The Senate Finance Committee is slated to mark up a bill Thursday that would extend 45 tax provisions, including the Mortgage Debt Forgiveness Relief Act that expired on Jan. 1.

The mortgage debt forgiveness provision spares underwater borrowers from being penalized by the Internal Revenue Service when they agree to complete a short sale or when mortgage debt is cancelled as part of a loan modification.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.