[Congressional Record Volume 149, Number 96 (Thursday, June 26, 2003)]
[Senate]
[Page S8738]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. SMITH (for himself, Mr. Kohl, Mrs. Boxer, Mr. Cornyn, Mr. 
        Feingold, Mrs. Hutchison, Ms. Murkowski, and Mr. Wyden):
  S. 1349. 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; to the Committee on Finance.
  Mr. SMITH. Mr. President, on behalf of myself and my colleagues, Mr. 
Kohl of Wisconsin, Mrs. Boxer of California, Mr. Cornyn of Texas, Mr. 
Feingold of Wisconsin, Mrs. Hutchison of Texas, Ms. Murkowski of 
Alaska, and Mr. Wyden of Oregon, I ask unanimous consent that the text 
of the bill, the ``Veterans American Dream Home Ownership Act'' be 
printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                S. 1349

       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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