Mortgage Cancellation Relief Act of 2007

To amend the Internal Revenue Code of 1986 to exclude from gross income of individual taxpayers discharges of indebtedness attributable to certain forgiven residential mortgage obligations.

4/17/2007--Introduced.
Mortgage Cancellation Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to the discharge of certain residential mortgage obligations.
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Sponsor

• Rep. Robert Andrews [D, NJ-1]
• and 59 Co-Sponsors
  • Rep. Neil Abercrombie [D, HI-1]
  • Rep. Thomas Allen [D, ME-1]
  • Rep. Spencer Bachus [R, AL-6]
  • Rep. Shelley Berkley [D, NV-1]
  • Rep. Henry Brown [R, SC-1]
  • Rep. Virginia Brown-Waite [R, FL-5]
  • Rep. Vern Buchanan [R, FL-13]
  • Rep. Dan Burton [R, IN-5]
  • Rep. Dennis Cardoza [D, CA-18]
  • Rep. Steven Chabot [R, OH-1]
  • Rep. Donna Christensen [D, VI-0]
  • Rep. Yvette Clarke [D, NY-11]
  • Rep. Elijah Cummings [D, MD-7]
  • Rep. Artur Davis [D, AL-7]
  • Rep. David Davis [R, TN-1]
  • Rep. Geoff Davis [R, KY-4]
  • Rep. Lincoln Davis [D, TN-4]
  • Rep. Susan Davis [D, CA-53]
  • Rep. Danny Davis [D, IL-7]
  • Rep. Lincoln Diaz-Balart [R, FL-21]
  • Rep. Keith Ellison [D, MN-5]
  • Rep. Philip English [R, PA-3]
  • Rep. Anna Eshoo [D, CA-14]
  • Rep. Bob Filner [D, CA-51]
  • Rep. Maurice Hinchey [D, NY-22]
  • Rep. Rush Holt [D, NJ-12]
  • Rep. Michael Honda [D, CA-15]
  • Rep. Sheila Jackson-Lee [D, TX-18]
  • Rep. Eddie Johnson [D, TX-30]
  • Rep. Henry Johnson [D, GA-4]
  • Rep. Walter Jones [R, NC-3]
  • Rep. Stephanie Jones [D, OH-11]
  • Rep. Marcy Kaptur [D, OH-9]
  • Rep. Ric Keller [R, FL-8]
  • Rep. Patrick Kennedy [D, RI-1]
  • Rep. Dennis Kucinich [D, OH-10]
  • Rep. Thomas Latham [R, IA-4]
  • Rep. Ron Lewis [R, KY-2]
  • Rep. Carolyn McCarthy [D, NY-4]
  • Rep. Thaddeus McCotter [R, MI-11]
  • Rep. Cathy McMorris Rodgers [R, WA-5]
  • Rep. Gwen Moore [D, WI-4]
  • Rep. Edward Pastor [D, AZ-4]
  • Rep. Ronald Paul [R, TX-14]
  • Rep. Donald Payne [D, NJ-10]
  • Rep. Todd Platts [R, PA-19]
  • Rep. Earl Pomeroy [D, ND-0]
  • Rep. Jon Porter [R, NV-3]
  • Rep. Tom Price [R, GA-6]
  • Rep. Edward Royce [R, CA-40]
  • Rep. Allyson Schwartz [D, PA-13]
  • Rep. Albio Sires [D, NJ-13]
  • Rep. Bennie Thompson [D, MS-2]
  • Rep. Patrick Tiberi [R, OH-12]
  • Rep. Edolphus Towns [D, NY-10]
  • Rep. Michael Turner [R, OH-3]
  • Rep. Mark Udall [D, CO-2]
  • Rep. Robert Wexler [D, FL-19]
  • Rep. Albert Wynn [D, MD-4]
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Committees

• House Ways and Means

Amendments

This bill has no amendments.

Amendments to H.R.1876

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
April 17, 2007

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All Bill Actions

• Apr 17, 2007: Referred to the House Committee on Ways and Means.
• Introduced on Apr 17, 2007.

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Related Bills:

• S.1394
• H.R.3506
• H.R.3648

Related Issue Areas:

• Taxation
• Debtor and creditor
• Finance
• Housing
• 3 more
• Income tax
• Mortgages
• Tax exclusion

Data from the Congressional Research Service

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In the News

July 17, 2007 Tax Relief for "Phantom Income"

Prominent on their agenda was HR 1876, a bill that would provide tax relief for homeowners who have received "phantom income" as a result of forgiveness of ...

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Source: Realty Times, TX

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June 18, 2007 Get help when dealing with mortgage debt

Right now, a bill in the US House of Representatives entitled "The Mortgage Cancellation Tax Relief Act of 2007" (HR 1876) would amend the tax code to ...

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Source: Montgomery Advertiser, AL

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April 18, 2007 NAR Commends Congress For Moving to Eliminate 'Phantom Tax' on ...

... and is encouraged by the actions taken today by the House of Representatives with the introduction of HR 1876, the Mortgage Cancellation Tax Relief Act. ...

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Source: PR Newswire (press release)

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Blog Coverage

December 07, 2008 Real Estate Blog - Foreclosure Options, Helpful Definitions and Terms

Note: The US House of Representatives has introduced the Mortgage Cancellation Tax Relief Act (H.R. 1876), which would eliminate taxes on any debt forgiven on a principle residence through either a short sale or foreclosure. ...

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Source: Dawn's Blog

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November 04, 2008 Realtors Short Sale, Frequently Asked Questions

The US House of Representatives has introduced the Mortgage Cancellation Tax Relief Act (HR 1876), which would eliminate taxes on any debt forgiven on a principal residence through either short sale or foreclosure. ...

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Source: Mike's Blog

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October 30, 2008 The Mortgage Relief Act - Phoenix Heritage Real Estate Group Real ...

While the bill still has to pass, with such overwhelming support from both Senate, the House and the President (and the National Association of Realtors) - It looks like we were right! You can read the full text of the H.R. 1876 here. ...

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Source: Phoenix Heritage Real Estate Group Blog

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