A bill to amend the Internal Revenue Code of 1986 to provide a credit to holders of rural renaissance bonds.

Summary

Amends the Internal Revenue Code to allow holders of rural renaissance bonds a tax credit of 25% of the annual credit amount for such bonds as determined by the Secretary of the Treasury. Defines "rural renaissance bond" as any bond issued by a rural renaissance bond lender, a cooperative electric company, or a governmental body that is used for capital expenditures for qualified projects in rural areas, including projects for water or waste treatment, distance learning or telemedicine programs, rural electric and telephone programs, and broadband access programs. Sets forth rules for bond refinancing, maturity limitations, and allocations, including a requirement that 95% of the proceeds from the sale of a rural renaissance bond be spent on qualified projects within five years from the date of a bond issuance. Terminates the authority for issuing rural renaissance bonds after 2008.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 May 2007

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 May 2007

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• Introduced in Senate

  summary · EN · 2 May 2007

  Open at official source

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