Homeowners and Military Families Tax Fairness Act
Latest action · May 23, 2012 Read twice and referred to the Committee on Finance.
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.
- IntroducedMay 23, 2012
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Homeowners and Military Families Tax Fairness Act - Amends the Internal Revenue Code to: (1) extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence, (2) extend through 2012 the tax deduction for mortgage insurance premiums, and (3) exclude from gross income any National Mortgage Settlement amount.
Defines "National Mortgage Settlement amount" as any amount received pursuant to the settlement in a legal action against Bank of America Corporation filed in U.S. District Court on March 12, 2012, which is: (1) a payment for transitional assistance; (2) a payment from the Borrower Payment Fund under the National Mortgage Settlement to a borrower whose home was finally sold or taken in foreclosure after December 31, 2007, and before January 1, 2012; or (3) a payment received as a result of a foreclosure that the Attorney General has determined was not in compliance with the Servicemembers Civil Relief Act.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred May 23, 2012 |
Actions 2
Everything that happened, newest first.
- May 23, 2012Introduced in Senate
- May 23, 2012Read twice and referred to the Committee on Finance.
Related bills 5
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2250 | Mortgage Forgiveness Tax Relief Act | Related bill | Mar 29, 2012 |
| HR 4202 | To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness. | Related bill | Mar 19, 2012 |
| HR 4250 | To amend the Internal Revenue Code of 1986 to provide a 3-year extension of the exclusion of income from the discharge of indebtedness on qualified principal residences. | Related bill | Mar 22, 2012 |
| HR 4290 | Homeowner Tax Fairness Act | Related bill | Mar 28, 2012 |
| HR 4336 | To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness. | Related bill | Mar 29, 2012 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to prevent an unfair tax burden for veterans and homeowners who have received assistance from the National Mortgage Settlement, and for other purposes.
- Short Titles as Introduced
- Homeowners and Military Families Tax Fairness Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 23, 2012Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
