Congress 108 - HR 1686 - New Homestead Economic Opportunity Act

Sponsor

Cosponsors

Topics

Agricultural cooperatives Agricultural credit Agriculture and Food Capital gains tax Capital investments Catastrophic health insurance College costs Commerce Construction costs Consumer cooperatives Cost of living adjustments County politics and government Depreciation and amortization Earned income tax credit Economics and Public Finance Education Electrification Energy Entrepreneurs Excise tax Federal aid to education Federally-guaranteed loans Finance and Financial Sector Government Operations and Politics Government paperwork Health Higher education Home ownership Housing and Community Development Housing finance Income tax Indexing (Economic policy) Infrastructure Infrastructure (Economics) Internal migration Investment tax credit Job creation Labor and Employment Law Medical economics Minimum tax Nonprofit organizations Residence requirements Rural economic development Rural education Rural housing Savings accounts Savings and loan associations Scholarships Securities Small towns Social Welfare Student loan funds Tax credits Tax deductions Tax exclusion Tax exemption Tax penalties Tax returns Tax-exempt organizations Trusts and trustees Urban affairs Venture capital Vocational and technical education

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Votes

Summary

New Homestead Economic Opportunity Act - Directs the Secretary of Education to assume the obligation to repay specified portions of certain federally guaranteed education loans of borrowers who complete a degree and reside and are employed in a qualifying rural county.

Amends the Internal Revenue Code to allow a specified tax credit to an individual who purchases a qualified residence in a qualifying rural county.

Allows a capital loss deduction with respect to the sale or exchange of a principal residence in certain rural areas.

Provides for establishment of tax-exempt individual homestead accounts to which a qualified individual residing in a qualifying rural county may make cash contributions, matched annually to a specified extent by the Secretary of the Treasury, for use exclusively to pay qualified individual homestead expenses.

Allows a rural investment tax credit for an applicable percentage of the eligible basis of a qualified rural investment building. Provides for accelerated depreciation for specified rural investment property.

New Homestead Venture Capital Fund Act - Amends the Consolidated Farm and Rural Development Act to add a New Homestead Venture Capital Fund Act allowing private investors to establish a non-Federal New Homestead Venture Capital Fund to make needed investments in qualifying rural counties to reverse the impact of chronic outmigration and help such counties rebuild and grow.

Actions

Jul 21, 2003

Referred to the Subcommittee on 21st Century Competitiveness.
Apr 24, 2003

Referred to the Subcommittee on Conservation, Credit, Rural Development and Research.
Apr 9, 2003

Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Apr 9, 2003

Introduced in House

Amendments

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