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H.R. 4290: Homeowner Tax Fairness Act

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H.R. 4290: Homeowner Tax Fairness Act

112th Congress · introduced 2012-03-28 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2012-03-28 · official record
  2. Who proposed it: Rep. McDermott, Jim [D-WA-7] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the House Committee on Ways and Means. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Homeowner Tax Fairness Act

Plain summary

Homeowner Tax Fairness Act - Amends the Internal Revenue Code to: (1) extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence, (2) extend through 2014 the tax deduction for mortgage insurance premiums, (3) exclude from gross income any National Mortgage Settlement amount, and (4) deny a tax deduction for any National Mortgage Settlement amount paid in exchange for a full release of the potential civil claims of the United States under the Servicemembers Civil Relief Act. Defines "National Mortgage Settlement amount" as any amount received pursuant to the settlement in a legal action against Bank of America Corporation filed in U.S. District Court on March 12, 2012, which is: (1) a payment for transitional assistance; (2) a payment from the Borrower Payment Fund under the National Mortgage Settlement to a borrower whose home was finally sold or taken in foreclosure after December 31, 2007, and before January 1, 2012; or (3) a payment received as a result of a foreclosure or excess charge of interest that the Department of Justice (DOJ) has determined was not in compliance with the Servicemembers Civil Relief Act.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Homeowner Tax Fairness Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. McDermott, Jim [D-WA-7] · 50 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

John B. Larson (D-CT), Richard E. Neal (D-MA), Lloyd Doggett (D-TX), Mike Thompson (D-CA), Eleanor Holmes Norton (D-DC), James P. McGovern (D-MA), Zoe Lofgren (D-CA), Danny K. Davis (D-IL), Tammy Baldwin (D-WI), Janice D. Schakowsky (D-IL), Kathy Castor (D-FL), Adam B. Schiff (D-CA), Mazie K. Hirono (D-HI), Adam Smith (D-WA), Rosa L. DeLauro (D-CT), Stephen F. Lynch (D-MA), Judy Chu (D-CA), Maxine Waters (D-CA), Suzanne Bonamici (D-OR)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Record fed-us-cong112-hr4290 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112