HR 5944
97th Congress
House
Taxation
Economics and Public Finance
Government securities
Home ownership
Housing and Housing Finance
Income tax
Interest rates
Mortgage interest rates
Mortgage loans
Mortgages
Securities and Investments
Tax exclusion
A bill to amend the Internal Revenue Code of 1954 to clarify certain requirements which apply to mortgage subsidy bonds.
Introduced: March 24, 1982
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 19, 1982
See H.R.4961.
Mar 24, 1982
Referred to House Committee on Ways and Means.
Mar 24, 1982
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to revise requirements for the tax exclusion of interest on mortgage subsidy bonds. Revises the arbitrage requirements for tax-exempt bonds to increase the amount by which interest rates on such bonds may exceed the interest rates on mortgages financed with such bonds.
Increases the amount by which the acquisition cost of bond-financed residences may exceed the average area purchase price of other homes in the same statistical area.
Revises the new homeowner requirements to allow eligibility for bond-financed mortgages for persons who are residing in substandard housing or who have lost their homes because of natural disasters or governmental action.
What's happening now
See H.R.4961.
Committees of jurisdiction
1
Cosponsors
1