3.0.0 4627 2023-01-11T13:15:35Z 2023-01-11T13:15:35Z House H HR 2007-12-13 110 hswm00 Ways and Means Committee House Standing Referred to 2007-12-13T15:04:20Z 2007-12-13 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-12-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-12-13 Introduced in House IntroReferral 1000 9 Library of Congress F000440 Rep. Fossella, Vito [R-NY-13] VITO FOSSELLA R NY 13 N F000447 Rep. Feeney, Tom [R-FL-24] Tom Feeney R FL 24 2007-12-18 False M001147 Rep. McCotter, Thaddeus G. [R-MI-11] Thaddeus McCotter R MI G. 11 2008-01-15 False B000208 Rep. Bartlett, Roscoe G. [R-MD-6] ROSCOE BARTLETT R MD G. 6 2008-01-15 False K000364 Rep. Kuhl, John R. "Randy", Jr. [R-NY-29] John Kuhl R NY R. "Randy" 29 2008-01-17 False B001257 Rep. Bilirakis, Gus M. [R-FL-9] Gus Bilirakis R FL M. 9 2008-01-17 False M000472 Rep. McHugh, John M. [R-NY-23] JOHN MCHUGH R NY M. 23 2008-04-08 False Taxation Annuities Finance and Financial Sector Housing and Community Development Housing finance Income tax Individual retirement accounts Labor and Employment Loan defaults Mortgages Tax exclusion Tax penalties Tax-deferred compensation plans Taxation 00 2007-12-13 Introduced in House 2008-03-17T19:10:50Z Homeowners' Assistance Act of 2007 - Exempts any qualified mortgage 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 relief distributions for any taxable year shall not exceed the excess (if any) of $25,000, over the aggregate amounts treated as qualified mortgage delinquency relief distributions received by such individual for all prior taxable years.

Defines such distributions as those made from an eligible retirement plan between the enactment of this Act and January 1, 2010, if: (1) the distribution is made during any 90-day period beginning on the date of any increase in the interest rate applicable to the acquisition indebtedness of the taxpayer's principal residence; and (2) taxpayer's adjusted gross income for the taxable year of such distribution does not exceed $114,000 ($166,000 in the case of a joint return).

]]> Homeowners' Assistance Act of 2007 Display Title Homeowners' Assistance Act of 2007 Short Titles as Introduced Homeowners' Assistance Act of 2007 Official Title as Introduced To provide for the penalty-free use of retirement funds for mortgage relief. Introduced in House 2007-12-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr4627ih/xml/BILLS-110hr4627ih.xml 2007-12-13 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.