Skip to Content


HOUSE DOCKET, NO. 2625         FILED ON: 1/18/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2664

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Elizabeth A. Malia

_______________

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:

Elizabeth A. Malia

11th Suffolk

Denise Provost

27th Middlesex

Kay Khan

11th Middlesex

Denise Andrews

2nd Franklin

Christine E. Canavan

10th Plymouth

Benjamin Swan

11th Hampden

Carl M. Sciortino, Jr.

34th Middlesex

Gloria L. Fox

7th Suffolk

James B. Eldridge

Middlesex and Worcester

Thomas P. Conroy

13th Middlesex


HOUSE DOCKET, NO. 2625        FILED ON: 1/18/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2664

By Ms. Malia of Boston, a petition (accompanied by bill, House, No. 2664) of Elizabeth A. Malia and others relative to providing for a tax deduction for income attributable to the discharge of debt on principal residences including debt reduced through mortgage restructuring.  Revenue. 


The Commonwealth of Massachusetts
 

_______________

In the Year Two Thousand Thirteen

_______________

 

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.

The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

Error