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H. C. R. No. 24 As Introduced
As Introduced
| 127th General Assembly | | Regular Session | | 2007-2008 |
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A CONCURRENT RESOLUTION
| To memorialize the Congress of the United States to
pass the Mortgage Cancellation Relief Act of 2007.
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BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF OHIO
(THE SENATE CONCURRING):
| WHEREAS, Nationwide, foreclosure rates have increased
significantly; and |
| WHEREAS, In 2006, the State of Ohio experienced the highest
foreclosure rate in the nation; and |
| WHEREAS, Homes are often sold in foreclosure proceedings for
less than the outstanding debt; and |
| WHEREAS, Residential foreclosures represent substantial
economic loss to individuals and families; and |
| WHEREAS, Predatory lending practices, inflated appraisals,
and declining home prices, have lead to more and more individuals
owing more on a home than it is worth; and |
| WHEREAS, Lenders who forgive part of a mortgage loan or who
forgive outstanding debt that results from a residential mortgage
foreclosure are acting responsibly and serving the public
interest; and |
| WHEREAS, The Internal Revenue Service currently taxes loan
forgiveness as income; and |
| WHEREAS, Debt forgiven by a lender does not represent actual
income; now therefore be it |
| RESOLVED, That the members of the 127th General Assembly of
the State of Ohio urge the Congress of the United States to pass
the Mortgage Cancellation Relief Act of 2007, to exempt discharged
qualified residential debt from an individual's income tax
liability; and be it further |
| RESOLVED, That the Clerk of the House of Representatives
transmit duly authenticated copies of this resolution to the
President of the United States, to the Speaker and the Clerk of
the United States House of Representatives, to the President Pro
Tempore and the Secretary of the United States Senate, to the
members of the Ohio Congressional delegation, and to the news
media of Ohio. |
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