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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 18 October 2007

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S13091)

   Source: IntroReferral

2. 18 October 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S13090-13091)

   Source: IntroReferral

3. 18 October 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 22 October 2007

   Floor

   Star Print ordered on the bill.

   Source: Floor

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 18 October 2007 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 October 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 October 2007

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 18 October 2007

  Open at official source

  Leesvertaling

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Coleman, Norm [R-MN] · R · Sponsor
• Sen. Martinez, Mel [R-FL] · R · Cosponsor
• · ssfi00 · Standing

Related records

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