US SB1551 | 2017-2018 | 115th Congress

Status

Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on July 13 2017 - 25% progression
Action: 2017-07-13 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Economic Freedom Zones Act of 2017 This bill prohibits the federal government from providing: (1) assistance (e.g., loans, loan guarantees, or purchases) to a municipality or zip code, other than the assistance provided for in this bill for an area designated as an Economic Freedom Zone; and (2) financial assistance to a bankrupt or insolvent municipality, except as provided by this bill. The bill sets forth requirements for designating municipalities, counties, cities, and zip codes as zones for a 10-year period, including bankruptcy eligibility, risk of insolvency, pervasive poverty, unemployment, and general distress. The bill amends the Internal Revenue Code to allow reduced tax rates, tax credits, tax-exempt educational savings accounts, increased expensing of business property, and other tax incentives for individuals and businesses located in or investing in a zone. The zones are exempt from compliance with: (1) specified environmental regulations, (2) the Wild and Scenic Rivers Act, (3) requirements applicable to a National Heritage Area, and (4) wage rate requirements under the Davis-Bacon Act. The bill amends the Elementary and Secondary Education Act of 1965 to allow a special allocation of grant funds for children from families who reside in a zone and have incomes below the federal poverty level. The Department of Homeland Security may issue special visas to aliens meeting certain capital, educational, and skill requirements who intend to enter the United States to invest in a zone.

Tracking Information

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Title

Economic Freedom Zones Act of 2017

Sponsors


History

DateChamberAction
2017-07-13SenateRead twice and referred to the Committee on Finance.

Subjects

Administrative law and regulatory procedures
Air quality
Bankruptcy
Building construction
Business investment and capital
Capital gains tax
Charitable contributions
Corporate finance and management
Credit and credit markets
Economic development
Economic performance and conditions
Economics and public finance
Education programs funding
Elementary and secondary education
Employee benefits and pensions
Employment taxes
Environmental assessment, monitoring, research
Environmental Protection Agency (EPA)
Environmental regulatory procedures
Foreign labor
Government employee pay, benefits, personnel management
Government lending and loan guarantees
Government trust funds
Income tax credits
Income tax deductions
Income tax exclusion
Income tax rates
Labor standards
Labor-management relations
Licensing and registrations
Poverty and welfare assistance
Public contracts and procurement
Residential rehabilitation and home repair
Roads and highways
Securities
Self-employed
Social security and elderly assistance
Social work, volunteer service, charitable organizations
State and local finance
State and local taxation
Student aid and college costs
Tax reform and tax simplification
Transportation programs funding
Unemployment
Visas and passports
Wages and earnings
Water quality
Wilderness and natural areas, wildlife refuges, wild rivers, habitats

US Congress State Sources


Bill Comments

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