SENATE DOCKET, NO. 1424        FILED ON: 1/16/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1464

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Sal N. DiDomenico

_________________

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 the relief of mortgage debt.

_______________

PETITION OF:

 

Name:

District/Address:

 

Sal N. DiDomenico

Middlesex and Suffolk

 

Benjamin Swan

11th Hampden

 

Joseph W. McGonagle, Jr.

28th Middlesex

 

Denise Provost

27th Middlesex

 

Barbara A. L'Italien

Second Essex and Middlesex

 

Michelle M. DuBois

10th Plymouth

 

Angelo M. Scaccia

14th Suffolk

 

Mary S. Keefe

15th Worcester

7/14/2015

Kay Khan

11th Middlesex

7/16/2015


SENATE DOCKET, NO. 1424        FILED ON: 1/16/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1464

By Mr. DiDomenico, a petition (accompanied by bill, Senate, No. 1464) of Sal N. DiDomenico, Benjamin Swan, Joseph W. McGonagle, Jr., Denise Provost and other members of the General Court for legislation relative to the relief of mortgage debt.  Revenue.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1323 OF 2013-2014.]

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Eighty-Ninth General Court
(2015-2016)

_______________

 

An Act relative to the relief of mortgage debt.

 

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

Paragraph (a) of part B of section 3 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby further amended by adding the following subparagraph:-

(17) Income attributable to the discharge of debt on a principal residence including debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, shall qualify for tax relief provided that no more than $1,000,000  of forgiven debt is eligible for this exclusion, except if married filing jointly, up to $2,000,000 may be excluded. The exclusion shall not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition. The commissioner of the department of revenue shall promulgate regulations to effectuate this provision.