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.)Project Vote Smart's info page on [ Mortgage Forgiveness Debt Relief Act of 2007(H.R.3648)].

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 B. Rangel [D, NY-13]Committees: House Ways and Means, Senate Finance

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