H.R. 3648 - To Amend the Internal Revenue Code of 1986 to Exclude Discharges of Indebtedness on Principal Residences from Gross Income, and

Taxation. 110th Congress (2007-2008) View bill details
Sponsor:
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 CRS) 
Status:
The bill has become law. 
Amendments:
1 proposed amendment. 1 accepted. View amendments 
Senate Vote: On Passage

PASSED by voice vote on December 14, 2007.

To Amend the Internal Revenue Code of 1986 to Exclude Discharges of Indebtedness on Principal Residences from Gross Income, and

H.R. 3648 — 110th Congress (2007–2008)

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 CRS)
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Title
To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.
Other Titles
  • Mortgage Forgiveness Debt Relief Act of 2007
  • Mortgage Forgiveness Debt Relief Act of 2007
  • Mortgage Forgiveness Debt Relief Act of 2007
  • Mortgage Forgiveness Debt Relief Act of 2007
Sponsor
Charles Rangel
Co-Sponsors
Subjects
  • Taxation
  • Bankruptcy
  • Business
  • Cooperative housing
  • Corporation taxes
  • Debt
  • Education
  • Emergency management
  • Emergency medicine
  • Families
  • Finance
  • Fire fighters
  • Higher education
  • Home ownership
  • Housing
  • Housing finance
  • Income tax
  • Insurance premiums
  • Loan defaults
  • Local taxation
  • Low-income housing
  • Medical care
  • Medicine
  • Mortgage guaranty insurance
  • Mortgages
  • Partnerships
  • Single-parent families
  • Small business
  • Social services
  • State and local government
  • State taxation
  • Students
  • Tax deductions
  • Tax exclusion
  • Tax penalties
  • Tax rates
  • Tax rebates
  • Tax returns
  • Volunteer workers
  • Welfare
  • Widowers
  • Widows
  • Women
Related Bills
Major Actions
Introduced9/25/2007
Referred to Committee
Amendments (1 proposed)
Passed House10/04/2007
Passed Senate12/14/2007
Signed by President12/20/2007
Bill History
Chamber/CommitteeMotionDateResult
select this voteHouseOn Motion to Recommit with Instructions: H.R. 3648 Mortgage Forgiveness Debt Relief Act of 2007.10/04/2007This motion DID NOT PASS the House
201 voted YES 212 voted NO 18 voted present/not voting
select this voteHouseOn Passage - House - H.R. 3648 Mortgage Forgiveness Debt Relief Act of 2007.10/04/2007This bill PASSED the House
386 voted YES 27 voted NO 19 voted present/not voting
currently selectedSenatePassed Senate with an amendment by Unanimous Consent.12/14/2007PASSED by voice vote
select this voteSenateAmendment SA 3856 agreed to in Senate by Unanimous Consent.12/14/2007PASSED by voice vote
ActionDateDescription
Introduced9/25/2007
9/25/2007Referred to the House Committee on Ways and Means.
9/26/2007Committee Consideration and Mark-up Session Held.
Put on a legislative calendar9/26/2007Ordered to be Reported (Amended) by Voice Vote.
10/01/2007Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-356.
Put on a legislative calendar10/01/2007Placed on the Union Calendar, Calendar No. 220.
10/02/2007Rules 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.
10/04/2007Received in the Senate and Read twice and referred to the Committee on Finance.
10/04/2007Considered under the provisions of rule H. Res. 703.
10/04/2007Rule 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.
10/04/2007DEBATE - The House proceeded with one hour of debate on H.R. 3648.
10/04/2007The previous question was ordered pursuant to the rule.
10/04/2007Mr. Cantor moved to recommit with instructions to Ways and Means.
10/04/2007DEBATE - 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.
10/04/2007The previous question on the motion to recommit with instructions was ordered without objection.
select this voteVote10/04/2007On Motion to Recommit with Instructions: H.R. 3648 Mortgage Forgiveness Debt Relief Act of 2007.
select this voteHouse Vote on Passage10/04/2007On Passage - House - H.R. 3648 Mortgage Forgiveness Debt Relief Act of 2007.
10/05/2007Rule H. Res. 703 passed House.
12/14/2007Senate Committee on Finance discharged by Unanimous Consent.
12/14/2007Measure laid before Senate by unanimous consent.
currently selectedSenate Vote on Passage12/14/2007Passed Senate with an amendment by Unanimous Consent.
12/14/2007Message on Senate action sent to the House.
12/14/2007Amendment SA 3856 proposed by Senator Stabenow for Senator Baucus.
select this voteVote12/14/2007Amendment SA 3856 agreed to in Senate by Unanimous Consent.
Presented to President12/18/2007Cleared for White House.
12/18/2007DEBATE - 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.
12/18/2007Mrs. Jones (OH) moved that the House suspend the rules and agree to the Senate amendment.
12/18/2007On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote.
Presented to President12/19/2007Presented to President.
Enacted12/20/2007Became Public Law No: 110-142.
Signed12/20/2007Signed by President.
NumberSponsorDate OfferedStatus
select this voteS. Amdt. 3856Baucus, Max [D-MT]December 14, 2007Passed by voice vote on December 13, 2007.

