[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2277 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 2277

 To amend the Internal Revenue Code of 1986 to increase the limitation 
   on the issuance of qualified veterans' mortgage bonds for Alaska, 
    Oregon, and Wisconsin and to modify the definition of qualified 
                                veteran.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 31, 2007

 Mr. Smith (for himself, Mr. Kohl, and Mrs. Feinstein) 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 to increase the limitation 
   on the issuance of qualified veterans' mortgage bonds for Alaska, 
    Oregon, and Wisconsin and to modify the definition of qualified 
                                veteran.

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

SECTION 1. MODIFICATIONS RELATING TO QUALIFIED VETERANS' MORTGAGE 
              BONDS.

    (a) Increased Limitation for Certain States.--
            (1) In general.--Section 143(l)(3)(B)(ii) of the Internal 
        Revenue Code of 1986 is amended to read as follows:
                            ``(ii) Alaska, oregon, and wisconsin.--In 
                        the case of the following States, the State 
                        veterans limit for any calendar year is the 
                        amount equal to--
                                    ``(I) $100,000,000 for the State of 
                                Alaska,
                                    ``(II) $100,000,000 for the State 
                                of Oregon, and
                                    ``(III) $100,000,000 for the State 
                                of Wisconsin.''.
            (2) Repeal of phasein.--Section 143(l)(3)(B) of such Code 
        is amended by striking clause (iii).
    (b) Definition of Qualified Veteran.--Paragraph (4) of section 
143(l) of the Internal Revenue Code of 1986 is amended to read as 
follows:
            ``(4) Qualified veteran.--For purposes of this subsection, 
        the term `qualified veteran' means any veteran--
                    ``(A) who served on active duty, and
                    ``(B) who applied for the financing before the date 
                25 years after the last date on which such veteran left 
                active service.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to bonds issued after December 31, 2007.
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