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Legislation on Repeal of 10-Year Rule Makes Progress in Congress

Friday, March 26, 2004 - 1:45AM

Legislation to enact a one-year repeal of the 10-Year Rule for outstanding mortgage revenue bonds (MRBs), and prospective repeal of the rule for MRBs issued going forward, made considerable progress yesterday. A portion of S. 595 was included in Senate Amendment 2886, which was offered as a substitute to the Finance Committee-reported version of S.1637, the Jumpstart Our Business Strength (JOBS) Act. For now, a lack of sufficient revenue has prevented the amendment provision from including the proposed MRB purchase price limit or low-income housing tax credit (LIHTC) rule changes outlined in S. 595. However, amendments filed by Sens. Orrin Hatch (R-Utah), John Breaux (D-La.) and Mark Dayton (D-Minn.) could allow legislators to include more – possibly all – of S. 595 provisions, if they could raise sufficient revenue to offset the additional cost.

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