S. 4801 · 118th Congress
Tax Relief for Coerced Debt Act of 2024
- Stage
- In committee
- Sponsor
- Tina Smith
- Introduced
- 2024-07-25
- Latest action
- 2024-07-25 · Introduced in Senate
Summary
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.