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. 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.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 July 2002

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• Introduced in House (PDF)

  Introduced in House · EN · 26 July 2002

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• Introduced in House

  summary · EN · 26 July 2002

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