Bills
H.R.3648

H.R.3648: Mortgage Forgiveness Debt Relief Act of 2007

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About This Bill

This bill was introduced in the 110th Congress
This bill is primarily about emergency management
Introduced Sept. 25, 2007
Latest Major Action Dec. 20, 2007

Bill Sponsor

Charles B. Rangel (D-N.Y.)

Bill Cosponsors

25 (23 Democrats, 3 Republicans)

Bill Summary

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...

(Source: Library of Congress)

What Lawmakers Are Saying About This Bill

There are 2 statements associated with H.R.3648.

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Congressional Budget Office Estimate

The Congressional Budget Office has produced a cost estimate for H.R.3648.

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Bill Actions

Date	Description
	Referred to the House Committee on Ways and Means.
	Committee Consideration and Mark-up Session Held.
	Ordered to be Reported (Amended) by Voice Vote.
	Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-356.
	Placed on the Union Calendar, Calendar No. 220.
	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.
	Rule H. Res. 703 passed House.
	Considered under the provisions of rule H. Res. 703.
	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.
	DEBATE - The House proceeded with one hour of debate on H.R. 3648.
	The previous question was ordered pursuant to the rule.
	Mr. Cantor moved to recommit with instructions to Ways and Means.
	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.
	The previous question on the motion to recommit with instructions was ordered without objection.
	On motion to recommit with instructions Failed by the Yeas and Nays: 201 - 212, 1 Present (Roll no. 947).
	On passage Passed by recorded vote: 386 - 27 (Roll No. 948).
	Motion to reconsider laid on the table Agreed to without objection.
	Received in the Senate and Read twice and referred to the Committee on Finance.
	Senate Committee on Finance discharged by Unanimous Consent.
	Measure laid before Senate by unanimous consent.
	Passed Senate with an amendment by Unanimous Consent.
	Message on Senate action sent to the House.
	Mrs. Jones (OH) moved that the House suspend the rules and agree to the Senate amendment.
	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.
	On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote.
	Motion to reconsider laid on the table Agreed to without objection.
	Cleared for White House.
	Presented to President.
	Signed by President.
	Became Public Law No: 110-142.
Sept. 25, 2007	Introduced in the House by Charles B. Rangel (D-N.Y.)

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