The Saving Our MALLS Act would allow commercial and retail property owners to exclude certain debt forgiveness from their taxable income. Specifically, if a bank or lender forgives debt on a building used for business or retail purposes—like a mall, shopping center, or storefront—the property owner would not have to count that forgiven debt as taxable income. The law targets debts taken on before March 2023 and forgiven between late 2023 and early 2028, and applies to properties that serve as the owner's primary business location. This tax break is designed to help struggling retail and commercial property owners by reducing their tax burden when lenders forgive outstanding loans. The bill was introduced in June 2025 and referred to the House Ways and Means Committee.
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