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MA S1959

Bill

Official Source

Status

Introduced

2/27/2025

Primary Sponsor

Salvatore DiDomenico

Click for details

Origin

Senate

194th General Court

AI Summary

  • Excludes from Massachusetts gross income forgiven mortgage debt on a principal residence, including debt reduced through mortgage restructuring or forgiven in connection with foreclosure
  • Caps the exclusion at $2,000,000 of forgiven debt ($1,000,000 for married filing separately)
  • Applies only to "acquisition indebtedness" used to buy, build, or substantially improve the principal residence
  • Requires taxpayers to reduce their Massachusetts tax basis in the home by the amount of excluded debt forgiveness
  • Applies retroactively to debt discharges occurring on or after January 1, 2013

Legislative Description

Promoting mortgage debt relief

Last Action

Hearing scheduled for 09/15/2025 from 01:00 PM-05:00 PM in A-2

9/4/2025

Committee Referrals

Revenue2/27/2025

Full Bill Text

No bill text available