[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 885 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 885

 To amend the Internal Revenue Code of 1986 to modify the average area 
  purchase price of residences taken into account under the qualified 
                          mortgage bond rules.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 1, 1999

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

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to modify the average area 
  purchase price of residences taken into account under the qualified 
                          mortgage bond rules.

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

SECTION 1. MODIFICATION OF AVERAGE AREA PURCHASE PRICE UNDER QUALIFIED 
              MORTGAGE BOND RULES.

    (a) In General.--The first sentence of section 143(e)(2) of the 
Internal Revenue Code of 1986 (relating to purchase price requirement) 
is amended--
            (1) by inserting ``the greater of'' before ``the average 
        purchase price'', and
            (2) by inserting before the period ``or the maximum dollar 
        amount limitation established pursuant to section 203(b)(2)(A) 
        of the National Housing Act which applies to the area in which 
        such residence is located''.
    (b) Effective Date.--The amendment made by this section shall apply 
to financing provided after the date of the enactment of this Act.
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