HOUSE DOCKET, NO. 3235        FILED ON: 1/18/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2487

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

James Arciero

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to mortgage forgiveness on principal residences.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

James Arciero

2nd Middlesex

1/18/2013


HOUSE DOCKET, NO. 3235        FILED ON: 1/18/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2487

By Mr. Arciero of Westford, a petition (accompanied by bill, House, No. 2487) of James Arciero for legislation to provide an income tax deduction for certain principal residence mortgage indebtedness.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the Year Two Thousand Thirteen

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An Act relative to mortgage forgiveness on principal residences.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION  1   Paragraph (a) of subsection B of section 3 of chapter 62 of the general laws, as appearing in the 2010 Official Edition, is hereby amended by adding the following subparagraph:-

(16)Indebtedness discharged as qualified principal residence indebtedness within the meaning of section 108 (a) (1) (E) of the Code.

SECTION 2The provisions of subsection (16) shall apply to any indebtedness accrued since 2007.

SECTION 3 The department of revenue shall promulgate rules and regulation pursuant to the provisions of this act on or before January 1, 2015.