New Homestead Economic Opportunity Act

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 9 April 2003

   Introduced

   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.

   Source: IntroReferral

2. 9 April 2003

   Introduced

   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.

   Source: IntroReferral

3. 9 April 2003

   Introduced

   Introduced in House

   Source: IntroReferral

4. 9 April 2003

   Introduced

   Introduced in House

   Source: IntroReferral

5. 24 April 2003

   Referred

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

   Source: Committee

6. 21 July 2003

   Referred

   Referred to the Subcommittee on 21st Century Competitiveness.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 9 April 2003 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 9 April 2003

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 9 April 2003

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 9 April 2003

  Open at official source

Sponsors

• Rep. Carson, Brad [D-OK-2] · D · Sponsor
• · hsed00 · Standing
• · hsag00 · Standing
• · hswm00 · Standing

Related records

• related to ← New Homestead Act of 2003
• related to ← New Homestead Act of 2003