Saving Our MALLS Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 4115 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 4115 To amend the Internal Revenue Code of 1986 to exclude certain discharges of indebtedness secured by real property from income. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES June 24, 2025 Ms. Tenney (for herself, Mr. Tonko, Mr. Lawler, and Mr. Ryan) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to exclude certain discharges of indebtedness secured by real property from income. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Saving Our Mainstreet American Locations for Leisure and Shopping Act of 2025'', or the ``Saving Our MALLS Act''. SEC. 2. EXCLUDING DISCHARGE OF COMMERCIAL OR RETAIL INDEBTEDNESS FROM INCOME. (a) In General.--Section 108(a)(1) of the Internal Revenue Code of 1986 is amended by striking ``or'' at the end of subparagraph (D), by striking the period at the end of subparagraph (E)(ii) and inserting ``, or'', and by adding at the end the following new subparagraph: ``(F) the indebtedness discharged is qualified commercial or retail indebtedness.''. (b) Commercial or Retail Indebtedness Defined.--Section 108 of such code is amended by adding at the end the following new subsection: ``(j) Commercial or Retail Indebtedness Defined.--For purposes of this section: ``(1) In general.--The term qualified `commercial or retail indebtedness' means indebtedness which is-- ``(A) incurred or assumed by the taxpayer before March 1, 2023, ``(B) discharged during the period beginning on December 31, 2023, and ending on January 1, 2028, and ``(C) secured directly or indirectly