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HR 3629 IH

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.

September 20, 2007

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

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.