Search Results for keywords:"coerced debt"

Search Results: keywords:"coerced debt"

S. 4801 — To amend the Internal Revenue Code of 1986 to exclude discharge of coerced indebtedness from gross income.
July 25, 2024
Status:Introduced in Senate
Congress:118
Words:485
S. 4801, introduced in the Senate, aims to amend the Internal Revenue Code by allowing individuals to exclude from their gross income any debt that has been forgiven, provided the debt was coerced. Coerced debt is defined as debt incurred without the individual's consent, such as through...
Simple Explanation
The bill is like a rule that says if someone has debt because someone else tricked or forced them into it, they won't have to pay extra taxes when that debt is forgiven or erased. It's to help people who were taken advantage of and starts working in 2024.
H. R. 9966 — To direct the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection to establish the Interagency Task Force on Coerced Debt, and for other purposes.
October 11, 2024
Status:Introduced in House
Congress:118
Words:1,025
H. R. 9966, known as the "Task Force to End Financial Abuse Act of 2024," aims to combat coerced debt, a form of economic abuse common in abusive relationships. The bill proposes the creation of the Interagency Task Force on Coerced Debt, co-chaired by the Secretary of the...
Simple Explanation
H. R. 9966 wants to make a group of smart people look at how mean people sometimes use money to hurt others in relationships. These smart people will work together for a year, think of ways to stop this, write it all down, and then finish their job.

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