Mortgage Forgiveness Debt Relief Act of 2007

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Article summary (how summaries work)
The Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) was a bill in the 110th Congress "to amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes." (Official title.)^[1]

Current status

Status: Bill Is Law

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

Sponsor: Rep. Charles Rangel [D, NY-15]Committees: Senate Finance, House Ways and Means

Excludes the debt forgiven on a qualified principal residence from the definition of gross income subject to income tax (Sec. 2).

Reduces the income tax breaks on most gains from the sales of non-primary residences using a formula based on the amount of time that the taxpayer actually lived in the property during the five-year period before the sale (Sec. 5).

Vote to pass a bill that eliminates the income tax on mortgage debt forgiveness on primary residences for people in financial hardships and lowers the amount of a gain made through the sale of most non-primary residences that is not subject to income tax.

House Record Vote (948)

October 04, 2007

On Passage: H R 3648 Mortgage Forgiveness Debt Relief Act of 2007.
On Passage

Percentage of 'Aye' votes: 89% - Passed

Required percentage of 'Aye' votes: 1/2 (50%)

386

Ayes

27

Nays