,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #gdad  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,febru>y #i1 #bjbf,mr4
 ,yakym 7= himself & ,ms4 ,moore (      
,wiscons97 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,ways &     
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to exp& h\s+      
inve/m5t ) mortgage rev5ue bonds1 & =   
o!r purposes4  #a4 ,%ort title2 table ( 
cont5ts  7a7 ,%ort title ,?is ,act may  
be cit$ z ! ,af=dable ,h\s+ ,bond       
,enhancem5t ,act4  7b7 ,am5dm5t ( #aihf 
,code ,except z o!rwise expressly       
provid$1 :5ev] 9 ?is ,act an am5dm5t or 
repeal is express$ 9 t]ms ( an am5dm5t  
to1 or repeal (1 a section or o!r       
provision1 ! ref]5ce %all be consid]$ to
 be made to a section or o!r provision (
 ! ,int]nal ,rev5ue ,code ( #aihf4  7c7 
,table ( cont5ts ,! table ( cont5ts =   
?is ,act is z foll[s3 ,sec4 #a4 ,%ort   
title2 table ( cont5ts4 ,sec4 #b4       
,report+ requirem5ts = bond usage4 ,sec4
 #c4 ,use ( c>ry=w>d bond au?ority4     

,sec4 #d4 ,elim9ation ( ref9anc+        
limitation = mortgage rev5ue bonds4     
,sec4 #e4 ,increase 9 f9anc+ limit =    
qualifi$ home improvem5t loans4 ,sec4   
#f4 ,revision ( recapture tax = mortgage
 rev5ue bonds4 ,sec4 #g4 ,modify+       
calculation ( cr$it = int]e/ paid on    
c]tifi$ indebt$ness4 ,sec4 #h4 ,ext5sion
 ( p]iod = mortgage cr$it c]tificate to 
be 9 effect4 ,sec4 #i4 ,ext5sion ( p]iod
 to revoke election to issue mortgage   
cr$it c]tificates4 ,sec4 #aj4 ,adju/m5t 
( public notice requirem5t4 ,sec4 #aa4  
,elim9ation ( l5d] report+ requirem5t4  
#b4 ,report+ requirem5ts = bond usage   
7a7 ,9 g5]al ,section #adf is am5d$ by  
add+ at ! end ! foll[+3  7o7 ,report+ ,n
 lat] ?an ,decemb] #ca ( ea* cal5d> ye>1
 ! ,secret>y %all submit a report to !  
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate1 ! ,committee on    
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives1 ! ,committee on ,ways &
 ,means ( ! ,h\se ( ,repres5tatives1 & !
 ,committee on ,f9ance ( ! ,s5ate1      

conta9+ in=mation1 z provid$ to !       
,secret>y by ,/ate & local issu+        
au?orities1 :i* specifies = ea* ,/ate-- 
7#a7 ! ,/ate ceil+ ( ! ,/ate = ! prec$+ 
cal5d> ye>1  7#b7 ! aggregate am\nt (   
c>ry=w>ds available to all issu+        
au?orities 9 ! ,/ate available z ( !    
fir/ day ( su* prec$+ cal5d> ye>1  7#c7 
! total bond au?ority = su* ,/ate = su* 
prec$+ cal5d> ye>1 z repres5t$ by ! sum 
( ! am\nts report$ "u p>agraphs 7#a7 &  
7#b71  7#d7 ! aggregate am\nt ( private 
activity bonds issu$ by issu+ au?orities
 9 ! ,/ate dur+ su* prec$+ cal5d> ye> = 
ea* purpose describ$ 9 subsection       
7f77#e71 includ+-- 7,a7 ! am\nt ( su*   
bonds t 7 subject to ! volume cap1 &    
7,b7 ! am\nt ( su* bonds t 7 issu$      
pursuant to a c>ry=w>d "u subsection    
7f71  7#e7 ! aggregate am\nt ( c>ry=w>ds
 describ$ 9 p>agraph 7#b7 t expir$ aft] 
! la/ day ( ! prec$+ cal5d> ye>1 &  7#f7
 ! total am\nt ( any excess am\nts      
describ$ 9 p>agraph 7#a7 ( subsection   
7f7 = ! prec$+ cal5d> ye> :i* issu+     

