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To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes. 12/20/2007--Public Law. (There are 4 other summaries) (This measure has not been amended since it was passed by the Senate on December 14, 2007. The summary of that version is repeated here.)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 [...] show full description
- 12/20/2007 - Became Public Law No: 110-142.
- 12/20/2007 - Signed by President.
- 12/19/2007 - Presented to President.
- 12/18/2007 - Mrs. Jones (OH) moved that the House suspend the rules and agree to the Senate amendment. (consideration: CR H16768-16772)
- 12/18/2007 - On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote. (text as House agreed to Senate amendment: CR H16768-16770)
show all actions- 12/20/2007 - Became Public Law No: 110-142.
- 12/20/2007 - Signed by President.
- 12/19/2007 - Presented to President.
- 12/18/2007 - Mrs. Jones (OH) moved that the House suspend the rules and agree to the Senate amendment. (consideration: CR H16768-16772)
- 12/18/2007 - On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote. (text as House agreed to Senate amendment: CR H16768-16770)
- 12/18/2007 - Cleared for White House.
- 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 - Mrs. Jones (OH) moved that the House suspend the rules and agree to the Senate amendment.
- 12/18/2007 - On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote.
- 12/18/2007 - Motion to reconsider laid on the table Agreed to without objection.
- 12/14/2007 - Senate Committee on Finance discharged by Unanimous Consent.
- 12/14/2007 - Measure laid before Senate by unanimous consent.
- 12/14/2007 - S.AMDT.3856 Amendment SA 3856 proposed by Senator Stabenow for Senator Baucus. In the nature of a substitute.
- 12/14/2007 - S.AMDT.3856 Amendment SA 3856 agreed to in Senate by Unanimous Consent.
- 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 - Measure laid before Senate by unanimous consent. (consideration: CR S15642-15643)
- 12/14/2007 - S.AMDT.3856 Amendment SA 3856 proposed by Senator Stabenow for Senator Baucus. (consideration: CR S15642) In the nature of a substitute.
- 10/04/2007 - Considered under the provisions of rule H. Res. 703. (consideration: CR H11287-11298; text of measure as introduced: CR H11287-11288)
- 10/04/2007 - Mr. Cantor moved to recommit with instructions to Ways and Means. (consideration: CR H11296-11297; text: CR H11296)
- 10/04/2007 - On passage Passed by recorded vote: 386 - 27 (Roll No. 948). (text: CR H11288-11289)
- 10/04/2007 - Rule H. Res. 703 passed House.
- 10/04/2007 - Considered under the provisions of rule H. Res. 703. (consideration: CR H11287-11298)
- 10/04/2007 - The previous question was ordered pursuant to the rule. (consideration: CR H11296)
- 10/04/2007 - Mr. Cantor moved to recommit with instructions to Ways and Means. (consideration: CR H11296-11297 text: CR H11296)
- 10/04/2007 - The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H11296)
- 10/04/2007 - On motion to recommit with instructions Failed by the Yeas and Nays: 201 - 212, 1 Present (Roll no. 947). (consideration: CR H11297)
- 10/04/2007 - On passage Passed by the Yeas and Nays: 386 - 27 (Roll No. 948). (text: CR H11288-11289)
- 10/04/2007 - Motion to reconsider laid on the table Agreed to without objection.
- 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. (consideration: CR H11287-11298 text of measure as introduced: CR H11287-11288)
- 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 - 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.
- 10/02/2007 - 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.
- 10/01/2007 - Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-356.
- 10/01/2007 - Placed on the Union Calendar, Calendar No. 220.
- 09/26/2007 - Committee Consideration and Mark-up Session Held.
- 09/26/2007 - Ordered to be Reported (Amended) by Voice Vote.
- 09/25/2007 - Referred to the House Committee on Ways and Means.
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