H.R.3648 - Mortgage Forgiveness Debt Relief Act of 2007 Sponsor: Charles Rangel / 110th Congress

Title
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. hidemore...
Summary
The Mortgage Forgiveness Debt Relief Act of 2007 amends the Internal Revenue Code to exclude from gross income discharges of indebtedness on principal residences and amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase estimated tax rate for corporations with assets of not less than $1 billion. (by MAPLight.org)
Status
The bill has become law.

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Contribution data provided by the Center for Responsive Politics (OpenSecrets.org)

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Tax breaks for sub-prime homeowners by Lechuan Zhou, Mar 5, 2008 (3:40pm)

Proponents of this bill claim that the tax break on mortgage debt forgiveness would alleviate burdens for homeowners who have suffered through the sub-prime mortgage crisis.

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