[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2707 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 2707

  To amend the Internal Revenue Code of 1986 to increase the minimum 
   amount of the State ceiling on tax-exempt private activity bonds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 5, 1995

Mr. Montgomery introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to increase the minimum 
   amount of the State ceiling on tax-exempt private activity bonds.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Affordable Home Ownership Act of 
1995''.

SEC. 2. INCREASE IN STATE VOLUME CAP FOR QUALIFIED MORTGAGE AND OTHER 
              BONDS.

    (a) In General.--Subsection (d) of section 146 of the Internal 
Revenue Code of 1986 (relating to State ceiling) is amended by striking 
paragraphs (1) and (2) and by inserting the following new paragraph:
            ``(1) In general.--The State ceiling applicable to any 
        State for any calendar year shall be the greater of--
                    ``(A) an amount equal to $50 multiplied by the 
                State population, or
                    ``(B) $250,000,000.
        Subparagraph (B) shall not apply to any possession of the 
        United States.''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to calendar years ending after the date of the enactment of this 
Act.
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