A bill to amend section 103 of the Internal Revenue Code of 1954 to provide that the interest on 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 on bonds which are issued by a State agency: (1) which has been authorized by the State legislature to issue bonds to finance housing for a class of individuals specifically designated by the legislature; (2) the officers of which are appointed on the State level; (3) which is required to report to the State legislature at least annually; and (4) which maintains a full-time staff. Limits the issuance of industrial development bonds for housing purposes to housing financed by a State agency in conformity with the requirements of this Act.…