US Congress Senate Bill 142 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 12 2017 - 25% progression, died in committee
Action: 2017-01-12 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Community Economic Assistance Act of 2017 This bill amends the Internal Revenue Code to provide for the establishment of community economic assistance zones that are eligible for certain tax deductions and credits. A zone must be nominated by the governor of the state where it is located and designated by the Department of the Treasury. A nominated area must: have received a Worker Adjustment and Retraining Notification Act notice after December 31, 2014, and met other criteria related to loss of employment; have been (or will be) seriously impacted by changes in trade through loss of employment; or satisfy at least two specified conditions, including status as an energy-transitioning or low-income community and other factors related to employment and economic activity. For businesses or individuals located in or investing in a zone, the bill allows: an employment tax credit, increased expensing, nonrecognition of gain from certain investments, a 3-year carryback of net operating losses, a tax credit for bonds issued for a community economic development plan, a 15-year depreciation period for certain rebuilt and retrofitted property, an increased deduction for start-up expenditures, and an increased new markets tax credit. Treasury must approve community economic development plans using specified criteria and may award grants for assessments to develop the plans. The Department of Commerce must deploy teams to provide support and assistance to a region if: (1) it is requested by the governor, and (2) the region is experiencing or threatened with an abrupt rise of unemployment or other specified economic hardships.

Community Economic Assistance Act of 2017

Sen. Robert Casey [D-PA]

Sen. Amy Klobuchar [D-MN]

Date	Chamber	Action
2017-01-12	Senate	Read twice and referred to the Committee on Finance.

HB2931 (Same As) 2017-06-16 - Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/142/all-info
Text	https://www.congress.gov/115/bills/s142/BILLS-115s142is.pdf