au?orities 9 ! ,/ate did n elect to     
treat z a c>ry=w>d "u su* subsection4  4
  7b7 ,electronic reports by issu]s     
,section #adi7;e7 is am5d$ by add+ at ! 
end ! foll[+ new p>agraph3  7#d7        
,electronic report+ ,any /atem5t requir$
 "u p>agraph 7#b7 %all be submitt$      
electronically4  4  7c7  ,au?ority ,to  
disclose in=mation  ,section #fajc7;f7  
is am5d$ by add+ at ! end ! foll[+ new  
p>agraph3  7#f7 ,volume cap report+ ,!  
,secret>y may disclose to ! committees  
describ$ 9 section #adf7o7 ! in=mation  
requir$ "u su* section4  4  7d7         
,effective date  ,! am5dm5ts made by ?is
 section %all apply to cal5d> ye>s      
beg9n+ aft] ! date ( enactm5t ( ?is     
,act4  #c4 ,use ( c>ry=w>d bond au?ority
  7a7 ,9 g5]al ,p>agraph 7#c7 ( section 
#adf7;f7 is am5d$-- 7#a7 by /rik+       
subp>agraph 7,a7 & ins]t+ ! foll[+3     
7,a7 ,9 g5]al ,if any issu+ au?ority--  
7i7 elects a c>ry=w>d "u p>agraph 7#a7 )
 respect to any c>ry=w>d purpose1  7ii7 
receives a c>ry=w>d "u p>agraph         

7#d77;,b77i7 ) respect to any c>ry=w>d  
purpose1 or  7iii7 r$esignates a        
c>ry=w>d "u p>agraph 7#d77;,b77ii7 = any
 c>ry=w>d purpose1  any private activity
 bonds issu$ by su* au?ority ) respect  
to su* purpose at any "t dur+ ! #c      
cal5d> ye>s foll[+ ! cal5d> ye> 9 :i* ! 
c>ry=w>d arose %all n be tak5 into      
acc\nt "u subsection 7a7 to ! ext5t !   
am\nt ( su* bonds issu$ at or prior to  
su* "t does n exce$ ! am\nt ( ! c>ry=w>d
 elect$1 receiv$1 or r$esignat$ = su*   
purpose1 z r$uc$ by any am\nt           
subsequ5tly transf]r$ to ano!r issu+    
au?ority or r$esignat$ = ano!r purpose  
pursuant to p>agraph 7#d77;,b74  1 &    
7#b7 9 subp>agraph 7,b71 by ins]t+ 1 or 
receiv$ or r$esignat$ =1 aft] ) respect 
to4  7b7 ,election ,p>agraph 7#d7 (     
section #adf7;f7 is am5d$ to read z     
foll[s3  7#d7 ,election  7,a7 ,9 g5]al  
,except z provid$ 9 subp>agraph 7,b71   
any election "u ?is subsection 7& any   
id5tification or specification conta9$  
!re971 once made1 %all be irrevocable4  

7,b7 ,exception = h\s+  7i7 ,transf] ,9 
! case ( any c>ry=w>d elect$ "u p>agraph
 7#a7 by an issu+ au?ority ) respect to 
any c>ry=w>d purpose1 dur+ ! p]iod      
describ$ 9 p>agraph 7#c77;,a7 ) respect 
to su* c>ry=w>d1 su* issu+ au?ority may 
transf] su* c>ry=w>d to any issu+       
au?ority )9 ! same ,/ate t is au?oriz$  
to issue qualifi$ mortgage bonds or     
exempt facility bonds describ$ 9 section
 #adb7;a77#g74  7ii7 ,r$esignation ,9 ! 
case ( any c>ry=w>d-- 7,i7 elect$ "u    
p>agraph 7#a7 by an issu+ au?ority )    
respect to any c>ry=w>d purpose :i* has 
n be5 transf]r$ pursuant to clause 7i71 
or  7,,ii7 receiv$ by an issu+ au?ority 
pursuant to clause 7i7 ) respect to any 
c>ry=w>d purpose1  dur+ ! p]iod describ$
 9 p>agraph 7#c77;,a7 ) respect to su*  
c>ry=w>d1 su* issu+ au?ority may        
r$esignate su* c>ry=w>d to be = !       
purpose ( issu+ qualifi$ mortgage bonds 
or mortgage cr$it c]tificates1 or = !   
purpose ( issu+ exempt facility bonds   
describ$ 9 section #adb7;a77#g74  7iii7 

