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As provided in Section 143(e)(4) of the Internal Revenue Code of 1986, as amended, and AS 18.56.098 (j), "qualifying veteran," for the purposes of the veterans' home mortgage program, has the meaning provided for the term "qualified veteran" under the Mortgage Subsidy Bond Tax Act of 1980 (94 Stat. 2660 - 2680). Temporary regulations of the Internal Revenue Service (Sec. 6a. 103A-3(c), as published in the Federal Register, Vol. 46, no. 126, Wednesday, July 1, 1981, page 34324) have implemented the Mortgage Subsidy Bond Tax Act by defining ``veteran" to have the meaning provided in 38 U.S.C. 101(2). There is no definition of "qualified veteran" under the Mortgage Subsidy Bond Tax Act or the regulations adopted under that Act. The Corporation will accept as a "qualified veteran" a person who meets the definition of "veteran" as established in the temporary regulations of the Internal Revenue Service described above. The provisions of 15 AAC 151.215 - 15 AAC 151.250 are intended to interpret and clarify the temporary regulations. However, AS 18.56.098 (j) incorporates by reference future amendments to the definition of "qualified veteran" under the Mortgage Subsidy Bond Tax Act. Therefore, to the extent that the temporary regulation of the Internal Revenue Service referred to above is amended or replaced by another regulation, or to the extent that the Mortgage Subsidy Bond Tax Act is amended, the provision of the later amendment or replacement prevail over contrary provisions in 15 AAC 151.220 - 15 AAC 151.250.
History: Eff. 5/7/93, Register 130
Authority: AS 18.56.088
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Last modified 7/05/2006