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United States · Bill · S

S. 2425 (97th)

A bill to amend the Internal Revenue Code of 1954 to clarify certain requirements which apply to mortgage subsidy bonds, to make tax-exempt bonds available for certain residential rental property, and for other purposes.

Original

openUnited States· United States Congress· EN

Introduced

22 April 1982

Last action

21 May 1982 · Committee

Status

Subcommittee on Taxation and Debt Management. Hearings held.

Sponsors

Sen. Roth Jr., William V. [R-DE], Rep. Tsongas, Paul E. [D-MA-5], Sen. Zorinsky, Edward [D-NE], Sen. Melcher, John [D-MT], Sen. Heflin, Howell [D-AL], Sen. Stafford, Robert T. [R-VT], Sen. Chiles, Lawton [D-FL], Rep. Baucus, Max [D-MT-1], Sen. Thurmond, Strom [R-SC], Sen. Pell, Claiborne [D-RI], Sen. Mitchell, George J. [D-ME]

Subjects

Taxation

Source updated

3 January 2025

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to revise requirements for the tax exclusion of interest on mortgage subsidy bonds. Revises the arbitrage requirements to increase the amount by which interest rates on tax-exempt mortgage subsidy bonds may exceed the interest rates on mortgages financed with such bonds. Specifies that issuers are not required to dispose of any investment and realize a loss in order to satisfy arbitrage restrictions. Increases the amount by which the acquisition cost of a residence financed with such bonds may exceed the average area purchase price. Revises prior residency requirements for mortgagors. Repeals the registration requirements for bond issues. Revises requirements for residential rental property bond issues relating to the median income level of occupants and the term of the low-income occupancy.

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

Timeline

  1. 22 April 1982

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 22 April 1982

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 30 April 1982

    Committee

    Committee on Finance requested executive comment from OMB; Treasury Department.

    Source: Committee

  4. 21 May 1982

    Committee

    Subcommittee on Taxation and Debt Management. Hearings held.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

Sponsors

Related records

No cross-record relationships stored yet.

Sources

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