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Tax Relief for Commercial and Retail Property Debt Forgiveness

This new law aims to support owners of commercial and retail properties, like shopping malls, by excluding certain debt discharges from income tax. This means that if a debt related to such a property is forgiven, the owner will not have to pay tax on that amount, potentially helping to preserve jobs and businesses.
Key points
Excludes certain commercial and retail property debt discharges from income tax.
Applies to debts incurred before March 1, 2023, and discharged between December 31, 2023, and January 1, 2028.
Aims to support businesses and maintain economic activity in the retail and commercial sectors.
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Status: Introduced
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Additional Information
Print number: 119_HR_4115
Sponsor: Rep. Tenney, Claudia [R-NY-24]
Process start date: 2025-06-24
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Saving Our MALLS Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_4115.

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 2025-06-24.

What are the main provisions?

Key points include:

  • Excludes certain commercial and retail property debt discharges from income tax.
  • Applies to debts incurred before March 1, 2023, and discharged between December 31, 2023, and January 1, 2028.
  • Aims to support businesses and maintain economic activity in the retail and commercial sectors.
What is the specific legal status?

The current status is Introduced.

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 2025-12-22.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Real Estate Economy