A bill to create investment opportunities for rural families and access to credit for rural entrepreneurs and microenterprises, to support rural regional investment, and for other purposes.
Rural Investment to Strengthen our Economy Act of 2007 or Rural RISE Act - Amends the Internal Revenue Code to: (1) allow a capital loss deduction with respect to the sale or exchange of a principal residence in certain rural areas; and (2) expand the work opportunity tax credit to include a qualified small business employee as a targeted group member.
Authorizes the Secretary of Education to carry out a program for the forgiveness of student loans for certain rural students who obtain a degree.
Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to establish a: (1) rural entrepreneurship and microenterprise program; and (2) rural regional entrepreneurship program.
Requires the Secretary of Labor to award grants to: (1) regional skill alliances (business consortia) serving certain rural areas to assist in the development of job skills necessary for employment in specific industries; and (2) states to assist businesses, organizations, and agencies representing such industries in conducting planning to form such alliances.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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