In the nature of a substitute.

Show amendment details

Total contributions given to Senators from interest groups that…

$336,375
$2,858,297
$6,690,063
$5,515,413
$6,850
$15,406,998
$0
5 Organizations Supported and 0 Opposed; See Which Ones

Organizations that took a position on
Mortgage Forgiveness Debt Relief Act of 2007: Passed Senate with an amendment by Unanimous Consent.

5 organizations supported this bill

American Homeowners Foundation
American Homeowners Grassroots Alliance and the American Homeowners Foundation (2007, October 0). October 2007 Home Base. Retrieved May 3, 2012, from A publication of the American Homeowners Grassroots Alliance and the American Homeowners Foundation.
Financial Services Roundtable
(n.d.). Financial Services Roundtable; "Governmental Affairs Bulletin"; 9-2-8-07. Retrieved n.d., from .
Mortgage Bankers Association
(n.d.). House Committee on Ways and Means; 10-4-07; "MBA Applauds Passage of Tax Bill to Help Mortgage Borrowers"; 10-4-07. Retrieved n.d., from .
National Association of Home Builders
(n.d.). House Committee on Ways and Means; 10-4-07. Retrieved n.d., from .
National Association of REALTORS
(n.d.). Realtors® Applaud House Passage of Mortgage Cancellation Tax Relief. Retrieved n.d., from .

0 organizations opposed this bill

Need proof?

View citations of support and opposition

Includes reported contributions to congressional campaigns of Senators in office on day of vote, from interest groups invested in the vote according to MapLight, January 1, 2003 – December 31, 2008.
Contributions data source: OpenSecrets.org

