H.R. 3648 - To Amend the Internal Revenue Code of 1986 to Exclude Discharges of Indebtedness on Principal Residences from Gross Income, and
- Sponsor:
- Charles Rangel
- 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
PASSED on October 4, 2007.
1/2 required to pass
voted YES: 386
voted NO: 27
19 voted present/not voting
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)
- Learn More
- At OpenCongress
- 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
- Philip English
- Zachary Space
- Jerrold Nadler
- Barton Gordon
- James Ramstad
- Allyson Schwartz
- Earl Pomeroy
- Rush Holt
- James McDermott
- Chaka Fattah
- Gabrielle Giffords
- Fortney Stark
- Robert Andrews
- Virginia Brown-Waite
- Joseph Crowley
- Kendrick Meek
- Carolyn Maloney
- Rahm Emanuel
- Christopher Van Hollen
- Richard Neal
- Earl Blumenauer
- Shelley Berkley
- Sander Levin
- John Larson
- William Pascrell
- 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
- H.Res. 703 (110th) : Providing for Consideration of the Bill (H.R. 3648) to Amend the Internal Revenue Code of 1986 to Exclude Discharges of Indebtedness on Principal Residences from Gross Income, and for Other Purposes.
- H.R. 1876 (110th) : Mortgage Cancellation Relief Act of 2007
- H.R. 3506 (110th) : Foreclosure Tax Relief Act of 2007
- S. 1394 (110th) : Mortgage Cancellation Relief Act of 2007
- Major Actions
Introduced 9/25/2007 Referred to Committee Amendments (1 proposed) Passed House 10/04/2007 Passed Senate 12/14/2007 Signed by President 12/20/2007 - Bill History
-
Chamber/Committee Motion Date Result select this vote House On Motion to Recommit with Instructions: H.R. 3648 Mortgage Forgiveness Debt Relief Act of 2007. 10/04/2007 This motion DID NOT PASS the House 201 voted YES 212 voted NO 18 voted present/not votingcurrently selected House On Passage - House - H.R. 3648 Mortgage Forgiveness Debt Relief Act of 2007. 10/04/2007 This bill PASSED the House 386 voted YES 27 voted NO 19 voted present/not votingselect this vote Senate Passed Senate with an amendment by Unanimous Consent. 12/14/2007 PASSED by voice vote select this vote Senate Amendment SA 3856 agreed to in Senate by Unanimous Consent. 12/14/2007 PASSED by voice vote Action Date Description Introduced 9/25/2007 9/25/2007 Referred to the House Committee on Ways and Means. 9/26/2007 Committee Consideration and Mark-up Session Held. Put on a legislative calendar 9/26/2007 Ordered to be Reported (Amended) by Voice Vote. 10/01/2007 Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-356. Put on a legislative calendar 10/01/2007 Placed on the Union Calendar, Calendar No. 220. 10/02/2007 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. 10/04/2007 Received in the Senate and Read twice and referred to the Committee on Finance. 10/04/2007 Considered under the provisions of rule H. Res. 703. 10/04/2007 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. 10/04/2007 DEBATE - The House proceeded with one hour of debate on H.R. 3648. 10/04/2007 The previous question was ordered pursuant to the rule. 10/04/2007 Mr. Cantor moved to recommit with instructions to Ways and Means. 10/04/2007 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. 10/04/2007 The previous question on the motion to recommit with instructions was ordered without objection. select this vote Vote 10/04/2007 On Motion to Recommit with Instructions: H.R. 3648 Mortgage Forgiveness Debt Relief Act of 2007. currently selected House Vote on Passage 10/04/2007 On Passage - House - H.R. 3648 Mortgage Forgiveness Debt Relief Act of 2007. 10/05/2007 Rule H. Res. 703 passed House. 12/14/2007 Senate Committee on Finance discharged by Unanimous Consent. 12/14/2007 Measure laid before Senate by unanimous consent. select this vote Senate Vote on Passage 12/14/2007 Passed Senate with an amendment by Unanimous Consent. 12/14/2007 Message on Senate action sent to the House. 12/14/2007 Amendment SA 3856 proposed by Senator Stabenow for Senator Baucus. select this vote Vote 12/14/2007 Amendment SA 3856 agreed to in Senate by Unanimous Consent. Presented to President 12/18/2007 Cleared for White House. 12/18/2007 Mrs. Jones (OH) moved that the House suspend the rules and agree to the Senate amendment. 12/18/2007 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. 12/18/2007 On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote. Presented to President 12/19/2007 Presented to President. Signed 12/20/2007 Signed by President. Enacted 12/20/2007 Became Public Law No: 110-142. Number Sponsor Date Offered Status select this vote S. Amdt. 3856 Baucus, Max [D-MT] December 14, 2007 Passed by voice vote on December 13, 2007. In the nature of a substitute.
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