2014 Senate Bill 883

Exempt canceled home loan debt from income tax

Introduced in the Senate

March 20, 2014

Introduced by Sen. Jim Ananich (D-27)

To authorize a state income tax deduction for the debt of a homeowner that is cancelled when his or her delinquent mortgage is foreclosed. Under federal and state tax law, the canceled debt is treated as taxable income.

Referred to the Committee on Banking and Financial Institutions