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]


Contents

Current status


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


Bill summary

  • 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).

Key votes

  • 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.

[1]

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
 DemRep Other
Ayes2211650
Nays0270
Abst.1090

Supporters

  • American Homeowners Foundation
  • Financial Services Roundtable
  • Mortgage Bankers Association
  • National Association of Home Builders
  • National Association of Realtors

Articles and resources

See also

References

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