A bill to amend Section 103 of the Internal Revenue Code of 1954 to provide that the interest on certain mortgage revenue bonds will not be exempt from Federal income tax.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to deny a tax exclusion of the interest on State and local mortgage revenue bonds. Defines "mortgage revenue bonds" as bonds which are issued to provide funding for mortgages on owner-occupied residences. Permits a tax exclusion for interest earned on bonds which are issued to finance housing for veterans, as general revenue bonds, or for the financing of low- and moderate-income housing, or the rehabilitation of such housing. Limits the issuance of industrial development bonds for housing purposes to rental or cooperative housing.…