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Tax Relief for Coerced Debt Act of 2024

USA118th CongressS-4801| Senate 
| Updated: 7/25/2024
Tina Smith

Tina Smith

Democratic Senator

Minnesota

Cosponsors (1)
Amy Klobuchar (Democratic)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Jul 25, 2024
Introduced in Senate
Jul 25, 2024
Read twice and referred to the Committee on Finance.
  • July 25, 2024
    Introduced in Senate


  • July 25, 2024
    Read twice and referred to the Committee on Finance.

Taxation

Tax Relief for Coerced Debt Act of 2024

USA118th CongressS-4801| Senate 
| Updated: 7/25/2024
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 25, 2024
Introduced in Senate
Jul 25, 2024
Read twice and referred to the Committee on Finance.
  • July 25, 2024
    Introduced in Senate


  • July 25, 2024
    Read twice and referred to the Committee on Finance.
Tina Smith

Tina Smith

Democratic Senator

Minnesota

Cosponsors (1)
Amy Klobuchar (Democratic)

Finance Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted