Introduced
by
To authorize a nonrefundable income tax credit of up to $10,000 for the amount of indebtedness on a principle residence that is discharged as a result of the sale of the home. The value of a “discharge of indebtedness,” or reduction in how much is owed, is considered income under the federal tax code.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Amendment offered
by
To specify in the bill the current 4.35 percent income tax rate.
The amendment passed by voice vote
Passed in the Senate 36 to 0 (details)
Referred to the Committee on Tax Policy
