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Tax relief for discharged commercial and retail real estate debt.

This bill amends tax laws to allow owners of commercial and retail properties to exclude income resulting from the discharge of certain debt. Specifically, if a lender cancels a portion of a debt secured by such property, that amount will not be treated as taxable income. This measure aims to support owners of shops and other commercial venues who incurred debt before March 2022 and whose debt is discharged between late 2022 and early 2027.
Key points
Tax changes: The cancellation of debt secured by commercial or retail real property will not be counted as taxable income.
The relief applies to debts incurred before March 1, 2022, and discharged between December 31, 2022, and January 1, 2027.
Financial benefit for owners of retail and service properties (e.g., stores, restaurants), helping them sustain operations and avoid insolvency.
Introduction of a new income exclusion category: 'qualified commercial or retail indebtedness'.
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Additional Information
Print number: 118_HR_5580
Sponsor: Rep. Tenney, Claudia [R-NY-24]
Process start date: 2023-09-19
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Saving Our Mainstreet American Locations for Leisure and Shopping Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5580.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-09-19.

What are the main provisions?

Key points include:

  • Tax changes: The cancellation of debt secured by commercial or retail real property will not be counted as taxable income.
  • The relief applies to debts incurred before March 1, 2022, and discharged between December 31, 2022, and January 1, 2027.
  • Financial benefit for owners of retail and service properties (e.g., stores, restaurants), helping them sustain operations and avoid insolvency.
  • Introduction of a new income exclusion category: 'qualified commercial or retail indebtedness'.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Tenney, Claudia [R-NY-24].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Real Estate Economy