II 110th CONGRESS 1st Session S. 2277 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.

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.