Mortgage Debt Tax Forgiveness Act of 2025
3/5/2025, 5:08 AMSummary of Bill HR 917
Bill 119 HR 917, also known as the Mortgage Forgiveness Tax Relief Act, aims to amend the Internal Revenue Code of 1986 to permanently exclude from gross income the discharge of qualified principal residence indebtedness. This means that individuals who have had their mortgage debt forgiven by a lender would not have to pay taxes on the forgiven amount.The bill seeks to provide relief to homeowners who have faced financial hardship and had to negotiate with their lenders to forgive a portion of their mortgage debt. Currently, this exclusion is only temporary and has been extended multiple times since its initial enactment in 2007.
By making this exclusion permanent, the bill aims to provide certainty and stability to homeowners who may find themselves in a similar situation in the future. It also aims to prevent homeowners from facing a hefty tax bill on top of their financial struggles. Overall, Bill 119 HR 917 seeks to provide much-needed relief to homeowners facing financial hardship and ensure that they are not burdened with additional taxes on forgiven mortgage debt.
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Current Status of Bill HR 917
Bill HR 917 is currently in the status of Bill Introduced since February 4, 2025. Bill HR 917 was introduced during Congress 119 and was introduced to the House on February 4, 2025. Bill HR 917's most recent activity was Referred to the House Committee on Ways and Means. as of February 4, 2025Bipartisan Support of Bill HR 917
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 917
Primary Policy Focus
Alternate Title(s) of Bill HR 917
To amend the Internal Revenue Code of 1986 to make permanent the exclusion from gross income of discharge of qualified principal residence indebtedness.To amend the Internal Revenue Code of 1986 to make permanent the exclusion from gross income of discharge of qualified principal residence indebtedness.Comments
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Sponsors and Cosponsors of HR 917
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