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H.R. 4290 · 112th Congress

Homeowner Tax Fairness Act

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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

JMD McDermottSponsor
50 cosponsors · 50 D

Homeowner Tax Fairness Act - Amends the Internal Revenue Code to: (1) extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence, (2) extend through 2014 the tax deduction for mortgage insurance premiums, (3) exclude from gross income any National Mortgage Settlement amount, and (4)…

What it does: CRS summary · Introduced in House · Mar 28, 2012

Homeowner Tax Fairness Act - Amends the Internal Revenue Code to: (1) extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence, (2) extend through 2014 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 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, 2012; 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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Homeowner Tax Fairness Act

Latest action (Mar 28, 2012): Referred to the House Committee on Ways and Means.

Policy area: Taxation · Origin: House · Introduced: Mar 28, 2012

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.