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Bill Details

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Official Title

To amend the Internal Revenue Code of 1986 to exclude from gross income discharges of personal indebtedness outside of bankruptcy.

Summary

Amends the Internal Revenue Code to exclude from gross income qualified personal indebtedness. Defines "qualified personal indebtedness" as any indebtedness of an individual other than trade or business debts, student loans, mortgages, or debts discharged in bankruptcy.