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H.R. 5273 107th Congress House

New Homestead Economic Opportunity Act

Official title: 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: July 26, 2002 See on congress.gov
Housing and Community Development Agricultural cooperativesAgricultural creditAgriculture and FoodBusiness income tax
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Capital formationCapital gains taxCapital investmentsCatastrophic health insuranceCollege costsCommerceConstruction costsConsumer cooperativesCost of living adjustmentsCounty politics and governmentDepreciation and amortizationEarned income tax creditEconomics and Public FinanceEducationEnergyEntrepreneursExcise taxFederal aid to higher educationFederally-guaranteed loansFinance and Financial SectorGovernment Operations and PoliticsGovernment paperworkHealthHigher educationHome ownershipHousing financeIncome taxIndexing (Economic policy)InfrastructureInfrastructure (Economics)Investment tax creditJob creationLabor and EmploymentLawMedical economicsMinimum taxNonprofit organizationsPersonal income taxResidence requirementsRural economic developmentRural educationRural electrificationRural housingRural-urban migrationSavings accountsSavings and loan associationsScholarshipsSecuritiesSmall townsSocial WelfareStudent loan fundsTax creditsTax deductionsTax exclusionTax exemptionTax penaltiesTax returnsTax-exempt organizationsTrusts and trusteesUrban affairsVenture capitalVocational and technical education
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 24, 2002
Referred to the Subcommittee on 21st Century Competitiveness.
Aug 12, 2002
Referred to the Subcommittee on Conservation, Credit, Rural Development and Research.
Jul 26, 2002
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.
Jul 26, 2002
Introduced in House
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 Latest action October 24, 2002

Referred to the Subcommittee on 21st Century Competitiveness.

 Plain-English summary Congressional Research Service
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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 5
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APA
U.S. Congress. (2026). H.R. 5273: New Homestead Economic Opportunity Act. 107th Congress. Open America. https://openamerica.io/bill/107-HR-5273/
MLA
"H.R. 5273: New Homestead Economic Opportunity Act." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-5273/.
Bluebook (legal)
H.R. 5273, 107th Cong. (2026), https://openamerica.io/bill/107-HR-5273/.
Markdown link
[H.R. 5273: New Homestead Economic Opportunity Act](https://openamerica.io/bill/107-HR-5273/)
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