To amend the Internal Revenue Code of 1986 to allow certain modifications to be made to qualified mortgages held by a REMIC or a grantor trust.

S. 1175-First-Time Homebuyers' Tax Credit Act would allow first-time homebuyers to receive a tax credit of up to $3000 for individuals or $6000 for married couples. H.R. 1336/S. 846-Mortgage Insurance Fairness Act would Amend the IRS code of 1986 to classify mortgage insurance premiums as residence interest, allowing for it to be tax deductible. H.R. 1634/S. 576- Business Property Economic Revitalization Act would shorten the tax depreciation life, on non-residential property, from 39 years to 10 years. S. 1918-Would allow money given for the purpose of downpayment assistance to qualified organizations to be considered as charitable donations on tax returns. H.R. 22-The Individual and Small Business Tax Simplification Act of 2003 would amend the IRS Code to simplify certain provisions and establish a uniform pass-thru regime. H.R. 2896/H.R. 4520-American Jobs Creation Act would reduce the depreciation period for leasehold improvements from 39 years to 15 years, extend the 50% bonus depreciation until December 2005, allow mortgage insurance payments to be deductible, allow all prepayments of Mortgage Revenue Bond backed mortgages to be reused to finance new loans, and amend Section 1031 of U.S. Tax Code (Title 26). H.R. 3521/S. 1896-Tax Relief Extension Act would extend a number of expiring tax provisions, including the Brownfield clean up deduction. S. 597-The bill would create tax incentives for property owners and landlords who made their properties more energy efficient. H.R. 666-Mortgage Cancellation Relief Act would grant relief from discharge of indebtedness rules for sales of residences. H.R. 839/S. 875/S. 198-Renewing the Dream Tax Credit Act would allow developers and envestors who construct or rehabilitate housing for low- and moderate-income families for purchase to claim a tax credit up to 50% of the cost over a five-year period. H.R. 4221-This bill would reduce the depreciation recapture tax rate from the current 25% down to 15%. S. 150/S. 2084-These bills would extend the moratorium that bars state and local governments from imposing multiple and discriminatory taxes on internet access. H.R. 4113-Would amend the Section of the IRS Tax Code governing commercial mortgage-backed securities, allowing for modifications and/or changes to be made to the properties. Treasury Department's Fiscal Year 2005 Budget proposal to "close loopholes, halt several abusive tax avoidance transactions, and simplify the tax code."