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

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

H.R. 3648 — 110^th 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

• 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 (110^th) : 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 (110^th) : Mortgage Cancellation Relief Act of 2007
• H.R. 3506 (110^th) : Foreclosure Tax Relief Act of 2007
• S. 1394 (110^th) : 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

• All Votes
• All Actions
• Amendments

	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 voting
currently 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 voting
select 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. Show amendment details