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The Senate Finance Committee on Tuesday voted 23-3 in favor of extending a package of business and individual tax provisions known as "tax extenders," including one that will ensure that mortgage debt that has been forgiven by a lender will be excluded from the borrower's personal income.

The amendment was introduced by Sen. Debbie Stabenow, D-Mich., and co-sponsored by Sens. Dean Heller, R-Nev., Robert Menendez, D-N.J., Johnny Isakson, R-Ga., Sherrod Brown, D-Ohio, Bob Casey, D-Penn., and Ben Cardin, D-Md.

Through the mortgage debt relief provision, up to $2 million of forgiven debt is eligible for exclusion ($1 million if married filing separately). The extension would be through 2016.

Also included in the package was a mortgage insurance provision that would treat mortgage insurance premiums the same as interest, allowing a borrower to deduct the cost of the premiums from income taxes. This extension would also be through 2016.

Last December, Congress extended dozens of expired tax provisions, but those extensions only applied retroactively and for the remainder of 2014.

NAFCU continues to work with lawmakers to ensure the protection of the credit union tax exemption.