Contributions by Legislator

Namesort iconPartyState$ From Interest Groups
That Supported
$ From Interest Groups
That Opposed
Vote
Daniel K. AkakaDHI$24,350$0Yes
Andrew Lamar AlexanderRTN$208,522$0Yes
Alan Wayne AllardRCO$6,000$0Yes
John BarrassoRWY$30,350$0Yes
Max BaucusDMT$164,253$0Yes
Birch "Evan" BayhDIN$172,641$0Yes
Bob BennettRUT$86,749$0Yes
Joe BidenDDE$133,175$0Yes
Jesse "Jeff" BingamanDNM$52,832$0Yes
Christopher "Kit" BondRMO$162,400$0Yes
Barbara BoxerDCA$173,627$0Yes
Sherrod BrownDOH$118,607$0Yes
Sam BrownbackRKS$49,950$0Yes
Jim BunningRKY$98,727$0Yes
Richard BurrRNC$203,878$0Yes
Robert ByrdDWV$36,800$0Yes
Maria CantwellDWA$120,275$0Yes
Ben CardinDMD$301,854$0Yes
Tom CarperDDE$126,713$0Yes
Bob CaseyDPA$228,588$0Yes
Clarence Saxby ChamblissRGA$236,350$0Yes
Hillary ClintonDNY$996,482$0Yes
Tom CoburnROK$47,358$0Yes
William Thad CochranRMS$32,300$0Yes
Norm ColemanRMN$385,150$0Yes
Susan CollinsRME$146,150$0Yes
Gaylord Kent ConradDND$124,090$0Yes
Bob CorkerRTN$412,485$0Yes
John CornynRTX$285,850$0Yes
Larry CraigRID$11,500$0Yes
Mike CrapoRID$93,949$0Yes
Jim DeMintRSC$264,022$0Yes
Chris DoddDCT$221,900$0Yes
Mary Elizabeth DoleRNC$173,384$0Yes
Pete DomeniciRNM$51,862$0Yes
Byron DorganDND$51,933$0Yes
Dick DurbinDIL$201,925$0Yes
John EnsignRNV$128,300$0Yes
Mike EnziRWY$53,799$0Yes
Russ FeingoldDWI$79,823$0Yes
Dianne FeinsteinDCA$115,255$0Yes
Lindsey GrahamRSC$141,173$0Yes
Chuck GrassleyRIA$89,700$0Yes
Judd GreggRNH$45,200$0Yes
Chuck HagelRNE$32,400$0Yes
Tom HarkinDIA$95,899$0Yes
Orrin HatchRUT$104,700$0Yes
Kay Bailey HutchisonRTX$182,650$0Yes
Jim InhofeROK$68,850$0Yes
Dan InouyeDHI$48,650$0Yes
Johnny IsaksonRGA$505,330$0Yes
Tim JohnsonDSD$155,772$0Yes
Ted KennedyDMA$120,950$0Yes
John KerryDMA$69,830$0Yes
Amy KlobucharDMN$118,516$0Yes
Herb KohlDWI$4,200$0Yes
Jon KylRAZ$339,946$0Yes
Mary LandrieuDLA$165,731$0Yes
Frank LautenbergDNJ$176,398$0Yes
Patrick LeahyDVT$24,650$0Yes
Carl LevinDMI$99,725$0Yes
Joe LiebermanICT$499,300$0Yes
Blanche LincolnDAR$64,500$0Yes
Chester Trent LottRMS$57,740$0Yes
Dick LugarRIN$96,850$0Yes
Mel MartinezRFL$355,025$0Yes
John McCainRAZ$53,500$0Yes
Claire McCaskillDMO$111,966$0Yes
Addison "Mitch" McConnellRKY$288,584$0Yes
Bob MenéndezDNJ$428,813$0Yes
Barbara MikulskiDMD$91,700$0Yes
Lisa MurkowskiRAK$73,001$0Yes
Patty MurrayDWA$88,700$0Yes
Earl "Ben" NelsonDNE$111,850$0Yes
Clarence "Bill" NelsonDFL$255,290$0Yes
Barack ObamaDIL$323,723$0Yes
Mark PryorDAR$88,100$0Yes
John "Jack" ReedDRI$101,850$0Yes
Harry ReidDNV$238,590$0Yes
Charles "Pat" RobertsRKS$86,350$0Yes
John "Jay" RockefellerDWV$84,850$0Yes
Ken SalazarDCO$145,460$0Yes
Bernie SandersIVT$25,300$0Yes
Chuck SchumerDNY$312,090$0Yes
Jeff SessionsRAL$99,100$0Yes
Richard ShelbyRAL$337,276$0Yes
Gordon SmithROR$187,785$0Yes
Olympia SnoweRME$69,650$0Yes
Arlen SpecterDPA$286,364$0Yes
Debbie StabenowDMI$118,300$0Yes
Ted StevensRAK$51,750$0Yes
John SununuRNH$175,135$0Yes
Jon TesterDMT$49,499$0Yes
John ThuneRSD$224,638$0Yes
David VitterRLA$129,688$0Yes
George VoinovichROH$170,730$0Yes
John WarnerRVA$500$0Yes
Jim WebbDVA$101,462$0Yes
Sheldon WhitehouseDRI$118,361$0Yes
Ron WydenDOR$99,200$0Yes

Add Data Filters:

