Detailed Summary

Amends the Internal Revenue Code to allow holders of rural renaissance bonds a tax credit of 25% of the annual credit amount for such bonds as determined by the Secretary of the Treasury. Defines "rural renaissance bonds" as any bond issued by a rural renaissance bond lender, a cooperative electric company, or a governmental body that is used for capital expenditures for qualified projects in rural areas, including projects for water or waste treatment, distance learning or telemedicine programs, rural electric and telephone programs, and broadband access programs.

Sets forth rules for bond refinancing, maturity limitations, and allocations, including a requirement that 95% of the proceeds from the sale of a rural renaissance bond be spent on qualified projects within five years from the date of a bond issuance.

Terminates the authority for issuing rural renaissance bonds after 2008.

Status of the Legislation

Latest Major Action: 5/2/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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