S. 1253 · 109th Congress
Rural Renaissance Act II of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
ColemanSponsor4 cosponsors · 2 D, 2 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Rural Renaissance Act II of 2005 - Amends the Internal Revenue Code to allow holders of rural renaissance bonds a nonrefundable tax credit of 25 percent of the annual credit amount as determined by the Secretary of the Treasury.
What it does: CRS summary · Introduced in Senate · Jun 15, 2005
Rural Renaissance Act II of 2005 - Amends the Internal Revenue Code to allow holders of rural renaissance bonds a nonrefundable tax credit of 25 percent of the annual credit amount as determined by the Secretary of the Treasury. Defines "rural renaissance bond" as any bond issued by a nonprofit cooperative lender that is used for capital expenditures for qualified projects in rural areas, including projects for water or waste treatment, affordable housing, community facilities (e.g., hospitals, fire and police stations, nursing facilities, etc.), rural utility infrastructure, broadband technology, and rural teleworks.
Sets forth rules for maturity limitations, arbitrage, and expenditures, including a requirement that 95 percent of the proceeds from the sale of a bond issue be spent on qualified projects within five yeas from the date of a bond issuance.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Rural Renaissance Act II of 2005
Latest action (Jun 15, 2005): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6662-6664)
Policy area: Taxation · Origin: Senate · Introduced: Jun 15, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.