Mortgage Forgiveness Debt Relief Act of 2007
Public Law 110-142 · H.R. 3648 · 110th Congress · began in the House
Signed by George W. Bush (R) on Dec 20, 2007 · Taxation
Sponsor: Rep. Charlie Rangel (D-NY-15)
Cosponsors (25): Rep. Pete Stark, Rep. Sander Levin,
Passage votes
- HouseVoice vote
- SenateUnanimous consent
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Mortgage Forgiveness Debt Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge, prior to January 1, 2010, of indebtedness incurred to acquire a principal residence. Limits to $2 million the excludable amount of such indebtedness. Reduces the basis of a principal residence by the amount of discharged indebtedness excluded from gross income. Disallows an exclusion for a discharge of indebtedness on account of services performed for the lender or any other factor not directly related to a decline in the value of the residence or to the financial condition of the taxpayer. Sets forth rules for determining the allowable amount of the exclusion for taxpayers with nonqualifying indebtedness and taxpayers who are insolvent.
Extends through 2010 the tax deduction for mortgage insurance premiums.
Sets forth alternative tests for qualifying as a cooperative housing corporation for purposes of the tax deduction for payments to such corporations. Qualifies a corporation if: (1) 80% or more of the total square footage of the corporation's property is used or available for use by its tenant-stockholders for residential purposes, or (2) 90% of the corporation's expenditures are for the acquisition, construction, management, maintenance, or care of its property for the benefit of the tenant-stockholders.
Allows members of a qualified volunteer emergency response organization (i.e., an organization that provides firefighting and emergency medical services) an exclusion from gross income for state and local tax benefits and for certain payments for services. Terminates such exclusion after 2010.
Allows certain full-time students who are single parents and their children to live in housing units eligible for the low-income housing tax credit provided that their children are not dependents of another individual (other than a parent of such children).
Allows a surviving spouse to exclude from gross income up to $500,000 of the gain from the sale or exchange of a principal residence owned jointly with a deceased spouse if the sale or exchange occurs within two years of the death of the spouse and other ownership and use requirements have been met.
Increases the penalty for failure to file a partnership tax return and extends from five to 12 the number of months in which such penalty may be imposed. Limits disclosure of tax return information that includes individual taxpayer identify information.
Imposes an additional penalty on S corporations for failure to file required tax returns.
Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase the estimated tax payment due in the third quarter of 2012 for corporations with assets of at least $1 billion.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Related bills
4 bills the Library of Congress relates to this one.
H.R. 1876Related bill
Mortgage Cancellation Relief Act of 2007
H.R. 3506Related bill
Foreclosure Tax Relief Act of 2007
H.Res. 703Procedurally-related
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.
S. 1394Related bill
Mortgage Cancellation Relief Act of 2007
Data notes
Related bills are identified by the Congressional Research Service, the House and the Senate: companion and identical bills, bills with similar text, bills that were folded into this law, and rules that brought it to the floor. A bill that is itself a public law in this site’s data links here; the others link to Congress.gov.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 32 actions.
- Dec 20, 2007Became lawBecame law · Became Public Law No: 110-142.
- Became lawBecame law · Signed by President.
- Dec 19, 2007FloorFloor · Presented to President.
- Dec 18, 2007Resolving differencesResolving differences · Motion to reconsider laid on the table Agreed to without objection.
- Resolving differencesResolving differences · On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote.
- Resolving differencesResolving differences · Mrs. Jones (OH) moved that the House suspend the rules and agree to the Senate amendment.
- FloorFloor · 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.
- OtherOther · Cleared for White House.
- OtherOther · Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote.
- Dec 14, 2007FloorFloor · Message on Senate action sent to the House.
- FloorFloor · Passed Senate with an amendment by Unanimous Consent.
- FloorFloor · Measure laid before Senate by unanimous consent.
- CommitteeCommittee · Senate Committee on Finance discharged by Unanimous Consent.
- Oct 4, 2007FloorFloor · Motion to reconsider laid on the table Agreed to without objection.
- FloorFloor · On passage Passed by recorded vote: 386 - 27 (Roll No. 948).House roll call 948
- FloorFloor · On motion to recommit with instructions Failed by the Yeas and Nays: 201 - 212, 1 Present (Roll no. 947).House roll call 947
- FloorFloor · The previous question on the motion to recommit with instructions was ordered without objection.
- FloorFloor · 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.
- FloorFloor · Mr. Cantor moved to recommit with instructions to Ways and Means.
- FloorFloor · The previous question was ordered pursuant to the rule.
- FloorFloor · DEBATE - The House proceeded with one hour of debate on H.R. 3648.
- FloorFloor · 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 ame…
- FloorFloor · Considered under the provisions of rule H. Res. 703.
- FloorFloor · Rule H. Res. 703 passed House.
- CommitteeCommittee · Received in the Senate and Read twice and referred to the Committee on Finance.
- Oct 2, 2007FloorFloor · 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…
- Oct 1, 2007CalendarCalendar · Placed on the Union Calendar, Calendar No. 220.
- CommitteeCommittee · Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-356.
- Sep 26, 2007CommitteeCommittee · Ordered to be Reported (Amended) by Voice Vote.
- CommitteeCommittee · Committee Consideration and Mark-up Session Held.
Data notes
Every action the Library of Congress lists for the bill, from introduction to signing, plus the dated committee hearings. The source lists many steps twice (the chamber’s own entry and the Library of Congress copy, or a presidential and a became-law entry with the same words); those are shown once. Amendments are listed in their own section.
Amendments
2 amendments offered to the bill, with the last recorded step of each.
- Offered, no vote recorded
H.Amdt. 842HouseRules Committee· offered Oct 4, 2007No vote recorded
Pursuant to the provisions of H. Res. 703, the amendment in the nature of a substitute recommended by the Committee on Ways and Means, modified by the amendment printed in the report of the Committee on Rules, is adopted.
Oct 4, 2007: House amendment offered
- Agreed to
S.Amdt. 3856SenateSen. Max BaucusD-MT· offered Dec 14, 2007Agreed to
In the nature of a substitute.
Dec 14, 2007: Amendment SA 3856 agreed to in Senate by Unanimous Consent.
Data notes
Amendments offered to this bill in either chamber, as the Library of Congress records them: each with a status read from its last recorded step: agreed to, rejected, withdrawn, ruled out of order, fell with another amendment, or offered with no vote recorded (most Senate amendments are only ever offered). The wording of each amendment is the source’s. Amendments to amendments and amendments to other bills are not listed.
Official record
The bill’s full text is on Congress.gov. Data through Oct 7, 2026.