S. 595Senate108th Congress (2003-2005)In Committee

Housing Bond and Credit Modernization and Fairness Act of 2003

A bill to amend the Internal Revenue Code of 1986 to repeal the required use of certain principal repayments on mortgage subsidy bond financings to redeem bonds, to modify the purchase price limitation under mortgage subsidy bond rules based on median family income, and for other purposes.

Introduced March 11, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3518-3519)

March 11, 2003

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SenateIntro Referral

Introduced in Senate

March 11, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S3518)

March 11, 2003

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3518-3519)

March 11, 2003

Floor Debate

17 members

What members said about S. 595 on the floor

5 Republicans12 Democrats
Susan M. Collins
Sen. Susan M. CollinsR-ME · Mar 11, 2003

Mr. President, I am pleased to join with Senators Miller, Dole, McCain, Kerry, Chambliss and Specter in introducing the David Jayne Medicare Homebound Modernization Act of 2003 to modernize…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Mar 11, 2003

Mr. President, I am pleased and proud to introduce the MediKids Health Insurance Act of 2003. Congressman Stark is introducing a companion bill in the House. This legislation is, without a doubt,…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Mar 11, 2003

Mr. President. Today I rise on behalf of myself and Senators Durbin, Allen and Voinovich to reintroduce the Homeland Security Federal Workforce Act. This is similar to legislation Senator Durbin,…

Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · Mar 11, 2003

Mr. President, I rise today to introduce the ``Access to Diabetes Screening Services Act of 2003'' with my friends Senators Collins and Bingaman. This bill will help to bring the epidemic of diabetes…

Larry E. Craig
Sen. Larry E. CraigR-ID · Mar 11, 2003

Mr. President, there should be no doubt that energy is vital to our economy and that it contributes to our wealth and strength as a nation. While it is true that human intelligence, a skilled…

Show 8 more
Ron Wyden
Sen. Ron WydenD-OR · Mar 11, 2003

Mr. President, today, I am introducing the Hydrogen Transportation Wins Over Growing Reliance on Oil, H2 GROW, Act to accelerate getting cars and trucks powered by hydrogen on our roads as a way to…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Mar 11, 2003

Mr. President, on behalf of myself and Senator Breaux, I rise today to introduce the Housing Bond and Credit Modernization and Fairness Act of 2003. We are joined in this legislation by Senators…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Mar 11, 2003

Mr. President, on behalf of myself and Senator Breaux, I rise today to introduce the Housing Bond and Credit Modernization and Fairness Act of 2003. We are joined in this legislation by Senators…

Ernest F. Hollings
Sen. Ernest F. HollingsD-SC · Mar 11, 2003

Mr. President, the Department of Labor, recently released the latest unemployment results and at first blush, the 5.8 percent figure, while certainly too high, does not seem overly alarming. It is…

Jon S. Corzine
Sen. Jon S. CorzineD-NJ · Mar 11, 2003

Mr. President, I rise today to introduce the Round II EZ/EC Flexibility Act of 2003. This important legislation would secure vital funding for Round II Empowerment Zones and Enterprise Communities to…

John Ensign
Sen. John EnsignR-NV · Mar 11, 2003

Mr. President. I rise today with my colleagues Senator Boxer, Senator Smith, Senator Allen, Senator Enzi and Senator Bayh to introduce The Invest in the U.S.A. Act of 2003 to stimulate job growth and…

Barbara A. Mikulski
Sen. Barbara A. MikulskiD-MD · Mar 11, 2003

Mr. President, yesterday I spoke on the floor about supporting our armed forces. Support for our troops is particularly important today as our soldiers, sailors, airmen and marines are deployed for…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Mar 11, 2003

Mr. President, today, with war looming with Iraq and hundreds of thousands of our troops poised for battle overseas, I would like to discuss the financial burden faced by many of the men and women…

Show 5 more
Barbara Boxer
Sen. Barbara BoxerD-CA · Mar 11, 2003

Today, Senator Ensign and I are introducing the Invest in the U.S.A. Act of 2003 along with Senators Smith, Allen, Enzi, and Bayh. This economic stimulus legislation would create a one-year incentive…

