H.R. 3648 – Mortgage Forgiveness Debt Relief Act of 2007

1. Closed rule.

2. Provides one hour of debate equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means.

3. Waives all points of order against consideration of the bill except those arising under clauses 9 or 10 of rule XXI.

4. Provides that the amendment in the nature of a substitute recommended by the Committee on Ways and Means now printed in the bill, modified by the amendment printed in the Rules Committee report, shall be considered as adopted and the bill, as amended, shall be considered as read.

5. Waives all points of order against provisions in the bill, as amended.  This waiver does not affect the point of order available under clause 9 of rule XXI (regarding earmark disclosure).

6. Provides one motion to recommit with or without instructions.

7. Provides that, notwithstanding the operation of the previous question, the Chair may postpone further consideration of the bill to a time designated by the Speaker.

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RESOLUTION

            Resolved, That upon the adoption of this resolution it shall be in order to consider in the House the bill (H.R. 3648) to amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.  All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI.  The amendment in the nature of a substitute recommended by the Committee on Ways and Means now printed in the bill, modified by the amendment printed in the report of the Committee on Rules accompanying this resolution, shall be considered as adopted.  The bill, as amended, shall be considered as read.  All points of order against provisions of the bill, as amended, are waived.  The previous question shall be considered as ordered on the bill, as amended, to final passage without intervening motion except: (1) one hour of debate equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means; and (2) one motion to recommit with or without instructions.

            Sec. 2.  During consideration of H.R. 3648 pursuant to this resolution, notwithstanding the operation of the previous question, the Chair may postpone further consideration of the bill to such time as may be designated by the Speaker.

Summary of Amendment to be Considered as Adopted

The amendment would place a $2 million cap on the maximum amount of forgiven debt that would be eligible for tax relief.  Second, it would further limit tax relief to situations where the debt is forgiven because of a decrease in home value or because of the financial hardship on the borrower.

 Text of Amendment to be Considered as Adopted