H.R. 3648 (110th): Mortgage Forgiveness Debt Relief Act of 2007

Introduced:
Sep 25, 2007 (110th Congress, 2007–2009)
Status:
Signed by the President
Slip Law:
This bill became Pub.L. 110-142.
Sponsor
Charles “Charlie” Rangel
Representative for New York's 15th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Jan 01, 2008
Length
6 pages
Related Bills
H.Res. 703 (rule)

Agreed To (Simple Resolution)
Oct 04, 2007

H.R. 3506 (Related)
Foreclosure Tax Relief Act of 2007

Referred to Committee
Last Action: Sep 07, 2007

 
Status

This bill was enacted after being signed by the President on December 20, 2007.

Progress
Introduced Sep 25, 2007
Referred to Committee Sep 25, 2007
Reported by Committee Sep 26, 2007
Passed House Oct 04, 2007
Passed Senate with Changes Dec 14, 2007
House Agreed to Changes Dec 18, 2007
Signed by the President Dec 20, 2007
 
Full Title

To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.

Summary

No summaries available.

Votes
Oct 04, 2007 3:16 p.m.
Passed 386/27

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


12/20/2007--Public Law.
Mortgage Forgiveness Debt Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge, prior to January 1, 2010, of indebtedness incurred to acquire a principal residence.
Limits to $2 million the excludable amount of such indebtedness.
Reduces the basis of a principal residence by the amount of discharged indebtedness excluded from gross income.
Disallows an exclusion for a discharge of indebtedness on account of services performed for the lender or any other factor not directly related to a decline in the value of the residence or to the financial condition of the taxpayer.
Sets forth rules for determining the allowable amount of the exclusion for taxpayers with nonqualifying indebtedness and taxpayers who are insolvent.
Extends through 2010 the tax deduction for mortgage insurance premiums.
Sets forth alternative tests for qualifying as a cooperative housing corporation for purposes of the tax deduction for payments to such corporations.
Qualifies a corporation if:
(1) 80% or more of the total square footage of the corporation's property is used or available for use by its tenant-stockholders for residential purposes, or
(2) 90% of the corporation's expenditures are for the acquisition, construction, management, maintenance, or care of its property for the benefit of the tenant-stockholders.
Allows members of a qualified volunteer emergency response organization (i.e., an organization that provides firefighting and emergency medical services) an exclusion from gross income for state and local tax benefits and for certain payments for services. Terminates such exclusion after 2010.
Allows certain full-time students who are single parents and their children to live in housing units eligible for the low-income housing tax credit provided that their children are not dependents of another individual (other than a parent of such children).
Allows a surviving spouse to exclude from gross income up to $500,000 of the gain from the sale or exchange of a principal residence owned jointly with a deceased spouse if the sale or exchange occurs within two years of the death of the spouse and other ownership and use requirements have been met.
Increases the penalty for failure to file a partnership tax return and extends from five to 12 the number of months in which such penalty may be imposed. Limits disclosure of tax return information that includes individual taxpayer identify information.
Imposes an additional penalty on S corporations for failure to file required tax returns.
Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase the estimated tax payment due in the third quarter of 2012 for corporations with assets of at least $1 billion.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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