3.0.0 2893 2023-01-12T17:52:55Z 2023-01-12T17:52:55Z House H HR 2007-06-27 110 hswm00 Ways and Means Committee House Standing Referred to 2007-06-27T14:03:15Z 2007-06-27 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-06-27 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-06-27 Introduced in House IntroReferral 1000 9 Library of Congress W000267 Rep. Weldon, Dave [R-FL-15] DAVE WELDON R FL 15 N Taxation Charitable contributions Families Gift tax Gifts Housing and Community Development Housing finance Income tax Mortgages Tax deductions Tax exclusion Tax-exempt organizations Taxation 00 2007-06-27 Introduced in House 2007-07-12T21:09:45Z Homeownership Affordability Act of 2007 - Amends the Internal Revenue Code to deem qualified homeowner downpayment assistance as a charitable purpose for income, estate, and gift tax purposes. Defines "qualified homeowner downpayment assistance" as a gift of cash for the purpose of providing any downpayment for the purchase of a principal residence for a taxpayer whose modified adjusted gross income does not exceed $110,000 ($220,000 for joint returns), if: (1) such gift does not exceed 20% of 110 percent of the maximum principal obligation allowable; and (2) the purchase price of such property does not exceed 110 percent of such amount.

Denies an income tax deduction to a donor of homeowner downpayment assistance who receives a direct financial benefit in connection with the purchase of a principal residence for which downpayment assistance was provided.

Allows a gift tax exclusion for a homeowner downpayment gift.

]]> Homeownership Affordability Act of 2007 Display Title Homeownership Affordability Act of 2007 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide that qualified homeowner downpayment assistance is a charitable purpose, and for other purposes. Introduced in House IH Short Titles as Introduced Homeownership Affordability Act of 2007 Introduced in House 2007-06-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr2893ih/xml/BILLS-110hr2893ih.xml 2007-06-27 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.