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EconomyH.R. 917Not Yet VotedComments

Mortgage Debt Tax Forgiveness Act of 2025

Official title: To amend the Internal Revenue Code of 1986 to make permanent the exclusion from gross income of discharge of qualified principal residence indebtedness.

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Not yet voted on the floor.

Where the Bill Stands

  1. Introduced, done
  2. Committee, current stage
  3. Floor Vote, not yet
  4. Outcome, not yet

What This Bill Does

This bill makes permanent the exclusion of the discharge of qualified principal residence indebtedness from gross income for federal tax purposes.

Under current law, a taxpayer may generally exclude from gross income up to $750,000 (or $375,000 if married but filing a separate federal tax return) from the discharge of indebtedness that is (1) incurred to purchase, build, or substantially improve a principal residence (or refinance such indebtedness); and (2) secured by the principal residence. The discharge must currently occur before January 1, 2026, and some limitations apply.

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Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. Library of CongressIntroduced in House
  2. House floor actionsReferred to the House Committee on Ways and Means.
  3. Introduced
  4. Committee

Comments

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