HR 5617
Taxi Medallion Loan Forgiveness Debt Relief Act of 2020
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill aims to provide tax relief to individuals who took out loans to purchase taxi medallions. It excludes discharges of qualified taxi medallion debt incurred before January 1, 2023, from being considered taxable income. Furthermore, the bill reduces the basis of the medallions securing the discharged debt and sets a limit on the total amount of medallion debt that can be treated as deductible.
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Primary sponsor
Cosponsors
Carolyn B. Maloney
Eliot L. Engel
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