Saving Our MALLS Act

This bill modifies U.S. tax law to exclude certain debt forgiveness from taxable income for commercial and retail businesses. Specifically, it allows businesses to avoid paying taxes on debt discharged between December 31, 2023, and January 1, 2028, if the debt was secured by property used in their trade or business (like a storefront) and met specific timing requirements. The exclusion applies only to qualified commercial or retail indebtedness incurred before March 1, 2023, and discharged during the covered period. This directly benefits affected businesses by preserving tax credits and deductions they would otherwise lose when debt is forgiven. The policy change takes effect for debt discharges occurring on or after December 31, 2023.