[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1349 Introduced in Senate (IS)]






108th CONGRESS
  1st Session
                                S. 1349

    To amend the Internal Revenue Code of 1986 with respect to the 
  eligibility of veterans for mortgage bond financing, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 26, 2003

 Mr. Smith (for himself, Mr. Kohl, Mrs. Boxer, Mr. Cornyn, Mr. 
        Feingold, Mrs. Hutchison, Ms. Murkowski, and Mr. Wyden) 
        introduced the following bill; which was read twice and 
        referred to the Committee on FinanceYYYYYYYYYYYYYYYYYYYYYYYYYYY

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 with respect to the 
  eligibility of veterans for mortgage 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. ALL VETERANS ELIGIBLE FOR STATE HOME LOAN PROGRAMS FUNDED BY 
              QUALIFIED VETERANS' MORTGAGE BONDS.

    (a) In General.--Section 143(l)(4) of the Internal Revenue Code of 
1986 (defining qualified veteran) is amended--
            (1) by striking ``at some time before January 1, 1977'' in 
        subparagraph (A), and
            (2) by striking subparagraph (B) and inserting the 
        following:
                    ``(B) who applied for the financing before the date 
                30 years after the last on which such veteran left 
                active service.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to financing provided and mortgage credit certificates issued 
after June 30, 2003.

SEC. 2. REVISION OF STATE VETERANS LIMIT.

    (a) In General.--Subparagraph (B) of section 143(l)(3) of the 
Internal Revenue Code of 1986 (relating to volume limitation) is 
amended to read as follows:
                    ``(B) State veterans limit.--A State veterans limit 
                for any calendar year is the amount equal to--
                            ``(i) $425,000,000 for the State of Texas,
                            ``(ii) $537,000,000 for the State of 
                        California,
                            ``(iii) $200,000,000 for the State of 
                        Oregon,
                            ``(iv) $200,000,000 for the State of 
                        Wisconsin, and
                            ``(v) $200,000,000 for the State of 
                        Alaska.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to bonds issued after December 31, 2003.

SEC. 3. ELECTIVE CARRYFORWARD OF UNUSED LIMITATION.

    (a) In General.--Section 143(l)(3) of the Internal Revenue Code of 
1986 (relating to volume limitation) is amended by adding at the end 
the following:
                    ``(D) Elective carryforward of unused limitation.--
                            ``(i) In general.--If--
                                    ``(I) a State veterans limit for 
                                any calendar year after 2002, exceeds
                                    ``(II) the aggregate amount of 
                                qualified veterans' mortgage bonds 
                                issued by such State,
                        such State may irrevocably elect to treat such 
                        excess as a carryforward for qualified 
                        veterans' mortgage bonds.
                            ``(ii) Use of carryforward.--
                                    ``(I) In general.--If a State 
                                elects a carryforward under clause (i), 
                                qualified veterans' mortgage bonds 
                                issued during the 3 calendar years 
                                following the calendar year in which 
                                the carryforward arose shall not be 
                                taken into account under subparagraph 
                                (A) to the extent the amount of such 
                                bonds does not exceed the amount of the 
                                carryforward so elected.
                                    ``(II) Order in which carryforward 
                                used.--Carryforwards elected shall be 
                                used in the order of the calendar years 
                                in which such carryforwards arose.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to bonds issued and carryforward elections made after December 31, 
2003.
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