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HR 3506 110th Congress House

Foreclosure Tax Relief Act of 2007

Official title: 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 t… Show full official titleShow less

Official title: 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.

Introduced: September 14, 2007 See on congress.gov
Taxation Housing and Community DevelopmentHousing financeIncome taxMortgagesTax exclusion
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 7, 2007
Referred to the House Committee on Ways and Means.
Sep 7, 2007
Introduced in House
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 Latest action September 7, 2007

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

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 with modified adjusted gross incomes of $100,000 or less ($200,000 in the case of a joint tax return).

 Related & companion bills 3
  • HR 1876 Related bill Mortgage Cancellation Relief Act of 2007
  • HR 3648 Related bill Mortgage Forgiveness Debt Relief Act of 2007
  • S 1394 Related bill Mortgage Cancellation Relief Act of 2007
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Cuellar, Henry
Texas · Sep 14, 2007
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3506: Foreclosure Tax Relief Act of 2007. 110th Congress. Open America. https://openamerica.io/bill/110-HR-3506/
MLA
"H.R. 3506: Foreclosure Tax Relief Act of 2007." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-HR-3506/.
Bluebook (legal)
H.R. 3506, 110th Cong. (2026), https://openamerica.io/bill/110-HR-3506/.
Markdown link
[H.R. 3506: Foreclosure Tax Relief Act of 2007](https://openamerica.io/bill/110-HR-3506/)
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