This bill proposes to amend the Internal Revenue Code of 1986 to establish a new exclusion from gross income for certain qualified commercial or retail indebtedness . This measure aims to provide targeted tax relief to businesses experiencing the discharge of specific types of debt, thereby supporting commercial and retail property owners. To qualify for this exclusion, the indebtedness must have been incurred or assumed by the taxpayer before March 1, 2023 , and subsequently discharged between December 31, 2023, and January 1, 2028 . Furthermore, the debt must have been continuously secured by specified real property used in the taxpayer's trade or business, excluding certain types of property. The bill also outlines how this new exclusion coordinates with other tax code provisions and applies to discharges of indebtedness occurring on or after December 31, 2023.