Tax Exempt Mortgage Revenue Bond Act of 1980
Latest action. Referred to Senate Committee on Finance.
Tax Exempt Mortgage Revenue Bond Act of 1980 - Amends the Internal Revenue Code to deny a tax exclusion for interest earned on State- or locally- issued mortgage revenue bonds, except such bonds as meet specified requirements. Requires mortgage revenue bonds qualified for such interest exclusion: (1) to finance owner-occupied residences exclusively; (2) to advance such financing only to individuals whose maximum annual income does not exceed 120 percent of the median family income for the statistical area where the residence is located; (3) to have as a limit to the aggregate amount of such bonds, when added to the aggregate amount of qualified mortgage bonds issued by the State and its political subdivisions during the same calendar year, not more than ten percent of the average annual sum of the amounts of all first mortgage loans made on owner-occupied residential real property located within such State during the preceding three calendar years; and (4) to provide for review by the responsible State agency of any issue made by a political subdivision, or by its housing financing agency, in order to determine the financial soundness of such issue. Provides transitional rules for obligations issued before January 1, 1982. Entitles any State housing agency to issue 50 percent of such mortgage revenue bonds, with the other 50 percent to be distributed among the local subdivisions as determined by the State legislature.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on July 1, 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 July 1, 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?
JAMES SASSER (D-TN) introduced it on July 1, 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 July 1, 1980, 16872 days ago. The most recent recorded action was 16872 days ago, on July 1, 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