[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 97 Introduced in Senate (IS)]
107th CONGRESS
1st Session
S. 97
To amend the Internal Revenue Code of 1986 with respect to the
eligibility of veterans for mortgage revenue bond financing, and for
other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
January 22, 2001
Mr. Kohl introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 with respect to the
eligibility of veterans for mortgage revenue bond financing, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. ELIGIBILITY OF VETERANS FOR MORTGAGE REVENUE BONDS
DETERMINED BY STATES.
(a) In General.--Paragraph (4) of section 143(l) of the Internal
Revenue Code of 1986 (defining qualified veteran) is redesignated as
paragraph (6) of such section and amended to read as follows:
``(6) Qualified veteran.--For purposes of this subsection,
the term ``qualified veteran'' means any veteran--
``(A) who meets such requirements as may be imposed
by the State law pursuant to which qualified veterans'
mortgage bonds are issued,
``(B) who applied for the financing before the date
30 years after the last date on which such veteran left
active service, and
``(C) in the case of financing provided by the
proceeds of bonds issued during the period beginning
July 19, 1984, and ending June 30, 2001, who served on
active duty at some time before January 1, 1977.''.
(b) Effective Date.--The amendments made by subsection (a) shall
apply to bonds issued after the date of the enactment of this Act.
SEC. 2. STATE CAP RESTRICTIONS.
(a) In General.--Section 143(l) of the Internal Revenue Code of
1986 (relating to additional requirements for qualified veterans'
mortgage bonds), as amended by section 1(a), is amended by inserting
after paragraph (3) the following new paragraph:
``(4) Subcap restriction.--
``(A) In general.--An issue meets the requirements
of this paragraph only if the amount of bonds issued
pursuant thereto that is to be used to provide
financing to mortgagors who have not served on active
duty at some time before January 1, 1977, when added to
the amount of the aggregate qualified veterans'
mortgage bonds previously issued by the State during
the calendar year that is to be so used, does not
exceed the subcap amount.
``(B) Subcap amount.--
``(i) In general.--The subcap amount for
any calendar year is an amount equal to the
applicable percentage of the State veterans
limit for such year.
``(ii) Applicable percentage.--For purposes
of clause (i), the applicable percentage shall
be determined under the following table:
Applicable
``Calendar year: Percentage:
2002.......................................... 10
2003.......................................... 20
2004.......................................... 30
2005.......................................... 40
2006 and thereafter........................... 50.''.
(b) Restriction on Overall State Cap.--Paragraph (3)(B) of section
143(l) of such Code (relating to State veterans limit) is amended by
adding at the end the following flush sentence:
``But in no event shall the State veterans limit exceed
$340,000,000 for any calendar year after 2002.''.
(c) Conforming Amendment.--The matter preceding paragraph (1) of
section 143(l) of such Code is amended by striking ``and (3)'' and
inserting ``, (3), and (4)''.
(d) Effective Date.--The amendments made by this section shall
apply to bonds issued after December 31, 2001.
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