To amend the Internal Revenue Code of 1986 to allow certain modifications to be made to qualified mortgages held by a REMIC or a grantor trust.
Latest action · Apr 1, 2004 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 1, 2004
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to permit certain amendments, waivers, or other modifications to mortgages held by a Real Estate Mortgage Investment Conduit (REMIC) or a Grantor Trust without disqualifying such mortgages as REMIC or Grantor Trust mortgages. Permits amendments, waivers, or modifications that do not: (1) extend the final maturity date of a mortgage; (2) increase the outstanding balance of the mortgage; (3) result in the release of an interest in real property securing the mortgage; or (4) result in an instrument or property right which is not debt for Federal income tax purposes. Exempts such amendments, waivers, or modifications from the penalty for prohibited transactions.
Cosponsors 18
Members who signed on, in the order they did. Signatures ran from Apr 1, 2004 to Sep 28, 2004; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-ND | Earl Pomeroy | Original | Apr 1, 2004 |
| R-ID | C. L. (Butch) Otter | May 12, 2004 | |
| R-WA | George R. Nethercutt Jr. | May 12, 2004 | |
| R-NE | Lee Terry | May 12, 2004 | |
| D-NJ | Rush Holt | May 12, 2004 | |
| R-PA | Phil English | May 18, 2004 | |
| R-VA | Eric Cantor | May 20, 2004 | |
| R-GA | Jack Kingston | Jun 8, 2004 | |
| D-CA | Robert T. Matsui | Jun 8, 2004 | |
| D-MA | Richard E. Neal | Jun 16, 2004 | |
| R-FL | E. Clay Shaw Jr. | Jul 9, 2004 | |
| R-MN | Jim Ramstad | Jul 20, 2004 | |
| D-TN | John S. Tanner | Jul 20, 2004 | |
| R-MT | Denny Rehberg | Jul 22, 2004 | |
| R-FL | Katherine Harris | Sep 14, 2004 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Apr 1, 2004 |
Actions 2
Everything that happened, newest first.
- Apr 1, 2004Introduced in House
- Apr 1, 2004Referred to the House Committee on Ways and Means.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2422 | A bill to amend the Internal Revenue Code of 1986 to allow certain modifications to be made to qualified mortgages held by a REMIC or a grantor trust. | Identical bill | May 13, 2004 |
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to allow certain modifications to be made to qualified mortgages held by a REMIC or a grantor trust.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 1, 2004Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.