,/ate direction ,9 ! case ( a ,/ate :i* 
has enact$ a law describ$ 9 subsection  
7e77#a71 su* ,/ate may1 by law1         
prohibit1 limit1 require1 or o!rwise    
direct transf] or r$esignation by issu+ 
au?orities )9 su* ,/ate 7except 9 ! case
 ( a con/itutional home rule city7      
pursuant to ?is subp>agraph4  4  7c7    
,effective date ,! am5dm5ts made by ?is 
section %all apply to elections made "u 
section #adf7;f7 ( ! ,int]nal ,rev5ue   
,code ( #aihf aft] ,decemb] #ca1 #bjbe4 
#d4 ,elim9ation ( ref9anc+ limitation = 
mortgage rev5ue bonds  7a7 ,9 g5]al     
,section #adc7;i77#a7 is am5d$ by add+  
at ! end ! foll[+3  7,d7 ,exception =   
ref9anc+ = c]ta9 mortgagors  7i7 ,9     
g5]al ,! ref9anc+ ( a mortgage on a     
resid5ce ( a mortgagor :o1 z ( ! date ( 
su* ref9anc+1 satisfies ! pr9cipal      
resid5ce requirem5ts "u subsection      
7c77#a7 & ! income requirem5ts "u       
subsection 7f7 %all n be treat$ z !     
acquisition or replacem5t ( an exi/+    
mortgage = purposes ( subp>agraph 7,a74 

7ii7 ,special rule ,9 apply+ clause 7i7 
to any ref9anc+--  7,i7 subsection 7d7  
%all n apply1 &  7,,ii7 subsection 7e7  
%all be appli$ by us+ ! m>ket value ( ! 
resid5ce at ! "t ( ref9anc+ 9 lieu ( !  
acquisition co/4  4  7b7 ,effective date
 ,! am5dm5t made by ?is section %all    
apply to ref9anc+ loans made on or aft] 
! date ( enactm5t ( ?is ,act4  #e4      
,increase 9 f9anc+ limit = qualifi$ home
 improvem5t loans  7a7 ,increase 9      
f9anc+ limit ,p>agraph 7#d7 ( section   
#adc7k7 is am5d$ by /rik+ #ae1jjj &     
ins]t+ #ge1jjj4  7b7 ,inflation adju/m5t
 ,p>agraph 7#d7 ( section #adc7k71 z    
am5d$ by subsection 7a71 is am5d$-- 7#a7
 by r$esignat+ subp>agraphs 7,a7 & 7,b7 
z clauses 7i7 & 7ii71 respectively1 & by
 mov+ su* clauses 7z s r$esignat$7 #b   
ems to ! "r1  7#b7 by /rik+ ,! t]m &    
ins]t+ ! foll[+3  7,a7 ,9 g5]al ,! t]m  
1 &  7#c7 by add+ at ! end ! foll[+3    
7,b7 ,inflation adju/m5t  7i7 ,9 g5]al  
,9 ! case ( any cal5d> ye> beg9n+ aft]  
#bjbf1 ! #ge1jjj am\nt 9 subp>agraph    

