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H.R. 3856: Homeowners Debt Relief Extension Act of 2014

Title: Homeowners Debt Relief Extension Act of 2014

Introduced: Jan 13, 2014 (113th Congress)

Sponsor: Rep. Bill Foster [D-IL11]

Status: Referred to Committee - Referred to the House Committee on Ways and Means.

Summary: Homeowners Debt Relief Extension Act of 2014 - Amends the Internal Revenue Code to: (1) extend through 2015 the exclusion from gross income of imputed income from the discharge of indebtedness with respect to a principal residence; and (2) exclude from the definition of "domestic production gross receipts" for purposes of the tax deduction for income attributable to domestic production activities, gross receipts of a major integrated oil company (i.e., a company which has an average daily worldwide production of crude oil of at least 500,000 barrels for the taxable year and gross receipts in excess of $1 billion for its last taxable year ending during 2005) from the production, transportation, or distribution of oil, natural gas, or any primary product thereof.

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Cosponsors

Total: 2 [2D]