New Homestead Economic Opportunity Act

Bill: 108-hr-1686
Sponsor: Rep. Carson, Brad [D-OK-2]
Introduced: 2003-04-09 in the House
Policy area: Housing and Community Development
Subjects: 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 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

Summary:
action_date: 2003-04-09
text: 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.

Legislative actions:
action_date: 2003-07-21
text: Referred to the Subcommittee on 21st Century Competitiveness.
action_date: 2003-04-24
text: Referred to the Subcommittee on Conservation, Credit, Rural Development and Research.
action_date: 2003-04-09
text: 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.
action_date: 2003-04-09
text: 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.
action_date: 2003-04-09
text: 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.
action_date: 2003-04-09
text: 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.
action_date: 2003-04-09
text: Introduced in House
action_date: 2003-04-09
text: Introduced in House