H.R. 3629

Providing Tax Fairness for Service Members and Veterans Act of 2007

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I

110th CONGRESS

1st Session

H. R. 3629

IN THE HOUSE OF REPRESENTATIVES

September 20, 2007

Mr. Space introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to extend for 4 years the election to include combat pay as earned income for purposes of the earned income credit and the use of qualified mortgage bonds to finance residences for veterans without regard to first-time homebuyer requirement.

1.

Short title

This Act may be cited as the Providing Tax Fairness for Service Members and Veterans Act of 2007.

2.

4-year extension of election to include combat pay as earned income for purposes of earned income credit

(a)

In general

Subclause (II) of section 32(c)(2)(B)(vi) of the Internal Revenue Code of 1986 is amended by striking January 1, 2008 and inserting January 1, 2012.

(b)

Effective date

The amendment made by this section shall apply to taxable years ending after December 31, 2007.

3.

4-year extension of use of qualified mortgage bonds to finance residences for veterans without regard to first-time homebuyer requirement

(a)

In general

Subparagraph (D) of section 143(d)(2) of the Internal Revenue Code of 1986 is amended by striking January 1, 2008 and inserting January 1, 2012.

(b)

Effective date

The amendment made by this section shall apply to bonds issued after December 31, 2007.