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United States · Law · HR

H.R. 3648 (110th)

Mortgage Forgiveness Debt Relief Act of 2007

enactedUnited States· United States Congress· EN

Introduced

25 September 2007

Last action

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Status

Became Public Law No: 110-142.

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Amends the Internal Revenue Code to: (1) exclude from gross income amounts attributable to a discharge of mortgage indebtedness on a principal residence; (2) extend through 2014 the tax deduction for mortgage insurance premiums; (3) expand the definition of cooperative housing corporation for purposes of the tax deduction for payments to such corporations; and (4) limit the exclusion from gross income of gain from the sale of a principal residence by denying an exclusion of the gain allocated to a nonqualified use of such residence. Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase (from 114.75% to 116.50%) in the third quarter of 2012 the estimated tax rate for corporations with assets of not less than $1 billion.

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Documents

19 official files

Enrolled Bill (text)

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