SECTION 5. EFFECTIVE DATES

.01 Issuers of qualified mortgage bonds or mortgage credit certificates may rely on this revenue procedure during the period beginning March 3, 1997, the date of publication of this revenue procedure in the Internal Revenue Bulletin, and ending on the date as of which this revenue procedure is rendered obsolete by a new revenue procedure.

.02 With respect to qualified mortgage bonds sold, and bond authority elected to be exchanged for authority to issue mortgage credit certificates, before April 2, 1997, 30 days after the publication of this Rev. Proc. 97–17 in the Internal Revenue Bulletin, issuers may continue to rely on the list of average annual mortgage originations that is contained in Rev. Proc. 95–14.

Drafting Information

The principal author of this revenue procedure is Patricia M. Monahan of the Office of Assistant Chief Counsel (Financial Institutions and Products). For further information regarding this revenue procedure contact Ms. Monahan on (202) 622–4122 (not a toll-free call).

Social Security

Domestic Employee Coverage Threshold

General. Section 2 of the ‘‘Social Security Domestic Employment Reform Act of 1994’’ (Pub. L. 103–387) increased the threshold for coverage of a domestic employee’s wages paid per employer from $50 per calendar quarter to $1,000 in calendar year 1994. The statute holds the coverage threshold at the $1,000 level for 1995 and then increases the threshold in $100 increments for years after 1995. The formula for increasing the threshold is provided in section 3121(x) of the Internal Revenue Code.

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