|
National
Key Vote
Mortgage Forgiveness Debt Relief Act of 2007
Project Vote Smart's Synopsis:
Vote to pass a bill that eliminates the income tax on mortgage debt forgiveness on primary residences for people in financial hardships and lowers the amount of a gain made through the sale of most non-primary residences that is not subject to income tax.
Highlights:
- Excludes the debt forgiven on a qualified principal residence from the definition of gross income subject to income tax (Sec. 2).
- Reduces the income tax breaks on most gains from the sales of non-primary residences using a formula based on the amount of time that the taxpayer actually lived in the property during the five-year period before the sale (Sec. 5).
Link to Legislation: http://thomas.loc.gov/cgi-bin/query/z?c110:hr3648:
House Passage: 10/04/2007 : Bill Passed 386 - 27 (Roll no. 948) Senate Passage With Amendment: 12/14/2007 : Bill Passed House Concurrence Vote: 12/18/2007 : Concurrence Vote Passed Voice Vote President Passage: 12/20/2007 : Signed Became Public Law Number 110-142
Sponsor: Rep. Rangel, Charles (D-NY)
Cosponsors: Rep. Andrews, Robert (D-NJ)
Rep. Berkley, Shelley (D-NV)
Rep. Blumenauer, Earl (D-OR)
Rep. Brown-Waite, Virginia (R-FL)
Rep. Crowley, Joseph (D-NY)
Rep. Emanuel, Rahm (D-IL) (out of office)
Rep. English, Philip (R-PA) (out of office)
Rep. Fattah, Chaka Sr. (D-PA)
Rep. Giffords, Gabrielle (D-AZ)
| Rep. Gordon, Bart (D-TN)
Rep. Holt, Rush Jr. (D-NJ)
Rep. Larson, John (D-CT)
Rep. Levin, Sander (D-MI)
Rep. Maloney, Carolyn (D-NY)
Rep. McDermott, James (D-WA)
Rep. Meek, Kendrick Sr. (D-FL)
Rep. Nadler, Jerrold (D-NY)
Rep. Neal, Richard (D-MA)
| Rep. Pascrell, William Jr. (D-NJ)
Rep. Pomeroy, Earl (D-ND)
Rep. Ramstad, James (R-MN) (out of office)
Rep. Schwartz, Allyson (D-PA)
Rep. Space, Zachary (D-OH)
Rep. Stark, Fortney (D-CA)
Rep. Van Hollen, Christopher Jr. (D-MD)
|
PVS provides summaries for each version of the bill selected as a key vote. The summary does not necessarily reflect the final version of the bill. For further status information, call the Voter's Research Hotline at 1-888-VOTE-SMART (1-888-868-3762).
| 
Print
Share