US Congress House Bill 4870 (Prior Session Legislation)

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Sponsorship: Bipartisan Bill
Status: Introduced on March 23 2016 - 25% progression, died in committee
Action: 2016-03-23 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Promise Zone Job Creation Act of 2016 This bill amends the Internal Revenue Code to direct the Departments of Housing and Urban Development and Agriculture, acting jointly, to designate, before January 1, 2017, not more than 20 areas as Promise Zones for purposes of priority consideration in federal grant programs and initiatives. Six of such areas shall be outside of a metropolitan statistical area or shall be determined to be rural areas. A "Promise Zone" is any area with a continuous boundary and a population of not more than 200,000 that is nominated by one or more local governments or Indian tribes and designated on the basis of unemployment rates, poverty rates, household income, home ownership, labor force participation, and educational attainment. An application for designation as a Promise Zone shall include a competitiveness plan that addresses the need of the area to attract investment and jobs and improve educational opportunities. The bill allows: (1) a Promise Zone employment tax credit for wages paid to a qualified zone or resident employee, and (2) expensing of Promise Zone property. A "Promise Zone property" is a property that is: (1) tangible property with a recovery period of 20 years or less for depreciation purposes, water utility property, computer software, or qualified leasehold improvement property; (2) acquired by purchase for use in the active conduct of a trade or business; and (3) originally placed in service in a Promise Zone.

Promise Zone Job Creation Act of 2016

Rep. John Larson [D-CT]	Rep. Harold Rogers [R-KY]	Rep. Steve Cohen [D-TN]	Rep. Joe Wilson [R-SC]
Rep. Keith Ellison [D-MN]

Date	Chamber	Action
2016-03-23	House	Referred to the House Committee on Ways and Means.
2016-03-23	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/4870/all-info
Text	https://www.congress.gov/114/bills/hr4870/BILLS-114hr4870ih.pdf