H.R. 5380: New Homestead Act of 2006

109th Congress · introduced 2006-05-11 · Housing and Community Development · Latest: Referred to the Subcommittee on 21st Century Competitiveness.

federal

Follow this bill, step by step

Where it came from: introduced 2006-05-11 · official record
Who proposed it: Rep. Pomeroy, Earl [D-ND-At Large] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on 21st Century Competitiveness. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

New Homestead Act of 2006

Plain summary

New Homestead Act of 2006 - Directs the Secretary of Education to repay a specified percentage (up to $2,000 per year) of certain education loans to an individual who completes a degree and both resides and is employed for at least five years in an area outside a metropolitan statistical area which for 20 years has a net out-migration of inhabitants of at least 10% of the county population (qualifying county). 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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

New Homestead Act of 2006

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Pomeroy, Earl [D-ND-At Large] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Homestead exemption: A homestead is the home you own and live in as your main residence. A homestead exemption removes part of its value from property tax, so tax is charged on a smaller amount. Texas school districts must offer one; other local governments may offer more. In Florida, the Constitution currently sets a homestead exemption of up to $50,000 (the second $25,000 does not apply to school taxes).

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-109hr5380.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/109/hr>

Record fed-us-cong109-hr5380 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109