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S 1394 110th Congress Senate

Mortgage Cancellation Relief Act of 2007

Official title: A bill to amend the Internal Revenue Code of 1986, to exclude from gross income of individual taxpayers discharges of indebtedness attributable to certain forgiven residential mortgage obligations.

Introduced: September 4, 2007 See on congress.gov
Taxation Debtor and creditorFinance and Financial SectorHousing and Community DevelopmentIncome tax
More subjectsShow fewer subjects
MortgagesTax 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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 15, 2007
Read twice and referred to the Committee on Finance.
May 15, 2007
Sponsor introductory remarks on measure. (CR S6131)
May 15, 2007
Introduced in Senate
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 Latest action May 15, 2007

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

Mortgage Cancellation Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to the discharge of certain residential mortgage obligations.

 Related & companion bills 3
  • HR 3506 Related bill Foreclosure Tax Relief Act of 2007
  • HR 3648 Related bill Mortgage Forgiveness Debt Relief Act of 2007
  • HR 1876 Identical bill Mortgage Cancellation Relief Act of 2007
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3
D
Reed, Jack
Rhode Island · Dec 11, 2007
 D
Klobuchar, Amy
Minnesota · Nov 13, 2007
 D
Schumer, Charles E.
New York · Sep 4, 2007
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1394: Mortgage Cancellation Relief Act of 2007. 110th Congress. Open America. https://openamerica.io/bill/110-S-1394/
MLA
"S. 1394: Mortgage Cancellation Relief Act of 2007." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-1394/.
Bluebook (legal)
S. 1394, 110th Cong. (2026), https://openamerica.io/bill/110-S-1394/.
Markdown link
[S. 1394: Mortgage Cancellation Relief Act of 2007](https://openamerica.io/bill/110-S-1394/)
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