H R 3648 in Congressional Session 110

Official Summary

 

Bill Number : H R 3648

 

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 AS OF:
12/20/2007--Public Law.    (There are 4 other summaries) (This measure has not been amended since it was passed by the Senate on December 14, 2007. The summary of that version is repeated here.)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.

Votes

Title : To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.
Votes in the US Senate
This Bill was not Voted in the US Senate
Votes in the US House
Roll NumberVote DateQuestionDescriptionVote Result
9482007-10-04On Passage Mortgage Forgiveness Debt Relief Act of 2007.P
9472007-10-04On Motion to Recommit with Instructions Mortgage Forgiveness Debt Relief Act of 2007.F

Sponsors

 
Congressional Sponsors of H R 3648
 
Bill Number : H R 3648
Title : 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 Rangel, Charles B. [NY-15] (introduced 9/25/2007)      
ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

    Rep Andrews, Robert E. [NJ-1] - 9/25/2007

    Rep Berkley, Shelley [NV-1] - 9/25/2007

    Rep Blumenauer, Earl [OR-3] - 9/25/2007

    Rep Brown-Waite, Ginny [FL-5] - 10/1/2007

    Rep Crowley, Joseph [NY-7] - 9/25/2007

    Rep Emanuel, Rahm [IL-5] - 9/25/2007

    Rep English, Phil [PA-3] - 9/25/2007

    Rep Fattah, Chaka [PA-2] - 10/1/2007

    Rep Giffords, Gabrielle [AZ-8] - 10/1/2007

    Rep Gordon, Bart [TN-6] - 10/1/2007

    Rep Holt, Rush D. [NJ-12] - 10/1/2007

    Rep Larson, John B. [CT-1] - 9/25/2007

    Rep Levin, Sander M. [MI-12] - 9/25/2007

    Rep Maloney, Carolyn B. [NY-14] - 9/25/2007

    Rep McDermott, Jim [WA-7] - 9/25/2007

    Rep Meek, Kendrick B. [FL-17] - 9/25/2007

    Rep Nadler, Jerrold [NY-8] - 9/25/2007

    Rep Neal, Richard E. [MA-2] - 9/25/2007

    Rep Pascrell, Bill, Jr. [NJ-8] - 9/25/2007

    Rep Pomeroy, Earl [ND] - 9/25/2007

    Rep Ramstad, Jim [MN-3] - 9/25/2007

    Rep Schwartz, Allyson Y. [PA-13] - 9/25/2007

    Rep Space, Zachary T. [OH-18] - 9/25/2007

    Rep Stark, Fortney Pete [CA-13] - 9/25/2007

    Rep Van Hollen, Chris [MD-8] - 9/25/2007

Other Info

Bill Number : H R 3648
Title : To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.
 
MAJOR ACTIONS:
 
9/25/2007 Introduced in House
 
10/1/2007 Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-356.
 
10/4/2007 Passed/agreed to in House: On passage Passed by recorded vote: 386 - 27 (Roll No. 948). 1
 
2/14/2007 Senate Committee on Finance discharged by Unanimous Consent. 1
 
2/14/2007 Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent. 1
 
2/18/2007 Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote. 1
 
2/18/2007 Cleared for White House. 1
 
2/19/2007 Presented to President. 1
 
2/20/2007 Signed by President. 1
 
2/20/2007 Became Public Law No: 110-142 [Text, PDF]
 
ALL ACTIONS:
 
9/25/2007:Referred to the House Committee on Ways and Means.
 
9/26/2007:Committee Consideration and Mark-up Session Held.
 
9/26/2007:Ordered to be Reported (Amended) by Voice Vote.
 
10/1/2007 2:14pm:Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-356.
 
10/1/2007 2:15pm:Placed on the Union Calendar, Calendar No. 220.
 
10/2/2007 6:46pm:Rules Committee Resolution H. Res. 703 Reported to House. Rule provides for consideration of H.R. 3648 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. The amendment in the nature of a substitute recommended by the Committee on Ways and Means now printed in the bill, modified by the amendment printed in the report of the Committee on Rules accompanying this resolution, shall be considered as adopted.
 
10/4/2007 12:18pm:Rule H. Res. 703 passed House.
 
10/4/2007 1:48pm:Considered under the provisions of rule H. Res. 703. (consideration: CR H11287-11298; text of measure as introduced: CR H11287-11288)
 
10/4/2007 1:48pm:Rule provides for consideration of H.R. 3648 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. The amendment in the nature of a substitute recommended by the Committee on Ways and Means now printed in the bill, modified by the amendment printed in the report of the Committee on Rules accompanying this resolution, shall be considered as adopted.
 
10/4/2007 1:50pm:DEBATE - The House proceeded with one hour of debate on H.R. 3648.
 
10/4/2007 2:36pm:The previous question was ordered pursuant to the rule. (consideration: CR H11296)
 
10/4/2007 2:36pm:Mr. Cantor moved to recommit with instructions to Ways and Means. (consideration: CR H11296-11297; text: CR H11296)
 
10/4/2007 2:36pm:DEBATE - The House proceeded with ten minutes of debate on the Cantor motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment striking sections 5 and 6 from the bill.
 
10/4/2007 2:44pm:The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H11296)
 
10/4/2007 3:08pm:On motion to recommit with instructions Failed by the Yeas and Nays: 201 - 212, 1 Present (Roll no. 947). (consideration: CR H11297)
 
10/4/2007 3:16pm:On passage Passed by recorded vote: 386 - 27 (Roll No. 948). (text: CR H11288-11289)
 
10/4/2007 3:16pm:Motion to reconsider laid on the table Agreed to without objection.
 
10/4/2007:Received in the Senate and Read twice and referred to the Committee on Finance. 1
 
2/14/2007:Senate Committee on Finance discharged by Unanimous Consent. 1
 
2/14/2007:Measure laid before Senate by unanimous consent. (consideration: CR S15642-15643) 1
 
2/14/2007:Passed Senate with an amendment by Unanimous Consent. 1
 
2/14/2007:Message on Senate action sent to the House. 1
 
2/18/2007 3:59pm:Mrs. Jones (OH) moved that the House suspend the rules and agree to the Senate amendment. (consideration: CR H16768-16772) 1
 
2/18/2007 3:59pm:DEBATE - The House proceeded with forty minutes of debate on the motion to suspend the rules and agree to the Senate amendment to H.R.3648. 1
 
2/18/2007 4:23pm:On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote. (text as House agreed to Senate amendment: CR H16768-16770) 1
 
2/18/2007 4:23pm:Motion to reconsider laid on the table Agreed to without objection. 1
 
2/18/2007:Cleared for White House. 1
 
2/19/2007:Presented to President. 1
 
2/20/2007:Signed by President. 1
 
2/20/2007:Became Public Law No: 110-142.