New Homestead Act of 2003

Summary

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 percent of the county population. 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.

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

Timeline

1. 21 May 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. 21 May 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. 21 May 2003

   Introduced

   Introduced in House

   Source: IntroReferral

4. 21 May 2003

   Introduced

   Introduced in House

   Source: IntroReferral

5. 6 June 2003

   Committee

   Executive Comment Requested from USDA.

   Source: Committee

6. 6 June 2003

   Referred

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

   Source: Committee

7. 20 June 2003

   Referred

   Referred to the Subcommittee on 21st Century Competitiveness.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 21 May 2003 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 May 2003

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 21 May 2003

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 21 May 2003

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  Vertaal document

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Sponsors

• Rep. Pomeroy, Earl [D-ND-At Large] · D · Sponsor
• Rep. Osborne, Tom [R-NE-3] · R · Sponsor
• Rep. Kind, Ron [D-WI-3] · D · Cosponsor
• Rep. Herseth Sandlin, Stephanie [D-SD-At Large] · D · Cosponsor
• · hsed00 · Standing
• · hsag00 · Standing
• · hswm00 · Standing

Related records

• related to → New Homestead Economic Opportunity Act
• related to ← New Homestead Act of 2003