HOME Act

Summary

Home Ownership Mortgage Emergency Act, or the HOME Act - Exempts any qualified mortgage delinquency relief distribution from the 10% additional tax imposed by the Internal Revenue Code on early distributions from qualified retirement plans. Provides that the aggregate amount of distributions received by an individual which may be treated as qualified mortgage delinquency relief distributions for any taxable year shall not exceed the excess (if any) of $100,000, over the aggregate amounts treated as qualified mortgage delinquency relief distributions received by such individual for all prior taxable years. Defines the term "qualified mortgage delinquency relief distribution," with the exception of such aggregate dollar limitation, as any distribution from an eligible retirement plan made on or after the enactment of this Act and before January 1, 2010, to an individual whose: (1) acquisition indebtedness, with respect to the taxpayer's principal residence, is in delinquency for at least 60 days; and (2) adjusted gross income for the taxable year of such distribution does not exceed a specified amount. Declares that qualified mortgage delinquency relief distributions shall not be treated as eligible rollover distributions (thus exempting them from certain trustee to trustee transfer and withholding rules). Treats such relief distributions as meeting certain plan distribution requirements of the Code.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 October 2007

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 October 2007

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• Introduced in Senate

  summary · EN · 18 October 2007

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