Rural Regeneration Act of 1988

Rural Regeneration Act of 1988 - Title I: Education and Training Opportunities for Rural Americans - Subtitle A: Transition Assistance - Amends the Job Training Partnership Act to provide grants for the Federal share of State demonstration projects to aid dislocated or threatened farmers and ranchers and agriculture-related businesses in distressed rural areas.

Sets forth: (1) grant allocation and priority criteria; (2) State application requirements; and (3) recipient and activity eligibility (including child care services).

Requires a program report to the Congress.

Authorizes appropriations beginning with FY 1989.

Permits States to qualify for certain job training funds under such Act on the basis of agricultural economic downturns.

Directs the Secretary of Labor to collect data and publish a report on rural unemployment and farmer and rancher dislocation.

Amends the Higher Education Act of 1965 to authorize matching grants to improve courses of instruction for students in rural institutions. Authorizes appropriations beginning with FY 1989.

Subtitle B: Development Assistance - Amends the Higher Education Act of 1965 to make institutions having 75 percent of their students residing in economically distressed rural areas eligible for development assistance grants.

Amends the Internal Revenue Code to extend through 1992 the income exclusion of amounts from educational assistance programs with respect to rural employees.

Title II: Agricultural Assistance Programs - Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to make income supplements to certain economically distressed Farmers Home Administration farm borrowers to enable them to: (1) engage more effectively in farming or ranching; or (2) use in the transition to other careers. Requires repayment of such amounts plus interest within three years. Converts such loan to a grant if the recipient leaves farming within 12 months of receipt of the first payment. Authorizes appropriations.

Directs the Secretary to establish a pilot program of lump sum payments to producers in lieu of price support, loan, and program adjustment payments. Requires participants to remove their land from support and adjustment crops for ten years. Administers such program through the Agricultural Stabilization and Conservation Service.

Title III: Rural Community Programs - Amends the Rural Development Act of 1972 to expand the scope of local, State, and Federal rural development efforts.

Title IV: Infrastructure Resources - Subtitle A: Transitional Assistance - Directs the Secretary of Housing and Urban Development to establish a program of State rural infrastructure grants. Obligates a specified amount for Indian and territorial programs. Sets forth: (1) allocation provisions; (2) program requirements; and (3) grant use provisions. Authorizes FY 1989 through 1991 appropriations.

Subtitle B: Developmental Assistance - Amends the Farm Credit Act of 1971 to require the Farm Credit Administration to permit Federal land banks and production credit associations to lend to local businesses if other credit is not available. Requires an applicant to provide certification of such commercial credit unavailability.

Amends the Consolidated Farm and Rural Development Act to authorize the Secretary of Agriculture to capitalize revolving loan and grant funds on a matching basis with State and local entities to promote rural business opportunities in distressed areas. Authorizes appropriations.

Provides for rural set-asides in Federal formula funding.

Amends the Office of Federal Procurement Policy Act to establish rural area priority in certain construction projects.

Title V: Health Care Provisions - Amends the Omnibus Budget Reconciliation Act of 1987 to increase the FY 1989 and 1990 authorization of appropriations, and authorize FY 1991 appropriations, for the rural hospital grant program.

Title VI: Rural Communications - Amends the Rural Electrification Act of 1936 to give priority to rural telephone loan applications for advanced communications projects which will enhance rual economic development.

Expresses the sense of the Senate regarding the importance of maintaining telephone toll rate averaging.

Expresses the sense of the Senate that the Rural Electrification Administration should extend its consideration to all standard form contracts and bring its contracts in line with current developments in technology and commercial law.

Title VII: Miscellaneous - Directs the Secretary of Agriculture, in cooperation with other Federal agencies, to enter into cooperative rural development agreements with States for certain services, including information and education services. Authorizes FY 1989 appropriations.

Directs the Secretary, in conjunction with other Federal agencies, to conduct a study of overlapping Federal rural programs, with special emphasis on related administrative expenses, and report to the appropriate congressional committees.

Directs the Office of Management and Budget to score outlays and budget authority that result from agricultural loan extensions at no greater than the amount of each guarantee or the historic loss level for programs with an adequate history.