U.S. Congress - H.R.4290 Homeowner Tax Fairness Act
H.R.4290 - Homeowner Tax Fairness Act
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. view all titles (2)
All Bill Titles
- Official: 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. as introduced.
- Short: Homeowner Tax Fairness Act as introduced.
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Official Summary
3/28/2012--Introduced.Homeowner Tax Fairness Act - Amends the Internal Revenue Code to: (1) extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence, (2) extend through 2014 the tax deduction for mortgage insuranceOfficial Summary
3/28/2012--Introduced.Homeowner Tax Fairness Act - Amends the Internal Revenue Code to:(1) extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence,
(2) extend through 2014 the tax deduction for mortgage insurance premiums, and
(3) exclude from gross income any National Mortgage Settlement amount. 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, 2012; 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.
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Latest Letters to Congress
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H.R.4290 Homeowner Tax Fairness Act
DanCrowe
September 04, 2012
I am writing as your constituent in the 9th Congressional district of Washington. I support H.R.4290 - Homeowner Tax Fairness Act, which is currently stuck in the Ways and Means Committee. I know this is sort of a boring subject, but if Congress fails to extend the tax exclusion on deficiencies for primary residences, the economic ramifications will be huge. Right now, when someone short sells their home, is foreclosed on, or renegotiates a mortgage, the deficiency - the amount of money th...
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H.R.4290 Homeowner Tax Fairness Act
MSCHWOYER1
August 14, 2012
I am writing as your constituent in the 11th Congressional district of California. I am writing as your constituent in the 11th Congressional district of California. I am writing as your constituent in the 11th Congressional district of California. I support H.R.4290 - Homeowner Tax Fairness Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Michael Schwoyer
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