A bill to amend the Internal Revenue Code of 1954 with respect to the issuance of mortgage revenue bonds.
Latest action. Referred to Senate Committee on Finance.
Amends the Internal Revenue Code to exclude from gross income interest on certain mortgage revenue bonds issued by a State or political subdivision thereof, but only if: (1) all proceeds of such issue (exclusive of issuance costs and a reasonably required reserve) are to be used to finance owner-occupied residences; (2) the maximum annual income of eligible individuals does not exceed 150 percent of the median family income for the defined statistical area in which the residence is located; (3) the aggregate amount of bonds issued on a certain date, when added to the aggregate amount of such bonds issued within 36 months prior to such date, does not exceed 25 percent of the total amount of all first mortgage loans on owner-occupied residential real property within the State or political subdivision during such 36-month period; and (4) any such obligation is issued within 24 months after the date of enactment of this Act. Applies such tax exclusion to interest on all mortgage revenue bonds issued by a State housing finance agency. Directs the Secretaries of the Treasury and of Housing and Urban Development to make a joint study of the impact of such treatment of mortgage revenue bonds on the national economy, the rate of inflation, the housing industry, employment, and the market for tax- exempt securities. Requires a report to Congress on the results of such study within 12 months after the date of enactment of this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on May 20, 1980. 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 May 20, 1980: 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?
GARY HART (D-CO) introduced it on May 20, 1980. 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 May 20, 1980, 16914 days ago. The most recent recorded action was 16914 days ago, on May 20, 1980.
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