HR 5580
Saving Our Mainstreet American Locations for Leisure and Shopping Act of 2023
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- Passed House
- Passed Senate
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- Became Law
Bill overview
This bill, the Saving Our Mainstreet American Locations for Leisure and Shopping Act of 2023, aims to provide tax relief to small business owners by excluding certain discharges of debt secured by real property from their income. Specifically, it allows for the exclusion of debt incurred before March 2022 that is discharged between December 31, 2022, and January 1, 2027, provided the debt is secured by the owner’s business property. The bill modifies existing tax code sections to clarify eligibility and coordinate with other exclusions.
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Primary sponsor
Cosponsors
Brian Higgins
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