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.
Latest action. Referred to Senate Committee on Finance.
Amends the Internal Revenue Code to include in the gross income of an individual the interest received on any mortgage revenue bond except: (1) State and local government-secured bonds substantially all the proceeds of which are to be used directly or indirectly to provide residences for veterans; and (2) certain low-and moderate-income housing bonds issued by a State or an otherwise qualified housing agency. Restricts the latter exception to issues whose proceeds are used to assist households with an annual income not in excess of 95 percent of the applicable median income, or not in excess of 150 percent of such median income if the mortgage loan (or other owner-financing) is for a single-family, owner-occupied residence in a designated Neighborhood Strategy area. Requires 75 percent of the bond issue proceeds to finance homes with a maximum 90 percent loan-to-value ratio. Limits the aggregate authorized face value of such an issue to: (1) $250 times the number of individuals in the bond issue area; or (2) five percent of the total amount of mortgage loans made in such area during the three years preceding the year of issue. Specifies additional restrictions on the use of loans financed by such issue.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on September 14, 1979. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on September 14, 1979: Referred to Senate Committee on Finance.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
MARK HATFIELD (R-OR) introduced it on September 14, 1979. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on September 14, 1979, 17163 days ago. The most recent recorded action was 17163 days ago, on September 14, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers