Rep. Charles Rangel, D-N.Y., has introduced a bill aimed at extending tax relief to Americans in danger of losing their homes.
The Mortgage Cancellation Relief Act of 2012 would extend for two years a tax provision that prevents a federal income tax liability for struggling homeowners as a result of mortgage debt forgiveness from a financial institution. Rangel originally introduced the provision in 2007 when he chaired the tax-writing House Ways and Means Committee before stepping down in the midst of revelations of his own tax problems.
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