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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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
03/28/12
 
 
 
 
 
 
 

Sponsor

M000404

Representative

Jim McDermott

D-WA

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Official Summary

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) excl

Official Summary

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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