Loading chat...

MA S2039

Bill

Official Source

Status

Introduced

2/27/2025

Primary Sponsor

Mark Montigny

Click for details

Origin

Senate

194th General Court

AI Summary

  • Excludes from Massachusetts gross income debt discharged on a principal residence, including mortgage restructuring and foreclosure-related debt forgiveness
  • 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 basis in the residence by the amount of excluded income
  • Applies retroactively to discharges of indebtedness on or after January 1, 2013, with regulations due within 180 days of enactment

Legislative Description

Relative to the relief of mortgage debt

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