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Foreclosure Tax Relief Act of 2007
To amend the Internal Revenue Code of 1986 to exclude from gross income certain amounts of cancellation of indebtedness income on account of a foreclosure on the mortgage secured by the principal residence of the taxpayer.
previous 110th session of congress Other Bill Titles (2 more) 9/7/2007--Introduced.
Foreclosure Tax Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income up to $50,000 of the amount attributable to a discharge of mortgage indebtedness or to a refinancing of a principal residence. Limits such tax exclusion to taxpayers... moreSee Full Bill Text
Committees
Amendments
This bill has no amendments.
Bill Status
| Introduced |  | Voted on by House | | Voted on by Senate | | Considered By President | | Bill Becomes Law |
| September 07, 2007 |
Users tracking H.R.3506 (1) are also tracking:
In the News
October 02, 2007 Income isn't the issue
We wonder, however, about the income ceiling his HR 3506 would impose. Homeowners with income higher than $100000 would not be eligible. ...
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Blog Coverage
December 29, 2007 Analysis of the Proposed Tax Exclusion for Canceled Mortgage Debt ...
Other legislation proposing similar relief has also been introduced (H.R. 1876, H.R. 3506, H.R. 3996, and S. 1394). The President has expressed support for the legislation generally, but has stated a preference for a temporary tax ...
Source: Open CRS: Recently Added
December 18, 2007 analysis of the proposed tax exclusion for canceled mortgage debt ...
other legislation proposing similar relief has also been introduced (hr 1876, hr 3506, hr 3996, and s. 1394). the president has expressed support for the legislation generally, but has stated a preference for a temporary tax provision ...
Source: Open CRS: Recently Added
October 06, 2007 michele bachmann on bipartisan debt relief: no!
related bills: h.res.703, hr1876, hr3506, s.1394 latest major action: 10/4/2007 referred to senate committee. status: received in the senate and read twice and referred to the committee on finance. house reports: 110-356 ...
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