Tax Exempt Bonds for Housing Act
Latest action. Referred to Senate Committee on Finance.
Tax Exempt Bonds for Housing Act - Amends the Internal Revenue Code to limit the eligibility of mortgage bond interest for exclusion from gross income to issues: (1) all the proceeds of which (excluding issuance costs, administrative expenses, and a reasonably required reserve) are reasonably expected to be used to finance owner-occupied residences; and (2) whose proceeds are used to acquire a residence whose cost does not exceed 300 percent of the median family income for the statistical area in which it is located (400 percent in the case of certain target areas). Limits eligible mortgagors for whom such owner-financing is provided to those whose family income is 120 percent or less of the median family income for the statistical area involved (150 percent in the case of certain target areas). Limits the aggregate amount of qualified mortgage bonds issued during the calendar year to ten percent of the average annual aggregate principal amount of mortgages executed during the preceding three calendar years plus: (1) for State-issued bonds, an additional percentage determined according to a specified formula; or (2) in the case of local-issue bonds, an optional limit determined according to a specified formula. Defines the kind of qualified census tract, chronic economic distress area, or blighted area which would constitute a target area for purposes of this Act. Allows exclusion from gross income of interest on industrial development bonds which provide for projects for residential rental property if: (1) at least 20 percent of the units in each project are to be occupied by low or moderate income individuals; and (2) at least 55 percent of such units are to be occupied by individuals earning not more than 150 percent of low and moderate income individuals.
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 16, 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 September 16, 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?
DAVID DURENBERGER (R-MN) introduced it on September 16, 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 September 16, 1980, 16795 days ago. The most recent recorded action was 16795 days ago, on September 16, 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