Mike” (D-CA1)

Conyers, John (D-MI14) (joined Mar 29, 2012)

Grijalva, Raul (D-AZ7) (joined Mar 29, 2012)

Rush, Bobby (D-IL1) (joined Mar 29, 2012)

Deutch, Ted (D-FL19) (joined Apr 19, 2012)

Baldwin, Tammy (D-WI2) (joined Apr 26, 2012)

Clarke, Hansen (D-MI13) (joined Apr 26, 2012)

Cummings, Elijah (D-MD7) (joined Apr 26, 2012)

Davis, Danny (D-IL7) (joined Apr 26, 2012)

Davis, Susan (D-CA53) (joined Apr 26, 2012)

Gutiérrez, Luis (D-IL4) (joined Apr 26, 2012)

Lofgren, Zoe (D-CA16) (joined Apr 26, 2012)

McGovern, James “Jim” (D-MA3) (joined Apr 26, 2012)

McNerney, Jerry (D-CA11) (joined Apr 26, 2012)

Norton, Eleanor (D-DC0) (joined Apr 26, 2012)

Ross, Mike (D-AR4) (joined Apr 26, 2012)

Scott, David (D-GA13) (joined Apr 26, 2012)

Towns, Edolphus “Ed” (D-NY10) (joined Apr 26, 2012)

Tsongas, Niki (D-MA5) (joined Apr 26, 2012)

Castor, Kathy (D-FL11) (joined May 07, 2012)

Kucinich, Dennis (D-OH10) (joined May 07, 2012)

Schakowsky, Janice “Jan” (D-IL9) (joined May 07, 2012)

Cicilline, David (D-RI1) (joined May 08, 2012)

Filner, Bob (D-CA51) (joined May 08, 2012)

Hirono, Mazie (D-HI2) (joined May 15, 2012)

Schiff, Adam (D-CA29) (joined May 15, 2012)

Woolsey, Lynn (D-CA6) (joined May 15, 2012)

Honda, Michael “Mike” (D-CA15) (joined Jun 28, 2012)

Smith, Adam (D-WA9) (joined Jun 28, 2012)

Connolly, Gerald (D-VA11) (joined Sep 10, 2012)

DeLauro, Rosa (D-CT3) (joined Sep 19, 2012)

Chu, Judy (D-CA32) (joined Sep 21, 2012)

Lynch, Stephen (D-MA9) (joined Sep 21, 2012)

Waters, Maxine (D-CA35) (joined Sep 21, 2012)

Ellison, Keith (D-MN5) (joined Nov 16, 2012)

Langevin, James “Jim” (D-RI2) (joined Nov 16, 2012)

Bonamici, Suzanne (D-OR1) (joined Nov 28, 2012)

 

Mortgage Forgiveness Tax Relief Act (S 2250)

Summary: A bill to prevent homeowners from being forced to pay taxes on forgiven mortgage loan debt. This bill would extend tax protections through December 31, 2014. This is a companion bill to HR 4202.

Introduced: March 29, 2012

Status: This bill was assigned to the Senate Committee on Finance on March 29, 2012, which will consider it before possibly sending it on to the House or Senate as a whole. The committee chair determines whether a bill will move past the committee stage.

Sponsor: Sen. Debbie Ann Stabenow (D-MI)

Co-Sponsors (19): Brown, Sherrod (D-OH)

Heller, Dean (R-NV)

Isakson, John “Johnny” (R-GA)

Menéndez, Robert “Bob” (D-NJ)

Merkley, Jeff (D-OR)

Boxer, Barbara (D-CA) (joined May 16, 2012)

Cardin, Benjamin (D-MD) (joined May 16, 2012)

Inouye, Daniel (D-HI) (joined May 16, 2012)

Lieberman, Joseph (I-CT) (joined May 16, 2012)

Nelson, Bill (D-FL) (joined May 17, 2012)

Gillibrand, Kirsten (D-NY) (joined May 23, 2012)

Klobuchar, Amy (D-MN) (joined May 23, 2012)

Levin, Carl (D-MI) (joined May 23, 2012)

Collins, Susan (R-ME) (joined Jun 12, 2012)

Brown, Scott (R-MA) (joined Jun 25, 2012)

Sanders, Bernard “Bernie” (I-VT) (joined Jun 25, 2012)

Whitehouse, Sheldon (D-RI) (joined Jun 25, 2012)

Blumenthal, Richard (D-CT) (joined Sep 19, 2012)

Pryor, Mark (D-AR) (joined Sep 19, 2012)

 

HR 4336

Summary: To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness. This bill would extend tax protections through December 31, 2013.

