H.R.4290 - Homeowner Tax Fairness Act112th Congress (2011-2012)
|Sponsor:||Rep. McDermott, Jim [D-WA-7] (Introduced 03/28/2012)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 03/28/2012 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.4290 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (03/28/2012)
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, (3) exclude from gross income any National Mortgage Settlement amount, and (4) deny a tax deduction for any National Mortgage Settlement amount paid in exchange for a full release of the potential civil claims of the United States under the Servicemembers Civil Relief Act.
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.