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H.C.R. No. 161
HOUSE CONCURRENT RESOLUTION
WHEREAS, Texas has long been a leader in recognizing and
rewarding the tremendous sacrifice of its veterans; and
WHEREAS, Home ownership is viewed by many as a major
component of the American Dream; and
WHEREAS, Enabling veterans to achieve home ownership at a
lower cost is but a small reward for their faithful service while in
the U.S. Armed Forces; and
WHEREAS, In appreciation of this service on behalf of our
state and nation, the Texas Veterans Land Board has offered
below-market interest rates on home loan mortgages to eligible
veterans since 1983; and
WHEREAS, This program has assisted more than 50,000 Texas
veterans in obtaining affordable housing and in making a better
life for themselves and their dependents; and
WHEREAS, Texas utilizes federally tax-exempt bonds known as
Qualified Veterans Mortgage Bonds to fund approximately 50 percent
of all home and home improvement loans made to veterans; and
WHEREAS, Current federal law governing the use of tax-exempt
bonds used to fund these loans, as contained in Section 143(I)(4) of
the Internal Revenue Code of 1986, unfairly limits these programs
to only those veterans who served prior to January 1, 1977; and
WHEREAS, This restriction unfairly prevents all veterans
serving on active duty after 1976 from using Qualified Veterans
Mortgage Bonds, including more than 500,000 men and women who
served in Desert Shield and Desert Storm and the 8,000 reservists
and National Guard members of Texas called up to serve our country
since September 11, 2001; and
WHEREAS, These courageous men and women deserve the same
benefits offered to their earlier counterparts, yet they and their
families are being denied the opportunity to use Qualified Veterans
Mortgage Bonds; and
WHEREAS, Congress has failed to remedy this discriminatory
federal provision on behalf of these deserving men and women,
despite the fact that it will not increase federal discretionary
spending one cent; now, therefore, be it
RESOLVED, That the 78th Legislature of the State of Texas
hereby respectfully urge the 108th Congress to support legislative
action to immediately remove the aforementioned discriminatory
portion of the Internal Revenue Code in order that today's veterans
and their families might enjoy the same benefits as their earlier
counterparts; and, be it further
RESOLVED, That the Texas secretary of state forward official
copies of this resolution to the president of the United States, the
speaker of the house of representatives, and the president of the
senate of the United States Congress, and to all the members of the
Texas delegation to Congress with the request that this resolution
be officially entered in the Congressional Record as a memorial to
the Congress of the United States of America.
Isett
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.C.R. No. 161 was adopted by the House on May
6, 2003, by a non-record vote.
______________________________
Chief Clerk of the House
I certify that H.C.R. No. 161 was adopted by the Senate on May
28, 2003, by a viva-voce vote.
______________________________
Secretary of the Senate
APPROVED: __________________
Date
__________________
Governor