H. R. 917 aims to amend the Internal Revenue Code of 1986 to permanently exclude from taxable income the forgiveness of certain mortgage debts on a person's main home. Specifically, it targets the discharge of qualified principal residence indebtedness, meaning if a...
Simple Explanation
If someone owes money on their house and the bank says they don't have to pay all of it back, this bill says they won't have to pay extra taxes on the forgiven money.