Home Ownership Mortgage Emergency Act

A bill to provide for the penalty-free use of retirement funds for mortgage delinquency relief.

10/18/2007--Introduced.
Home Ownership Mortgage Emergency Act, or the HOME Act - Exempts any qualified mortgage delinquency relief distribution from the 10% additional tax imposed by the Internal Revenue Code on early distributions from qualified retirement plans.
Provides that the aggregate amount of distributions received by an individual which may be treated as qualified mortgage delinquency relief distributions for any taxable year shall not exceed the excess (if any) of $100,000, over the aggregate amounts treated as qualified mortgage delinquency relief distributions received by such individual for all prior taxable years.
Defines the term "qualified mortgage delinquency relief distribution," with the exception of such aggregate dollar limitation, as any distribution from an eligible retirement plan made on or after the enactment of this Act and before January 1, 2010, to an individual whose:
(1) acquisition indebtedness, with respect to the taxpayer's principal residence, is in delinquency for at least 60 days; and
(2) adjusted gross income for the taxable year of such distribution does not exceed a specified amount.
Declares that qualified mortgage delinquency relief distributions shall not be treated as eligible rollover distributions (thus exempting them from certain trustee to trustee transfer and withholding rules).
Treats such relief distributions as meeting certain plan distribution requirements of the Code.


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Sponsor

• Sen. Norm Coleman [R, MN]
• and 1 Co-Sponsors
  • Sen. Mel Martinez [R, FL]
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Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.2201

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
October 18, 2007

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All Bill Actions

• Oct 22, 2007: Star Print ordered on the bill.
• Oct 18, 2007: Read twice and referred to the Committee on Finance.
• Oct 18, 2007: Sponsor introductory remarks on measure. (CR S13090-13091)
• Introduced on Oct 18, 2007.

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Related Issue Areas:

• Housing finance
• Tax-deferred compensation plans
• Tax penalties
• Tax exclusion
• 9 more
• Pensions
• Mortgages
• Loan defaults
• Individual retirement accounts
• Income tax
• Housing
• Finance
• Annuities
• Taxation

Data from the Congressional Research Service

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In the News

January 16, 2008 Forum examines housing situation

One, the HOME Act (S. 2201), would allow homeowners behind on the mortgage payments to withdraw up to $100000 penalty-free from their retirement accounts. ...

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Source: St. Cloud Times, MN

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Blog Coverage

November 14, 2008 Obama Foreign Policy Experience | SAVAGE POLITICS

... Introduced 11/17/05; S. 2047, Introduced 11/17/05; S. 2048, Introduced 11/17/05; S. 2125, Introduced 12-16/05; S. 2149, Introduced 12/20/05; S. 2154, Introduced 12/20/05; S. 2179, Introduced 1/18/06; S. 2201, Introduced 1/26/06; ...

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November 03, 2008 I can list what Obama accomplish can you list what Palin did? For ...

109 S. 2201 Federal Aviation Administration Fair Labor Management Dispute Resolution Act of 2006 IS 109 S. 2247 Federal Employees Health Benefits Program Efficiency Act of 2006 IS 109 S. 2257 Hurr Can you RECITE something beside Obamas ...

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October 29, 2008 Right Up Front...: It's Time To Play, "Name. That. Accomplishment!"

109 S. 2201 Federal Aviation Administration Fair Labor Management Dispute Resolution Act of 2006 IS 109 S. 2247 Federal Employees Health Benefits Program Efficiency Act of 2006 IS 109 S. 2257 Hurricane Katrina Working Family Tax Relief ...

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