GovTrack: H.R. 3648: Text of Legislation: "December 14, 2007.
Resolved, That the bill from the House of Representatives (H.R. 3648) entitled `An Act to amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.', do pass with the following
Strike out all after the enacting clause and insert:
SECTION 1. SHORT TITLE.
This Act may be cited as the `Mortgage Forgiveness Debt Relief Act of 2007'.
SEC. 2. DISCHARGES OF INDEBTEDNESS ON PRINCIPAL RESIDENCE EXCLUDED FROM GROSS INCOME.
(a) In General- Paragraph (1) of section 108(a) of the Internal Revenue Code of 1986 is amended by striking `or' at the end of subparagraph (C), by striking the period at the end of subparagraph (D) and inserting `, or', and by inserting after subparagraph (D) the following new subparagraph:
`(E) the indebtedness discharged is qualified principal residence indebtedness which is discharged before January 1, 2010.'.
(b) Special Rules Relating to Qualified Principal Residence Indebtedness- Section 108 of such Code is amended by adding at the end the following new subsection:
`(h) Special Rules Relating to Qualified Principal Residence Indebtedness-"