EXTENSION AND MODIFICATION OF EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS.

SEC. 151. EXTENSION AND MODIFICATION OF EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS. (a) [26 U.S.C. 108] Extension.—Section 108(a)(1)(E) is amended by striking “January 1, 2015” and inserting “January 1, 2017”. (b) Modification.—Section 108(a)(1)(E), as amended by subsection (a), is amended by striking “discharged before” and all that follows and inserting“discharged— “(i) before January 1, 2017, or “(ii) subject to an arrangement that is entered into and evidenced in writing before January 1, 2017.” . (c) [26 U.S.C. 108 note] Effective Dates.— (1) Extension.—The amendment made by subsection (a) shall apply to discharges of indebtedness after December 31, 2014. (2) Modification.—The amendment made by subsection (b) shall apply to discharges of indebtedness after December 31, 2015.