CongressHouse FloorSenate Floor • U.S. Capitol: 202-224-3121
MembersCommitteesPrayerRecordNewsReporters

October 20, 2007

House Votes - H.R. 3648: Mortgage Forgiveness Debt Relief Act

H.Res. 703: Providing for consideration of H.R. 3648

On Ordering the Previous Question
Passed 223-194

On Agreeing to the Resolution
Passed 222-193


H.R. 3648: Mortgage Forgiveness Debt Relief Act of 2007
To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.

Debate

Amendments (GovTrack, Thomas)

Votes

On Motion to Recommit with Instructions
(consideration: CR H11296-11297; text: CR H11296)
Failed 201-212

On Passage
Passed 386-27


Mortgage Relief Tax Act Passes
Rep. Jim McCrery (R-LA) generally supported the measure but expressed concern about the bill offsets. As has been true with all legislation in 2007, the Democratic leadership insisted that any tax reduction be offset with an equal tax increase. The Mortgage Forgiveness Debt Relief Act will require individuals who have a second home and move to the second home to reside there for as long as five years in order to qualify in full for the $250,000 ($500,000 for married couples) capital gain exclusion on sale of a principal residence.

No comments:

Post a Comment

Labels

Blog Archive

Follow by Email