Legislator Filters
Legislator Filters
Show All
NamePartyState$ From Interest Groups
That Supported
$ From Interest Groups
That Opposed
Vote
Daniel K. AkakaDHI$24,350$0Yes
Andrew Lamar AlexanderRTN$208,522$0Yes
Alan Wayne AllardRCO$6,000$0Yes
John BarrassoRWY$30,350$0Yes
Max BaucusDMT$164,253$0Yes
Birch "Evan" BayhDIN$172,641$0Yes
Bob BennettRUT$86,749$0Yes
Joe BidenDDE$133,175$0Yes
Jesse "Jeff" BingamanDNM$52,832$0Yes
Christopher "Kit" BondRMO$162,400$0Yes
Barbara BoxerDCA$173,627$0Yes
Sherrod BrownDOH$118,607$0Yes
Sam BrownbackRKS$49,950$0Yes
Jim BunningRKY$98,727$0Yes
Richard BurrRNC$203,878$0Yes
Robert ByrdDWV$36,800$0Yes
Maria CantwellDWA$120,275$0Yes
Ben CardinDMD$301,854$0Yes
Tom CarperDDE$126,713$0Yes
Bob CaseyDPA$228,588$0Yes
Clarence Saxby ChamblissRGA$236,350$0Yes
Hillary ClintonDNY$996,482$0Yes
Tom CoburnROK$47,358$0Yes
William Thad CochranRMS$32,300$0Yes
Norm ColemanRMN$385,150$0Yes
Susan CollinsRME$146,150$0Yes
Gaylord Kent ConradDND$124,090$0Yes
Bob CorkerRTN$412,485$0Yes
John CornynRTX$285,850$0Yes
Larry CraigRID$11,500$0Yes
Mike CrapoRID$93,949$0Yes
Jim DeMintRSC$264,022$0Yes
Chris DoddDCT$221,900$0Yes
Mary Elizabeth DoleRNC$173,384$0Yes
Pete DomeniciRNM$51,862$0Yes
Byron DorganDND$51,933$0Yes
Dick DurbinDIL$201,925$0Yes
John EnsignRNV$128,300$0Yes
Mike EnziRWY$53,799$0Yes
Russ FeingoldDWI$79,823$0Yes
Dianne FeinsteinDCA$115,255$0Yes
Lindsey GrahamRSC$141,173$0Yes
Chuck GrassleyRIA$89,700$0Yes
Judd GreggRNH$45,200$0Yes
Chuck HagelRNE$32,400$0Yes
Tom HarkinDIA$95,899$0Yes
Orrin HatchRUT$104,700$0Yes
Kay Bailey HutchisonRTX$182,650$0Yes
Jim InhofeROK$68,850$0Yes
Dan InouyeDHI$48,650$0Yes
Johnny IsaksonRGA$505,330$0Yes
Tim JohnsonDSD$155,772$0Yes
Ted KennedyDMA$120,950$0Yes
John KerryDMA$69,830$0Yes
Amy KlobucharDMN$118,516$0Yes
Herb KohlDWI$4,200$0Yes
Jon KylRAZ$339,946$0Yes
Mary LandrieuDLA$165,731$0Yes
Frank LautenbergDNJ$176,398$0Yes
Patrick LeahyDVT$24,650$0Yes
Carl LevinDMI$99,725$0Yes
Joe LiebermanICT$499,300$0Yes
Blanche LincolnDAR$64,500$0Yes
Chester Trent LottRMS$57,740$0Yes
Dick LugarRIN$96,850$0Yes
Mel MartinezRFL$355,025$0Yes
John McCainRAZ$53,500$0Yes
Claire McCaskillDMO$111,966$0Yes
Addison "Mitch" McConnellRKY$288,584$0Yes
Bob MenéndezDNJ$428,813$0Yes
Barbara MikulskiDMD$91,700$0Yes
Lisa MurkowskiRAK$73,001$0Yes
Patty MurrayDWA$88,700$0Yes
Earl "Ben" NelsonDNE$111,850$0Yes
Clarence "Bill" NelsonDFL$255,290$0Yes
Barack ObamaDIL$323,723$0Yes
Mark PryorDAR$88,100$0Yes
John "Jack" ReedDRI$101,850$0Yes
Harry ReidDNV$238,590$0Yes
Charles "Pat" RobertsRKS$86,350$0Yes
John "Jay" RockefellerDWV$84,850$0Yes
Ken SalazarDCO$145,460$0Yes
Bernie SandersIVT$25,300$0Yes
Chuck SchumerDNY$312,090$0Yes
Jeff SessionsRAL$99,100$0Yes
Richard ShelbyRAL$337,276$0Yes
Gordon SmithROR$187,785$0Yes
Olympia SnoweRME$69,650$0Yes
Arlen SpecterDPA$286,364$0Yes
Debbie StabenowDMI$118,300$0Yes
Ted StevensRAK$51,750$0Yes
John SununuRNH$175,135$0Yes
Jon TesterDMT$49,499$0Yes
John ThuneRSD$224,638$0Yes
David VitterRLA$129,688$0Yes
George VoinovichROH$170,730$0Yes
John WarnerRVA$500$0Yes
Jim WebbDVA$101,462$0Yes
Sheldon WhitehouseDRI$118,361$0Yes
Ron WydenDOR$99,200$0Yes

Interest Groups that supported this bill

$ Donated
Real estate agents$6,690,063
Finance, Insurance & Real Estate$5,515,413
Mortgage bankers and brokers$2,858,297
Builders associations$336,375
Consumer groups$6,850

Interest Groups that opposed this bill

$ Donated
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