Economic Development Act for Distressed Zones of 2019
- Last Action
- 3/5/2019
Actions
- 2019-03-05Referred to the House Committee on Ways and Means.
- 2019-03-05Introduced in House
- 2019-03-05Introduced in House
CRS Summary
As of 2019-03-05 (00)
Economic Development Act for Distressed Zones of 2019
This bill provides various tax credits related to economically distressed zones and establishes a procedure for state and local governments to apply for such zone designation.
Specifically, the bill provides credits to taxpayers in an economically distressed zone based on the amount of (1) wages paid by an employer to employees, (2) depreciation and amortization allowances for business property, and (3) trade or business payments made for purchases of services or property.
The bill also allows state and local governments to apply for a population census tract under their ambit to be designated as an economically distressed zone
Cosponsors (2)
- Ann Kirkpatrick (D-AZ)
- DON YOUNG (R-AK)
Subjects
- Business investment and capital
- Community life and organization
- Economic development
- Housing and community development funding
- Income tax credits
- Minority and disadvantaged businesses
- Poverty and welfare assistance
- Public-private cooperation
- Wages and earnings
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.