3.0.0 1093 2023-01-11T19:41:56Z 2023-01-11T19:41:56Z Senate S S 2007-04-12 110 ssfi00 Finance Committee Senate Standing Referred to 2007-04-12T17:13:21Z 2007-04-12 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-04-12 Sponsor introductory remarks on measure. (CR S4439-4440) IntroReferral B00100 9 Library of Congress 2007-04-12 Introduced in Senate IntroReferral 10000 9 Library of Congress D000432 Sen. Dorgan, Byron L. [D-ND] BYRON DORGAN D ND LESLIE N H001028 Sen. Hagel, Chuck [R-NE] CHUCK HAGEL R NE 2007-04-12 True J000177 Sen. Johnson, Tim [D-SD] TIM JOHNSON D SD 2007-04-12 True B000953 Sen. Brownback, Sam [R-KS] SAM BROWNBACK R KS 2007-04-12 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2007-04-12 True C000705 Sen. Conrad, Kent [D-ND] KENT CONRAD D ND 2007-04-12 True S001163 Sen. Salazar, Ken [D-CO] Ken Salazar D CO 2007-04-12 True R000361 Sen. Rockefeller, John D., IV [D-WV] JAY ROCKEFELLER D WV 2007-04-12 True C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2007-04-12 True L000550 Sen. Landrieu, Mary L. [D-LA] MARY LANDRIEU D LA 2007-04-12 True L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT 2007-04-12 True H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2007-04-12 True P000590 Sen. Pryor, Mark L. [D-AR] Mark Pryor D AR Lunsford 2007-04-12 True Housing and Community Development Agricultural cooperatives Agricultural credit Agriculture and Food Bank accounts Capital gains tax Capital investments Catastrophic health insurance College costs Commerce Construction costs Consumer cooperatives Cost of living adjustments County politics and government Depreciation and amortization Earned income tax credit Economics and Public Finance Education Electrification Energy Entrepreneurs Excise tax Federal aid to education Federally-guaranteed loans Finance and Financial Sector Government Operations and Politics Government paperwork Health Higher education Home ownership Housing finance Income tax Indexing (Economic policy) Infrastructure Infrastructure (Economics) Internal migration Investment tax credit Job creation Labor and Employment Law Medical economics Minimum tax Nonprofit organizations Residence requirements Rural economic development Rural education Rural housing Saving and investment Savings and loan associations Scholarships Securities Small business Small towns Social Welfare Student loan funds Tax credits Tax deductions Tax exclusion Tax exemption Tax penalties Tax returns Tax-exempt organizations Trusts and trustees Urban affairs Venture capital Vocational and technical education Housing and Community Development 00 2007-04-12 Introduced in Senate 2007-05-07T20:56:05Z Amends the Internal Revenue Code to allow a: (1) tax credit for the lesser of $5,000 or 10% of the purchase price of a principal residence in a qualifying county; and (2) capital loss deduction with respect to a sale or exchange of a principal residence in a qualifying county.

Provides for the creation of tax-exempt individual homestead accounts, funded by individual cash contributions and matching federal contributions according to a specified formula, whose tax-free distributions after five years are used by residents of qualifying counties for qualified higher education or medical expenses, first-time homebuyer or business capitalization costs, or rollovers.

Establishes a rural investment tax credit of 70% of the present value of new buildings (including rehabilitation projects) or 30% of the present value of existing buildings.

Establishes a qualified rural small business investment credit of 30% of expenditures for starting or expanding a business, including costs for capital, plant and equipment, inventory expenses, and wages, but not including interest costs.

Provides for accelerated depreciation of business property in rural investment projects.

New Homestead Venture Capital Fund Act - Amends the Consolidated Farm and Rural Development Act to establish the New Homestead Venture Capital Fund (Fund), owned by private investors, to generate and provide equity capital to rural businesses in qualifying counties. Directs the Secretary of Agriculture to provide funding and guarantees for private investors in the Fund.]]>

New Homestead Act of 2007 Official Title as Introduced A bill to reward the hard work and risk of individuals who choose to live in and help preserve America's small, rural towns, and for other purposes. Introduced in Senate IS Display Title New Homestead Act of 2007 Short Titles as Introduced New Homestead Act of 2007 Short Titles as Introduced for portions of this bill New Homestead Venture Capital Fund Act Introduced in Senate 2007-04-12T04:00:00Z 2007-04-12 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.