H.R. 2194 · 108th Congress
New Homestead Act of 2003
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
PomeroySponsor3 cosponsors · 2 D, 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
New Homestead Act of 2003 - Directs the Secretary of Education to repay a specified percentage (up to $2,000 per year) of certain education loans to an individual who completes a degree and both resides and is employed in a qualifying county outside a metropolitan statistical area which for 20 years has a net out-migration of inhabitants of at least ten…
What it does: CRS summary · Introduced in House · May 21, 2003
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: New Homestead Act of 2003
Latest action (Jun 20, 2003): Referred to the Subcommittee on 21st Century Competitiveness.
Policy area: Housing and Community Development · Origin: House · Introduced: May 21, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.