TAX RELIEF EXTENSION RECONCILIATION ACT OF 2005
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Mr. DeWINE. Mr. President, this proposal would instruct the conferees to accept the House provision that expands the qualified veterans mortgage bond program. The qualified veterans mortgage bond program allows States to issue tax-exempt bonds that are used to fund mortgages for our veterans. Because the States borrow this money at low, tax-exempt interest rates, they are able to pass that lower rate on to veterans for home mortgages. This means veterans are able to finance a home at a lower interest rate than they otherwise would have been able to.
The program in place today is limited to veterans who served before 1977. Mr. President, this motion will instruct the conferees to accept the House provision eliminating that limit. By doing so, we can offer to all the brave men and women who have served and are serving our Nation the important benefits of this program.
The current program is also limited to veterans who settle in Alaska, California, Oregon, Texas, and Wisconsin. This motion instructs the conferees to bring back a provision that would permit veterans of all States to have access to these lower rate mortgages.
This is the right thing to do for our veterans. We owe a great debt of gratitude to the men and women who have served our country in the armed services. These brave men and women, with their honor and courage, have kept our Nation secure and our future bright. They deserve the assistance that we can provide with this mortgage bond program. It is simple to do and it will have a profound impact on many military families. I strongly encourage my colleagues in the Senate to support it.
Mr. President, while Senators cannot cosponsor motions to instruct, Senators SANTORUM, GRASSLEY, BURNS, and CHAFEE have expressed their support of this motion.
Mr. President, I suggest the absence of a quorum.