NAR Thank You Letter to Representatives Reed and Kind Regarding Their Introduction of HR 2543
Issue Date: June 01, 2017
US HR 2543 - Mortgage Forgiveness Tax Relief Act of 2017
On June 1, 2017, NAR sent a letter to Representatives Reed and Kind. The letter thanks the Representatives for introducing H.R. 2543, a bill to extend for two years the exclusion from gross income of discharges of qualified principal residence indebtedness. The legislation would extend the rule that allows tax relief for homeowners when lenders forgive some portion of mortgage debt they owe. This critical provision, first enacted in 2007, has helped millions of financially distressed families. Unfortunately, the provision has always been temporary and last expired at the end of 2016. Securing its extension, as this bill would do, is among REALTORS®’ highest priorities for 2017.