S. 2201 · 110th Congress
HOME Act
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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
ColemanSponsor1 cosponsor · 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Oct 18, 2007
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: HOME Act
Also known as: Home Ownership Mortgage Emergency Act
Latest action (Oct 22, 2007): Star Print ordered on the bill.
Policy area: Taxation · Origin: Senate · Introduced: Oct 18, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.