Rural Renaissance Act - Amends the Consolidated Farm and Rural Development Act to establish the Rural Renaissance Corporation to issue rural renaissance bonds to finance qualified projects for rebuilding rural areas.
Amends the Internal Revenue Code to allow a tax credit for investment in rural renaissance bonds.
Describes qualified projects as: (1) a water or waste treatment project; (2) a conservation project, including any project to protect water quality or air quality (including odor abatement), any project to prevent soil erosion, and any project to protect wildlife habitat, including any project to assist agricultural producers in complying with Federal, State, or local regulations; (3) an affordable housing project; (4) a community facility project, including hospitals, fire and police stations, and nursing and assisted-living facilities; (5) a value-added agriculture or renewable energy facility project for agricultural producers or farmer-owned entities, including any project to promote the production or processing of ethanol, biodiesel, animal waste, biomass, raw commodities, or wind as a fuel; (6) a rural venture capital project for, among others, farmer-owned entities; (7) a distance learning or telemedicine project; (8) a project to expand broadband technology; and (9) a rural teleworks project.
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