Providing Tax Fairness for Service Members and Veterans Act of 2007

Providing Tax Fairness for Service Members and Veterans Act of 2007 - Amends the Internal Revenue Code to extend through 2011: (1) the taxpayer election to include combat pay as earned income for purposes of computing the earned income tax credit; and (2) eligibility of veterans for mortgage financing without regard to first-time homebuyer requirements.

[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3629 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3629

 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.


_______________________________________________________________________


                    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.

    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 ``Providing Tax Fairness for Service 
Members and Veterans Act of 2007''.

SEC. 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.

SEC. 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.
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