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S 1860 107th Congress Senate

New Homestead Economic Opportunity Act

Official title: 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: March 18, 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 FinanceEducationEnergy
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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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 20, 2002
Sponsor introductory remarks on measure. (CR S4549-4550)
Dec 20, 2001
Read twice and referred to the Committee on Finance.
Dec 20, 2001
Introduced in Senate
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 Latest action May 20, 2002

Sponsor introductory remarks on measure. (CR S4549-4550)

 Plain-English summary Congressional Research Service
New Homestead Economic Opportunity Act - Directs the Secretary of Education to repay a specified percentage (up to $3,000 per year) of certain education loans to an individual who completes a degree and both resides and is employed in a qualifying county outside a metropolitan statistical area which for 20 years has a net out-migration of inhabitants of at least ten percent of the county population.

Amends the Internal Revenue Code to allow a tax credit for a specified portion of the purchase price of a qualified residence in such a rural county.

Allows a capital loss deduction with respect to sale or exchange of principal residence in certain rural areas.

Provides for the creation of tax-exempt individual homestead accounts, which shall receive matching Federal contributions according to a specified formula, whose tax-free distributions after five years are used for qualified higher education or medical expenses, first-time homebuyer or business capitalization costs, or rollovers.

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

Provides for accelerated depreciation of property in rural investment projects.

New Homestead Venture Capital Fund Act - Amends the Consolidated Farm and Rural Development Act to provide for establishment of new homestead venture capital funds, owned by private investors, which shall generate and provide equity capital to rural businesses.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Durbin, Richard J.
Illinois · Mar 18, 2002
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1860: New Homestead Economic Opportunity Act. 107th Congress. Open America. https://openamerica.io/bill/107-S-1860/
MLA
"S. 1860: New Homestead Economic Opportunity Act." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-S-1860/.
Bluebook (legal)
S. 1860, 107th Cong. (2026), https://openamerica.io/bill/107-S-1860/.
Markdown link
[S. 1860: New Homestead Economic Opportunity Act](https://openamerica.io/bill/107-S-1860/)
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