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House Passes Mortgage Tax Relief Bill
On October 4, the House passed legislation (H.R. 3648) that (if ratified) would permanently exclude debt forgiven as a result of a mortgage foreclosure or renegotiation from income and provide a seven year extension of the existing deduction for private mortgage insurance. It also would modifify the qualification tests for cooperative housing corporations. The Senate Finance committee is expected to consider the legislation soon. Click here to see how your Representative voted: http://clerk.house.gov/evs/2007/roll948.xml. Also see: Ways and Means Committee Description of HR 3648
House Passes Bill Ending Private Debt Collection
The week of October 8th, the House passed H.R. 3056, the Tax Collection Responsibility Act of 2007. The legislation would end the one year old effort to use private debt collectors to collect tax debts the IRS is not currently collecting. That bill also contains a one year delay of a proposal enacted in 2006 that would impose a 3% withholding requirement on most state, local and federal government payments beginning in 2011. The provisions were offset primarily by proposals targeting individuals who renounce their U.S. citizenship for tax purposes (termed ‘expatriation’). Click here to see how your Representative voted: http://clerk.house.gov/evs/2007/roll960.xml