The following is a summary of bills related to veterans issues and which are currently active in the Congress.  For details concerning any bill, click on the bill number, or the paragraph heading.

H.R.551
Title: To amend the Internal Revenue Code of 1986 with respect to the eligibility of veterans for mortgage bond financing, and for other purposes.

Sponsor: Rep Davis, Susan A. [CA-53] (introduced 1/18/2007)

ACTION:
1/18/2007: Referred to the House Committee on Ways and Means.

COSPONSORS: (47)
CALIFORNIA (40)                                             TEXAS (7)
Rep Joe Baca [CA-43]                                     Rep Kevin Brady [TX-8]
Rep Howard L. Berman [CA-28]                    Rep John Culberson [TX-7]
Rep Brian P. Bilbray [CA-50]                          Rep Chet Edwards [TX-17]
Rep Mary Bono [CA-45]                                  Rep Charles A Gonzalez [TX-20]
Rep Ken Calvert [CA-44]                                Rep Nick Lampson [TX-22]
Rep Lois Capps [CA-23]                                  Rep Solomon P Ortiz. [TX-27]
Rep Dennis Cardoza [CA-18]                         Rep Ted Poe [TX-2]
Rep Jim Costa, Jim [CA-20]
Rep John T Doolittle [CA-4]
Rep David Dreier [CA-26]
Rep Anna G Eshoo [CA-14]
Rep Sam A Farr [CA-17]
Rep Bob Filner [CA-51]
Rep Elton Gallegly [CA-24]
Rep Jane Harman [CA-36]
Rep Wally Herger [CA-2]
Rep Michael M Honda [CA-15]
Rep Duncan Hunter [CA-52]
Rep Darrell E Issa [CA-49]
Rep Tom Lantos [CA-12]
Rep Barbara Lee [CA-9]
Rep Zoe Lofgren [CA-16]
Rep Daniel E Lungren [CA-3]
Rep Doris O Matsui [CA-5]
Rep Kevin McCarthy [CA-22]
Rep Jerry McNerney [CA-11]
Rep Grace F Napolitano [CA-38]
Rep Devin Nunes [CA-21]
Rep Dana Rohrabacher [CA-46]
Rep Lucille Roybal-Allard [CA-34]
Rep Loretta Sanchez [CA-47]
Rep Adam B Schiff [CA-29]
Rep Brad Sherman [CA-27]
Rep Hilda Solis [CA-32]
Rep Fortney Pete Stark [CA-13]
Rep Ellen O Tauscher [CA-10]
Rep Mike Thompson [CA-1]
Rep Diane E Watson [CA-33]
Rep Henry A Waxman [CA-30]
Rep Lynn C Woolsey [CA-6]

TEXT:
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 `Home Ownership for America's Veterans Act of 2007'.

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) by striking `at some time before January 1, 1977' in subparagraph (A), and

(2) by striking subparagraph (B) and inserting the following:

`(B) who applied for the financing before the date 25 years after the last 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, 2007.

SEC. 3. INFLATION ADJUSTMENT OF STATE VETERANS LIMIT.

(a) In General- Section 143(l)(3) of such Code (relating to volume limitation) is amended by adding at the end the following new subparagraph:

`(D) LIMITATION ADJUSTMENT BASED ON INFLATION-

`(i) IN GENERAL- In the case of calendar years after 2010, the limit determined under subparagraph (B) for a State shall be adjusted for any such calendar year by multiplying such limit by the inflation adjustment factor for the calendar year.

`(ii) COMPUTATION OF INFLATION ADJUSTMENT FACTOR-

`(I) IN GENERAL- The Secretary shall, not later than each October 1, determine and publish in the Federal Register the inflation adjustment factor for the succeeding calendar year in accordance with this paragraph.

`(II) INFLATION ADJUSTMENT FACTOR- The term `inflation adjustment factor' means, with respect to a calendar year, a fraction the numerator of which is the CMHPI for the second quarter of the calendar year preceding the calendar year for which the adjustment is being made and the denominator of which is the CMHPI for the second quarter of calendar year 2009.

`(III) CMHPI- The term `CMHPI' means the Conventional Mortgage Home Price Index compiled by Freddie Mac. The CMHPI for any quarter shall be the CMHPI first published for such quarter.'.

(b) Effective Date- The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.

RECOMMENDED ACTION:
Request all Members of Congress from California who are not listed above as co-sponsors to sign on as co-sponsors of this bill.

SEE SAMPLE LETTER FOR SUGGESTED WORDING.

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Last modified: 05/13/07