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H.R. 2640: Consumer Debt Forgiveness Tax Relief Act of 2015

Title: Consumer Debt Forgiveness Tax Relief Act of 2015

Introduced: Jun 3, 2015 (114th Congress)

Sponsor: (No First Name Found) (No Last Name Found) [-]

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

Summary: Consumer Debt Forgiveness Tax Relief Act of 2015 Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, income that is imputed to the discharge of qualified consumer indebtedness. Defines "qualified consumer indebtedness" as any indebtedness of a natural person arising out of a transaction in which the money, property, or services that are the subject of the transaction are primarily for personal, family, or household purposes. Provides that the aggregate amount of discharged indebtedness excludible from gross income shall not exceed the excess of $2,500 over the aggregate amounts treated as qualified consumer indebtedness for all prior taxable years.

Votes

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