Rural Renaissance Act II of 2005

Summary

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.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 June 2005

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 June 2005

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 15 June 2005

  Open at official source

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