HOME Act
Latest action · Oct 22, 2007 Star Print ordered on the bill.
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.
- IntroducedOct 18, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Home Ownership Mortgage Emergency Act, or the HOME Act - Exempts any qualified mortgage delinquency relief distribution from the 10% additional tax imposed by the Internal Revenue Code on early distributions from qualified retirement plans.
Provides that the aggregate amount of distributions received by an individual which may be treated as qualified mortgage delinquency relief distributions for any taxable year shall not exceed the excess (if any) of $100,000, over the aggregate amounts treated as qualified mortgage delinquency relief distributions received by such individual for all prior taxable years.
Defines the term "qualified mortgage delinquency relief distribution," with the exception of such aggregate dollar limitation, as any distribution from an eligible retirement plan made on or after the enactment of this Act and before January 1, 2010, to an individual whose: (1) acquisition indebtedness, with respect to the taxpayer's principal residence, is in delinquency for at least 60 days; and (2) adjusted gross income for the taxable year of such distribution does not exceed a specified amount.
Declares that qualified mortgage delinquency relief distributions shall not be treated as eligible rollover distributions (thus exempting them from certain trustee to trustee transfer and withholding rules).
Treats such relief distributions as meeting certain plan distribution requirements of the Code.
Cosponsors 1
Members who signed on, in the order they did. All signed on Oct 19, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Mel Martinez | Oct 19, 2007 |
Actions 4
Everything that happened, newest first.
- Oct 22, 2007Star Print ordered on the bill.
- Oct 18, 2007Introduced in Senate
- Oct 18, 2007Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S13091)
- Oct 18, 2007Sponsor introductory remarks on measure. (CR S13090-13091)
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Oct 18, 2007Introduced in Senate
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.