H.R. 2893 · 110th Congress
Homeownership Affordability Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
WeldonSponsorNo cosponsors.
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.
What it does: CRS summary · Introduced in House · Jun 27, 2007
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Homeownership Affordability Act of 2007
Latest action (Jun 27, 2007): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jun 27, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.