EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS.

SEC. 114. EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS. (a) In General.—Section 108(a)(1)(E) is amended by striking “January 1, 2021” both places it appears and inserting “January 1, 2026”. (b) Modification of Maximum Acquisition Indebtedness Taken Into Account.—Section 108(h)(2) is amended by striking “ $2,000,000 ( $1,000,000” and inserting “ $750,000 ( $375,000”. (c) [26 U.S.C. 108 note] Effective Date.—The amendments made by this section shall apply to discharges of indebtedness after December 31, 2020.