American Veterans Homeownership Act of 2005

American Veterans Homeownership Act of 2005 - Amends the Internal Revenue Code to: (1) revise the definition of qualified veteran for purposes of the veterans' mortgage bond program to include all veterans who served on active duty regardless of date of service; (2) allow veterans to apply for financing under such bond program up to 25 years after the end of their active duty; and (3) revise volume limitations applicable to the issuance of such bonds in certain states.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1449 Introduced in Senate (IS)]








109th CONGRESS
  1st Session
                                S. 1449

    To amend the Internal Revenue Code of 1986 with respect to the 
  eligibility of veterans for mortgage bond financing, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 21, 2005

Mr. Smith (for himself, Mr. Kohl, Mr. Feingold, Mrs. Feinstein, and Ms. 
  Murkowski) 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 with respect to the 
  eligibility of veterans for mortgage bond financing, 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 ``American Veterans Homeownership Act 
of 2005''.

SEC. 2. ALL VETERANS ELIGIBLE FOR STATE HOME LOAN PROGRAMS FUNDED BY 
              QUALIFIED VETERANS' MORTGAGE BONDS.

    (a) In General.--Section 143(l)(4) of the Internal Revenue Code of 
1986 (defining qualified veteran) is amended--
            (1) in subparagraph (A), by striking ``at some time before 
        January 1, 1977'', and
            (2) by striking subparagraph (B) and inserting the 
        following:
                    ``(B) who applied for the financing before the date 
                25 years after the last date on which such veteran left 
                active service.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to financing provided and mortgage credit certificates issued 
after June 30, 2005.

SEC. 3. REVISION OF STATE VETERANS LIMIT.

    (a) In General.--Subparagraph (B) of section 143(l)(3) of the 
Internal Revenue Code of 1986 (relating to volume limitation) is 
amended to read as follows:
                    ``(B) State veterans limit.--A State veterans limit 
                for any calendar year is the amount equal to--
                            ``(i) $215,000,000 for the State of Texas,
                            ``(ii) $265,000,000 for the State of 
                        California,
                            ``(iii) $100,000,000 for the State of 
                        Oregon,
                            ``(iv) $100,000,000 for the State of 
                        Wisconsin, and
                            ``(v) $100,000,000 for the State of 
                        Alaska.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to bonds issued after December 31, 2005.
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