The public comment period for this legislation has now ended.

TITLE III - Tax Provisions

Sec. 303. Extension of Exclusion of Income From Discharge of Qualified Principal Residence Indebtedness. (0 Comments) subscribe to the comments feed

  1. EXTENSION.Subparagraph (E) of section 108(a)(1) of the Internal Revenue Code of 1986 is amended by striking "January 1, 2010" and inserting "January 1, 2013".

  2. EFFECTIVE DATE.The amendment made by this subsection shall apply to discharges of indebtedness occurring on or after January 1, 2010. 10(b) ADDITIONAL CONTRACTING REQUIREMENTS.In any solicitation or contract where the Secretary has, pursuant to subsection (a) waived the provisions of the Federal Acquisition Regulation pertaining to minority contracting, the Secretary shall develop and implement standards and procedures to ensure, to the maximum extent practicable, the inclusion and utilization of minorities (as such term is defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note)) and women, and minorityand women-owned businesses (as such terms are defined in section 21A(r)(4) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(r)(4)), in that solicitation or contract, including contracts to asset managers, servicers, property managers, and other service providers or expert consultants.

  3. ELIGIBILITY OF FDIC.Notwithstanding subsections (a) and (b), the Corporation

    1. shall be eligible for, and shall be considered in, the selection of asset managers for residential mortgage loans and residential mortgage-backed securities; and

    2. shall be reimbursed by the Secretary for any services provided.

The Sunlight Foundation supports, develops and deploys new Internet technologies to make information about Congress and the federal government more accessible to the American people. Through its projects and grant-making, Sunlight serves as a catalyst to create greater political transparency and to foster more openness and accountability in government. This Site may contain links to Internet sites that are not operated by Sunlight Foundation. These links are provided as a service and do not imply any endorsement of the activities or content of these sites, nor any association with their operators. Sunlight Foundation does not control these Internet sites and is not responsible for their content, security, or privacy practices. We urge you to review the privacy policy posted on web sites you visit before using the site or providing personal information.