Try using some PB Blaster on that bolt, let it soak 24 hours, then tighten - yep - tighten it to break the rust bond free. Tighten, then loosen, trying to get a little more turn each time. Once it starts wiggling loose, it should come off. Sometimes a sharp rap with a hammer helps to crush the rust.
A good cleaning with a wire brush gets excess rust off before it starts moving - all that stuff won't fit in the threads, it's better gone.