Description of Proposals Relating to Tax Treatment of Military Personnel : Scheduled for a Hearing Before the Senate Committee On Finance On February 26, 1991 Jcx-3-91

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354 S. 354 would expand authority to issue qualified veterans' mortgage bonds from the five States currently eligible to all States (including D.C. and U.S. possessions).
The bill also would repeal the annual volume limitations applicable to these bonds, and would expand the set of borrowers eligible for mortgage loans financed with the bonds to include veterans who served in Operation Desert Shield or Desert Storm.
The provisions of the bill would apply to bonds issued after August 1, 1990.
De
...scription of S^ 355 S. 355 would expand the set of borrowers eligible for mortgage loans financed with qualified veterans' bonds to include veterans who served in Operation Desert Shield or Desert Storm. All other present-law requirements, including - 6 - those determining which States are eligible to issue these bonds, would be retained.
The provisions of the bill would apply to bonds issued after August 1, 1990.
- 7 - 4. Extend eligibility for the earned income tax credit to military personnel stationed overseas Present Law Eligible low-income workers are able to claim a refundable earned income tax credit (EITC) of up to 16.7 percent (17.3 percent for taxpayers with more than 1 qualifying child) of the first $7140 of earned income for 1991.


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