3.0.0 2201 2023-01-11T20:20:31Z 2023-01-11T20:20:31Z Senate S S 2007-10-18 110 ssfi00 Finance Committee Senate Standing Referred to 2007-10-18T21:31:35Z 2007-10-22 Senate Star Print ordered on the bill. Floor 2007-10-18 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S13091) IntroReferral 2007-10-18 Sponsor introductory remarks on measure. (CR S13090-13091) IntroReferral B00100 9 Library of Congress 2007-10-18 Introduced in Senate IntroReferral 10000 9 Library of Congress C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN N M001162 Sen. Martinez, Mel [R-FL] Mel Martinez R FL 2007-10-19 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 2007-10-18 Introduced in Senate 2008-03-20T20:56:23Z 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.

]]> HOME Act Official Title as Introduced A bill to provide for the penalty-free use of retirement funds for mortgage delinquency relief. Introduced in Senate IS Display Title HOME Act Short Titles as Introduced HOME Act Short Titles as Introduced Home Ownership Mortgage Emergency Act Introduced in Senate 2007-10-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2201is/xml/BILLS-110s2201is.xml 2007-10-22 Star Print ordered on the bill. 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.