7,a7 %all be increas$ by an am\nt equal 
to--  7,i7 su* doll> am\nt1 multipli$ by
  7,,ii7 ! co/-(-liv+ adju/m5t det]m9$  
"u section #a7;f77#c7 = su* cal5d> ye>1 
det]m9$ by sub/itut+ #bjbd = #bjaf 9    
subp>agraph 7,a77ii7 !re(4  7ii7 ,r\nd+ 
,if any increase "u clause 7i7 is n a   
multiple ( #ajj1 su* increase %all be   
r\nd$ to ! ne>e/ multiple ( #ajj4  4    
7c7 ,effective dates ,! am5dm5ts made by
 ?is section %all apply to loans made   
aft] ! la/ day ( ! cal5d> ye> :i*       
includes ! date ( ! enactm5t ( ?is ,act4
  #f4 ,revision ( recapture tax =       
mortgage rev5ue bonds  7a7 ,9 g5]al     
,subp>agraph 7,c7 ( section #adc7m77#d7 
is am5d$ to read z foll[s3  7,c7 ,hold+ 
p]iod p]c5tage  7i7 ,9 g5]al ,! t]m     
hold+ p]iod p]c5tage means ! p]c5tage   
det]m9$ 9 accordance ) ! foll[+ table3  
,if ! disposition occurs dur+ a ye> aft]
 ! te/+ date :i* is3,! hold+ p]iod      
p]c5tage is3  ,! #a/ su* ye>#bj ,! #bnd 
su* ye>#dj ,! #crd su* ye>#fj ,! #d? su*
 ye>#hj ,! #e? su* ye>#ajj  7ii7        

,retirem5ts ( indebt$ness  ,if !        
,f$]ally subsidiz$ indebt$ness is       
completely repaid dur+ any ye> ( !      
#d-ye> p]iod beg9n+ on ! te/+ date1 !   
hold+ p]iod p]c5tage = succe$+ ye>s %all
 be z]o4  4  7b7 ,con=m+ am5dm5ts  7#a7 
,section #adc7m77#b77;,b7 is am5d$ by   
/rik+ #i ye>s & ins]t+ #e ye>s4  7#b7   
,section #adc7m77#g77;,b77ii7 is am5d$  
by /rik+ #i-ye> p]iod & ins]t+ #e-ye>   
p]iod4  7c7 ,effective date ,! am5dm5ts 
made by ?is section %all apply to       
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjbe4  #g4 ,modify+ calculation ( cr$it
 = int]e/ paid on c]tifi$ indebt$ness   
7a7 ,9 g5]al ,section #be is am5d$--    
7#a7 9 subsection 7a7-- 7,a7 9 p>agraph 
7#a71 by /rik+ subp>agraph 7,b7 & ins]t+
 ! foll[+3  7,b7 ! c]tifi$ indebt$ness  
am\nt on :i* int]e/ 0 paid or accru$ by 
! taxpay] dur+ ! taxable ye>4  1 &  7,b7
 9 p>agraph 7#b7--  7i7 9 ! head+1 by   
/rik+ :]e cr$it rate exce$s #bj p]c5t1 &
  7ii7 9 subp>agraph 7,a71 by /rik+ ,if 
! c]tificate cr$it rate exce$s #bj      

p]c5t1 ! & ins]t+ ,!1 &  7#b7 9         
subsection 7d7-- 7,a7 by /rik+ p>agraph 
7#a7 & ins]t+ ! foll[+3  7#a7 ,9 g5]al  
7,a7 ,c]tificate cr$it rate ,!          
c]tificate cr$it rate specifi$ 9 any    
mortgage cr$it c]tificate %all n be less
 ?an #a p]c5t or m ?an #e p]c5t4  7,b7  
,annual rate ,) respect to any mortgage 
cr$it c]tificate1 ! issu+ au?ority may  
elect to specify a diff]5t annual       
c]tificate cr$it rate = ea* ye> ( ! t]m 
( ! mortgage4  1 &  7,b7 9 p>agraph     
7#b7-- 7i7 9 ! head+1 by /rik+          
c]tificate cr$it rates & ins]t+ am\nt ( 
cr$it c]tificates1 &  7ii7 9 subp>agraph
 7,a77ii71 by ins]t+ av]age annual be=e 
c]tificate cr$it rate4  7b7 ,effective  
date ,! am5dm5ts made by ?is section    
%all apply to mortgage cr$it c]tificates
 issu$ on or aft] ! fir/ day ( ! second 
cal5d> ye> t beg9s aft] ! date ( !      
enactm5t ( ?is ,act4  #h4 ,ext5sion (   
p]iod = mortgage cr$it c]tificate to be 
9 effect  7a7 ,9 g5]al ,section         
#be7;e77#c77;,b7 is am5d$ by /rik+      

