Qualified Mortgage Issue Law and Legal Definition
According to 26 USCS § 143 (a)(2)(A) [Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 1. Normal Taxes and Surtaxes; Subchapter B. Computation of Taxable Income; Part IV. Tax Exemption Requirements for State and Local Bonds; Subpart A. Private Activity Bonds], the term “qualified mortgage issue” means “an issue by a State or political subdivision thereof of 1 or more bonds, but only if--
(i) all proceeds of such issue (exclusive of issuance costs and a reasonably required reserve) are to be used to finance owner-occupied residences,
(ii) such issue meets the requirements of subsections (c), (d), (e), (f), (g), (h), (i), and (m)(7)
(iii) such issue does not meet the private business tests of paragraphs (1) and (2) of section 141(b) [26 USCS § 141(b)], and
(iv) except as provided in subparagraph (D)(ii), repayments of principal on financing provided by the issue are used not later than the close of the 1st semiannual period beginning after the date the prepayment (or complete repayment) is received to redeem bonds which are part of such issue.
Clause (iv) shall not apply to amounts received within 10 years after the date of issuance of the issue (or, in the case of refunding bond, the date of issuance of the original bond).”
Legal Definition list
- Qualified Mortgage Bond
- Qualified Military Counsel
- Qualified Mental Health Professionals
- Qualified Member [Federal Elections]
- Qualified Medical Personnel
- Qualified Mortgage Issue
- Qualified Moving Expense Reimbursement
- Qualified National Organization Representing Handler Interests
- Qualified National Organization Representing Importer Interests
- Qualified Natural Gas from Geopressured Brine [Internal Revenue]
- Qualified Non-metropolitan County [Business Credit and Assistance]
Related Legal Terms
- Adjustable Rate Mortgage
- Adjustable Rate Mortgage Caps
- Adjustable Rate Mortgage Loan
- Alternate Payee to Qualified Domestic Relations Order
- Alternative Mortgage Instruments (ATI)
- Alternative Mortgage Transaction [Banks & Banking]
- Amortized Mortgage
- Anaconda Mortgage
- Application for a Reissue Patent
- Asset Integrated Mortgage