Introduced: March 29, 2012

Status: This bill was assigned to the House Committee on Ways and Means on March 29, 2012, which will consider it before possibly sending it on to the House or Senate as a whole. The committee chair determines whether a bill will move past the committee stage.

Sponsor: Rep. Tom Reed II (R-NY29)

Co-Sponsors (38): Berg, Rick (R-ND0)

Boustany, Charles (R-LA7)

Brady, Kevin (R-TX8)

Buchanan, Vern (R-FL13)

Davis, Geoff (R-KY4)

Herger, Walter “Wally” (R-CA2)

Jenkins, Lynn (R-KS2)

Marchant, Kenny (R-TX24)

Roskam, Peter (R-IL6)

Schock, Aaron (R-IL18)

Heck, Joe (R-NV3) (joined Apr 17, 2012)

Turner, Michael (R-OH3) (joined Apr 26, 2012)

Miller, Jeff (R-FL1) (joined May 09, 2012)

Posey, Bill (R-FL15) (joined May 10, 2012)

Burton, Dan (R-IN5) (joined May 17, 2012)

Griffin, Tim (R-AR2) (joined May 17, 2012)

LoBiondo, Frank (R-NJ2) (joined May 17, 2012)

Duffy, Sean (R-WI7) (joined Jun 01, 2012)

Gibson, Chris (R-NY20) (joined Jun 01, 2012)

Huizenga, Bill (R-MI2) (joined Jun 05, 2012)

Price, Tom (R-GA6) (joined Jun 05, 2012)

Paul, Ronald “Ron” (R-TX14) (joined Jun 06, 2012)

Herrera Beutler, Jaime (R-WA3) (joined Jul 11, 2012)

Shimkus, John (R-IL19) (joined Jul 18, 2012)

Ribble, Reid (R-WI8) (joined Jul 31, 2012)

Young, Todd (R-IN9) (joined Aug 02, 2012)

Amodei, Mark (R-NV2) (joined Sep 11, 2012)

Dent, Charles (R-PA15) (joined Sep 11, 2012)

Petri, Thomas “Tom” (R-WI6) (joined Sep 11, 2012)

Pitts, Joseph (R-PA16) (joined Sep 11, 2012)

Hultgren, Randy (R-IL14) (joined Sep 18, 2012)

Coble, Howard (R-NC6) (joined Sep 21, 2012)

Gardner, Cory (R-CO4) (joined Sep 21, 2012)

Gerlach, Jim (R-PA6) (joined Sep 28, 2012)

Womack, Steve (R-AR3) (joined Nov 27, 2012)

Meehan, Patrick (R-PA7) (joined Nov 28, 2012)

Walden, Greg (R-OR2) (joined Dec 05, 2012)

Bilirakis, Gus (R-FL9) (joined Dec 11, 2012)

 

Homeowners and Military Families Tax Fairness Act (S 3224)

Summary: A bill to amend the Internal Revenue Code of 1986 to prevent an unfair tax burden for veterans and homeowners who have received assistance from the National Mortgage Settlement, and for other purposes. This bill would extend tax protections through December 31, 2015.

Introduced: May 23, 2012

Status: This bill was assigned to the Senate Committee on Finance on May 23, 2012, which will consider it before possibly sending it on to the House or Senate as a whole. The committee chair determines whether a bill will move past the committee stage.

Sponsor: Sen. Debbie Ann Stabenow (D-MI)

Co-Sponsors: None

 

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