Senator Stabenow, a senior member of the Senate Finance Committee, announced bipartisan legislation to protect homeowners who are underwater on their mortgages from being hit with additional income tax. The Mortgage Debt Tax Relief Act extends for two years a provision to ensure homeowners aren’t required to pay additional taxes when they receive mortgage principal forgiveness because of a short sale, foreclosure, or a mortgage modification. The legislation is co-authored by Senators Dean Heller (R-NV), Johnny Isakson (R-GA), and Bob Menendez (D-NJ). “Many families in Michigan and across our country are still underwater on their mortgages,” said Senator Stabenow. “Homeowners who are willing to work with their lenders shouldn’t have to pay hundreds or even thousands of dollars in additional income tax.” Senator Stabenow authored the original law to protect homeowners in 2008 and has successfully led the effort to extend this tax cut for families every year after. She also authored additional protections in 2015 to ensure homeowners are eligible for relief as long as the agreement to reduce their mortgage debt is in writing before the extension expires. The Mortgage Debt Tax Relief Act will extend the tax cut and these additional protections, which expired at the end of last year, through December 31, 2018.
Senator Stabenow introduced legislation to require the President to withdraw from the Trans-Pacific Partnership (TPP). “This trade deal doesn’t crack down on countries that manipulate their currency or enforce protections for American jobs,” said Senator Stabenow. “President Trump should withdraw from the deal and keep his promise to workers in Michigan and across the country.” Senator Stabenow has been a champion of fair trade laws for Michigan businesses and workers including authoring legislation to crack down on other countries like China and Japan that manipulate their currencies. In 2015, as a senior member of the Senate Finance Committee, she opposed trade promotion authority to “fast track” approval of the TPP and voted against trade promotion authority on the Senate floor.
Senator Stabenow and Senator Peters sent a letter to Jo-Ellen Darcy, Assistant Secretary of the Army (Civil Works), urging the U.S. Army Corps of Engineers to release new plans for ways to prevent Asian carp and other aquatic invasive species from reaching Lake Michigan. The study will recommend specific measures to prevent Asian carp from getting beyond the Brandon Road Lock and Dam, a crucial chokepoint in the Chicago waterway system. Given the proximity of Asian Carp in the Illinois River to Lake Michigan, the Senators are urging the Army Corps to finalize this plan without delay. Senator Stabenow is the Co-Chair of the bipartisan Senate Great Lakes Task Force.
read the letter here