Max Baucus
Sen. Max BaucusD-MT · Mar 11, 2003

Mr. President, I am pleased to join Chairman Grassley in introducing the Energy Tax Incentives Act of 2003. The chairman and the ranking member of the Energy and Natural Resources Committee, Senators…

Tim Johnson
Sen. Tim JohnsonD-SD · Mar 11, 2003

Mr. President, I, along with Senators Daschle, Campbell, Cochran, and Murray introduce the Indian School Construction Act. This legislation establishes an innovative funding mechanism to enhance the…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Mar 11, 2003

Mr. President, I am pleased to join the Chairman and Ranking Member of the Finance Committee and the Chairman of the Energy and Natural Resources Committee as a sponsor of the Energy Tax Incentives…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Mar 11, 2003

Mr. President, I am pleased that today we offer a bipartisan energy tax incentives package for the 108th Congress. I have been joined in this introduction by not only Ranking Member of the Finance…

Bill Text

Latest available legislative text

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Introduced in SenateIssued March 11, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 595 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 595

To amend the Internal Revenue Code of 1986 to repeal the required use
of certain principal repayments on mortgage subsidy bond financings to
redeem bonds, to modify the purchase price limitation under mortgage
subsidy bond rules based on median family income, and for other
purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

March 11, 2003

Mr. Hatch (for himself, Mr. Breaux, Mr. Allard, Ms. Collins, Mr.
Sununu, and Ms. Snowe) introduced the following bill; which was read
twice and referred to the Committee on Finance

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to repeal the required use
of certain principal repayments on mortgage subsidy bond financings to
redeem bonds, to modify the purchase price limitation under mortgage
subsidy bond rules based on median family income, and for other
purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Housing Bond and Credit
Modernization and Fairness Act of 2003''.

SEC. 2. REPEAL OF REQUIRED USE OF CERTAIN PRINCIPAL REPAYMENTS ON
MORTGAGE SUBSIDY BOND FINANCINGS TO REDEEM BONDS.

(a) In General.--Subparagraph (A) of section 143(a)(2) of the
Internal Revenue Code of 1986 (defining qualified mortgage issue) is
amended by adding ``and'' at the end of clause (ii), by striking ``,
and'' at the end of clause (iii) and inserting a period, and by
striking clause (iv) and the last sentence.
(b) Conforming Amendment.--Clause (ii) of section 143(a)(2)(D) of
such Code is amended by striking ``(and clause (iv) of subparagraph
(A))''.
(c) Effective Date.--The amendments made by this section shall
apply to repayments received after the date of the enactment of this
Act.

SEC. 3. MODIFICATION OF PURCHASE PRICE LIMITATION UNDER MORTGAGE
SUBSIDY BOND RULES BASED ON MEDIAN FAMILY INCOME.

(a) In General.--Paragraph (1) of section 143(e) of the Internal
Revenue Code of 1986 (relating to purchase price requirement) is
amended to read as follows:
``(1) In general.--An issue meets the requirements of this
subsection only if the acquisition cost of each residence the
owner-financing of which is provided under the issue does not
exceed the greater of--
``(A) 90 percent of the average area purchase price
applicable to the residence, or
``(B) 3.5 times the applicable median family income
(as defined in subsection (f)).''
(b) Effective Date.--The amendment made by this section shall apply
to financing provided, and mortgage credit certificates issued, after
the date of the enactment of this Act.

SEC. 4. DETERMINATION OF AREA MEDIAN GROSS INCOME FOR LOW-INCOME
HOUSING CREDIT PROJECTS.

(a) In General.--Paragraph (4) of section 42(g) of the Internal
Revenue Code of 1986 (relating to certain rules made applicable) is
amended by striking the period at the end and inserting ``and the term
`area median gross income' means the amount equal to the greater of--
``(A) the area median gross income determined under
section 142(d)(2)(B), or
``(B) the statewide median gross income for the
State in which the project is located.''
(b) Effective Date.--The amendment made by this section shall apply
to--
(1) housing credit dollar amounts allocated after the date
of the enactment of this Act, and
(2) buildings placed in service after such date to the
extent paragraph (1) of section 42(h) of the Internal Revenue
Code of 1986 does not apply to any building by reason of
paragraph (4) thereof.
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