second & ins]t+ f\r?4  7b7 ,effective   
date ,! am5dm5t made by ?is section %all
 apply to mortgage cr$it c]tificates )  
respect to :i* ! limitation "u section  
#be7;d77#b77;,a7 ( ! ,int]nal ,rev5ue   
,code ( #aihf is det]m9$ by ref]5ce to  
nonissu$ bond am\nts 7a def9$ 9 section 
#be7;d77#b77;,b7 ( su* ,code7 relat+ to 
cal5d> ye>s aft] ,decemb] #ca1 #bjbe4   
#i4 ,ext5sion ( p]iod to revoke election
 to issue mortgage cr$it c]tificates    
7a7 ,9 g5]al ,section #be7;c77#b7 is    
am5d$ by add+ at ! end ! foll[+3  7,c7  
,revocation ( election to issue mortgage
 cr$it c]tificates  7i7 ,9 g5]al ,=     
purposes ( any election made by an issu+
 au?ority "u subp>agraph 7,a77ii7 dur+  
any cal5d> ye>1 su* issu+ au?ority may  
subsequ5tly elect to r$uce ! nonissu$   
bond am\nt 7z def9$ 9 subsection        
7d77#b77;,b77 = su* cal5d> ye>1 provid$ 
t su* election is made n lat] ?an ! end 
( ! succe$+ cal5d> ye>4  7ii7           
,coord9ation ) private activity bond    
c>ry=w>d limitation ,"u rules e/abli%$  

by ! ,secret>y1 no?+ 9 clause 7i7 %all  
be con/ru$ to p]mit an issu+ au?ority to
 issue bonds "u section #adf7;f77#c7 = a
 cal5d> ye> aft] ! close ( ! p]iod      
prescrib$ = issu+ su* bonds "u su*      
section4  4  7b7 ,effective date ,!     
am5dm5t made by ?is section %all apply  
to elections made by an issu+ au?ority  
"u section #be7;c77#b77;,a77ii7 ( !     
,int]nal ,rev5ue ,code ( #aihf aft]     
,decemb] #ca1 #bjbe4  #aj4 ,adju/m5t (  
public notice requirem5t  7a7 ,9 g5]al  
,section #be7;e77#e7 is am5d$ by /rik+  
#ij days & ins]t+ #cj days4  7b7        
,effective date ,! am5dm5t made by ?is  
section %all apply to notices provid$   
aft] ,decemb] #ca1 #bjbe4  #aa4         
,elim9ation ( l5d] report+ requirem5t   
7a7 ,9 g5]al ,section #be7;g7 is am5d$--
 7#a7 by /rik+ ea* p]son :o makes a loan
 :i* is a c]tifi$ indebt$ness am\nt "u  
any mortgage cr$it c]tificate & ins]t+  
ea* p]son :o issues a mortgage cr$it    
c]tificate1 &  7#b7 by /rik+ ! second   
s5t5ce !re(4  7b7 ,con=m+ am5dm5ts      

,section #fgji7;c7 is am5d$ by /rik+ ,9 
! case ( any report requir$ "u ! second 
s5t5ce ( section #be7;g71 ! & ins]t+ ,!4
  7c7 ,effective date ,! am5dm5ts made  
by ?is section %all take effect on !    
date ( enactm5t ( ?is ,act4