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Taxi Medallion Loan Forgiveness Debt Relief Act of 2020
2/8/2022, 11:17 PM
Congressional Summary of HR 5617
Taxi Medallion Loan Forgiveness Debt Relief Act of 2020
This bill excludes from gross income, for income tax purposes, income of a taxpayer, other than a C corporation, attributable to the discharge of qualified taxi medallion indebtedness that is discharged before 2023.
Read the Full Bill
Current Status of Bill HR 5617
Bill HR 5617 is currently in the status of Bill Introduced since January 15, 2020. Bill HR 5617 was introduced during Congress 116 and was introduced to the House on January 15, 2020. Bill HR 5617's most recent activity was Referred to the House Committee on Ways and Means. as of January 15, 2020
Bipartisan Support of Bill HR 5617
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
14Democrat Cosponsors
13Republican Cosponsors
1Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 5617
Primary Policy Focus
TaxationPotential Impact Areas
- Debt collection
- Income tax exclusion
- Motor carriers
- Tax administration and collection, taxpayers
- Transportation employees
Alternate Title(s) of Bill HR 5617
Taxi Medallion Loan Forgiveness Debt Relief Act of 2020
To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on taxi medallions from gross income.
Taxi Medallion Loan Forgiveness Debt Relief Act of 2020
Comments
Sponsors and Cosponsors of HR 5617
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