New Homestead Act of 2003
Latest action · Jun 20, 2003 Referred to the Subcommittee on 21st Century Competitiveness.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 21, 2003
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to allow a tax credit for a specified portion of the purchase price of a qualified residence in such a rural county.
Allows a capital loss deduction with respect to sale or exchange of principal residence in certain rural areas.
Provides for the creation of tax-exempt individual homestead accounts, which shall receive matching Federal contributions according to a specified formula, whose tax-free distributions after five years are used for qualified higher education or medical expenses, first-time homebuyer or business capitalization costs, or rollovers.
Establishes a rural investment tax credit of 70 percent of the present value of new buildings (including rehabilitation projects) or 30 percent of the present value of existing buildings.
Establishes a qualified rural investment small business investment credit of 30 percent of qualified expenditures.
Provides for accelerated depreciation of property in rural investment projects.
New Homestead Venture Capital Fund Act - Amends the Consolidated Farm and Rural Development Act to provide for establishment of new homestead venture capital funds, owned by private investors, which shall generate and provide equity capital to rural businesses.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from May 21, 2003 to Jul 21, 2004; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NE | Tom Osborne | Original | May 21, 2003 |
| D-WI | Ron Kind | Jan 27, 2004 | |
| D-SD | Stephanie Herseth Sandlin | Jul 21, 2004 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred May 21, 2003 |
| House | Education and Workforce Committee | Referred May 21, 2003 |
| Higher Education and Workforce Development Subcommittee | Referred Jun 20, 2003 | |
| House | Agriculture Committee | Referred May 21, 2003 |
| Forestry and Horticulture Subcommittee | Referred Jun 6, 2003 |
Actions 5
Everything that happened, newest first.
- Jun 20, 2003Referred to the Subcommittee on 21st Century Competitiveness.
- Jun 6, 2003Referred to the Subcommittee on Conservation, Credit, Rural Development and Research.
- Jun 6, 2003Executive Comment Requested from USDA.
- May 21, 2003Introduced in House
- May 21, 2003Referred 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.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 602 | New Homestead Act of 2003 | Identical bill | Mar 13, 2003 |
| HR 1686 | New Homestead Economic Opportunity Act | Related bill | Jul 21, 2003 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To reward the hard work and risk of individuals who choose to live in and help preserve America's small, rural towns, and for other purposes.
- Short Titles as Introduced
- New Homestead Act of 2003
- Short Titles as Introduced for portions of this bill
- New Homestead Venture Capital Fund Act
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Agricultural cooperatives
- Agricultural credit
- Agriculture and Food
- Bank accounts
- 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
- Saving and investment
- Savings and loan associations
- Scholarships
- Securities
- Small business
- 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
Text 1
Each version as it was printed, newest first.
- May 21, 2003Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.