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United States · Bill · S

S. 2064 (96th)

A bill to amend section 103 of the Internal Revenue Code of 1954 to provide that the interest on certain mortgage revenue bonds will not be exempt from Federal income tax.

referredUnited States· United States Congress· EN

Introduced

30 November 1979

Last action

30 November 1979 · Introduced

Status

Referred to Senate Committee on Finance.

Sponsors

Sen. Williams, Harrison A., Jr. [D-NJ], Sen. Cranston, Alan [D-CA], Rep. Baucus, Max [D-MT-1], Sen. Chafee, John H. [R-RI], Sen. Javits, Jacob K. [R-NY], Rep. Tsongas, Paul E. [D-MA-5], Sen. Randolph, Jennings [D-WV], Sen. Bradley, Bill [D-NJ], Sen. Wallop, Malcolm [R-WY], Sen. Melcher, John [D-MT], Sen. Magnuson, Warren G. [D-WA], Sen. McGovern, George [D-SD], Sen. Durenberger, Dave [R-MN], Sen. Jackson, Henry M. [D-WA], Sen. Simpson, Alan K. [R-WY], Sen. Stewart, Donald [D-AL], Sen. Thurmond, Strom [R-SC], Sen. Bayh, Birch [D-IN], Sen. Levin, Carl [D-MI]

Subjects

Taxation

Source updated

14 June 2021

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to deny an income tax exclusion of the interest paid on mortgage revenue bonds. Defines "mortgage revenue bonds" as any obligations which are issued to finance single family housing and which are not secured by the general obligation of any State or local government. Provides for an exception to this rule for bond issues in connection with: (1) assisted housing, redevelopment and renewal programs; (2) State programs; and (3) low and moderate income housing programs. Directs the Secretary of the Treasury, together with the Secretary of Housing and Urban Development and the Comptroller General of the United States, to conduct a joint study of: (1) the effectiveness of tax exempt mortgage revenue bond programs as compared to existing private and Federal mortgage activities; (2) the accessibility of the mortgage revenue bond program to those who would not otherwise have home ownership opportunities; and (3) measures taken by bond issuers to mitigate the displacement of low and moderate income families resulting from the development of mortgage revenue bond programs.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 30 November 1979

    Introduced

    Referred to Senate Committee on Finance.

    Source: IntroReferral

  2. 30 November 1979

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Sponsors

Related records

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Sources

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