A bill to amend the Internal Revenue Code of 1954 to provide that the discharge of home mortgage loans will not be treated as income.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from gross income any amount which would be includible in gross income by reason of the discharge of a home mortgage loan. Limits the excludible amount to the adjusted basis in the principal residence. Reduces the basis of the residence by the amount excluded from gross income.…