H.R.4062 - Homeowner Tax Fairness Act113th Congress (2013-2014)
|Sponsor:||Rep. McDermott, Jim [D-WA-7] (Introduced 02/14/2014)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 02/14/2014 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.4062 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (02/14/2014)
Homeowner Tax Fairness Act - Amends the Internal Revenue Code to: (1) extend through 2016 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence, (2) extend through 2015 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 that was 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, 2014; 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.