House vote: H.R. 3648 // October 4, 2007
Mortgage Forgiveness Debt Relief Act of 2007
Sponsor: CHARLES RANGEL (D-NY)
Mortgage Forgiveness Debt Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge, prior to January 1, 2010, of indebtedness incurred to acquire a principal residence. Limits to $2 million the excludable amount of such indebtedness. Reduces the basis of a principal residence by the amount of discharged indebtedness excluded from gross income.
Taxation Topic assigned by the Congressional Research Service.
Who won, and how much of the country was behind them
The dotted gap is 4.9% of U.S. adults whose member did not vote, voted “present,” or whose seat was vacant.
| Side | Outcome | Votes | Share of U.S. adults |
|---|---|---|---|
| Nay | Won | 212 | 47.2% |
| Yea | Lost | 201 | 47.8% |
| Not represented on this question | No position taken | 0 | 4.9% |