Mortgage Subsidy Bond Tax Act of 1979

Summary

Mortgage Subsidy Bond and Interest Exclusion Tax Act of 1979 - Amends the Internal Revenue Code to deny a tax exclusion of the interest on State and local mortgage subsidy bonds (except those bonds issued to finance housing for veterans). Defines "mortgage subsidy bonds" as bonds which are issued to provide funding for mortgages on owner-occupied residences. Limits the issuance of industrial development bonds for housing purposes to low- or moderate-income rental housing. Excludes from gross income up to $100 ($200 for joint returns) of the interest earned on savings accounts in a bank, savings and loan association, or a credit union. Requires that such financial institutions be authorized to make residential mortgage loans, home rehabilitation or home improvement loans. States that the effective date for provisions of this Act relating to the exemption of interest on mortgage subsidy bonds shall be April 24, 1979. Exempts mortgage subsidy bonds which were issued after such effective date from the restrictions imposed by this Act, if such bonds fall into one of the following categories: (1) bonds issued prior to April 25, 1979 with respect to which the issuing authority evidenced an intent to issue; (2) bonds issued by a state housing finance agency not in excess of $100,000,000; (3) bonds issued by local governments subject to a specified per capita limit; (4) existing tax-exempt bonds issued to refinance indebtedness which was outstanding on April 24, 1979; and (5) bonds issued to finance housing projects under development on April 24, 1979.

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Documents

3 official files

• Passed House amended

  summary · EN · 26 March 1980

  Open at official source

• Reported to House with amendment(s)

  summary · EN · 3 December 1979

  Open at official source

• Introduced in House

  summary · EN · 30 October 1979

  Open at official source

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