US Congressional Bill to Exclude Discharge of Coerced Indebtedness from Gross Income

Main Subject: Taxation

Tax Relief for Coerced Debt Act of 2024

This bill excludes from gross income, for income tax purposes, income resulting from the discharge of coerced indebtedness. Under the bill, indebtedness of an individual is treated as coerced indebtedness if it was incurred as the result of the unknowing and unauthorized use of the individual's personal indentifying information, or by reason of economic abuse, intimidation, force, fraud, or deception, and the individual debtor was relieved of personal liability for the debt by a court judgment.

Senate Actions

IntroReferral
Jul. 25 2024	Read twice and referred to the Committee on Finance.

Library of Congress Actions

IntroReferral
Jul. 25 2024	Introduced in Senate

Senate bill S4801-118

A bill to amend the Internal Revenue Code of 1986 to exclude discharge of coerced indebtedness from gross income.

Senate bill S4801-118

A bill to amend the Internal Revenue Code of 1986 to exclude discharge of coerced indebtedness from gross income.

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