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Alaskan Congressman Don Young voted today to increase the Qualified Veterans Mortgage Bonds limits for Alaska (as well as Oregon and Wisconsin) to $100 million up from the current $25 million.  H.R. 3997, the Heroes Earnings Assistance and Relief Tax Act of 2007, would raise the cap so that Alaska could issue more tax-exempt bonds to make home loans to qualified veterans. 

“These bonds will allow eligible veterans to get into more affordable housing,” said Rep. Young, “and that is a priority.  I stress the point daily that we need to be taking care of our veterans when they return home from war.  We cannot send them into harm’s way, expect them to put their lives on the line for our freedoms, and then not help them get back on their feet when they return home.  This is a good bill that assists military personnel and their families in getting their footing back and its one I’m proud to vote for.”

In addition to lowering mortgage loan rates, this bill will also:

·        Make permanent the ability to include combat pay as earned income for the purposes of the Earned Income Tax Credit

·        Extend the limitations period for filing tax refund credit claims arising from Department of Veterans Affairs (DVA) disability determinations

·        Include differential wages paid by an employer to an employee who becomes active duty military in the calculation of wages for retirement plan purposes

·        Disregard state annuity payments paid to blind veterans when determining SSI eligibility and benefits

·        Reclassify military cash allowances as earned income, which is included in Supplemental Security Income eligibility and benefits for military families

Rep. Young also signed a letter to the Joint Committee on Taxation asking for the revenue score for the increase to the bond limits to be expedited.  Since receipt of the letter, the amendment referenced has become a part of H.R. 3997.

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