Reps. Bacon, Gottheimer Introduce Hostage Private Debt Tax Freedom Act
September 12, 2024
September 12, 2024
WASHINGTON, Sept. 12 -- Rep. Don Bacon, R-Nebraska, issued the following news release:
Reps. Don Bacon (R-NE-02) and Josh Gottheimer (D-NJ-05) have introduced H.R. 9431, the Hostage Private Debt Tax Freedom Act. H.R. 9431 would amend the Internal Revenue Code of 1986 to exclude forgiven debt of individuals who are unlawfully or wrongfully detained abroad. Examples include credit card debt that is forgiven. This would typically be taxed as income.
"Individuals unlaw . . .
Reps. Don Bacon (R-NE-02) and Josh Gottheimer (D-NJ-05) have introduced H.R. 9431, the Hostage Private Debt Tax Freedom Act. H.R. 9431 would amend the Internal Revenue Code of 1986 to exclude forgiven debt of individuals who are unlawfully or wrongfully detained abroad. Examples include credit card debt that is forgiven. This would typically be taxed as income.
"Individuals unlaw . . .