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Key Votes

HR 3648 - Mortgage Forgiveness Debt Relief Act of 2007 - National Key Vote

Jesse Jackson, Jr. voted Yea (Passage) on this Legislation.

Read statements Jesse Jackson, Jr. made in this general time period.

Timeline

Issues Related to HR 3648

Stage Details

Legislation - Signed (Executive) - Became Public Law No. 110-142 -
Legislation - Concurrence Vote Passed (House) -
Legislation - Bill Passed With Amendment (Senate) -
Legislation - Bill Passed (House) (386-27) - (Key vote)
See How Your Politicians Voted

Title: Mortgage Forgiveness Debt Relief Act of 2007

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that eliminates the income tax on mortgage debt forgiveness on primary residences for people in financial hardships and lowers the amount of a gain made through the sale of most non-primary residences that is not subject to income tax.

Highlights:
  • Excludes the debt forgiven on a qualified principal residence from the definition of gross income subject to income tax (Sec. 2).
  • Reduces the income tax breaks on most gains from the sales of non-primary residences using a formula based on the amount of time that the taxpayer actually lived in the property during the five-year period before the sale (Sec. 5).
Legislation - Introduced (House) -

Title: Mortgage Forgiveness Debt Relief Act of 2007

Sponsors

  • Charles B. 'Charlie' Rangel (NY - D) (Out Of Office)

Co-sponsors

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