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Rural Renaissance Act II of 2005

Introduced: June 15, 2005 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 15, 2005
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6662-6664)
Jun 15, 2005
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now June 15, 2005

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6662-6664)

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1