Detroit Economic Competitiveness Act
Latest action · Sep 21, 2012 Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, 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.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 21, 2012
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Detroit Economic Competitiveness Act - Amends the Internal Revenue Code to establish the Detroit Jobs Trust Fund to finance economic development in Detroit, Michigan. Requires the Secretary of the Treasury to make annual distributions from such Fund to the city of Detroit for payment of debt obligations and for job development, public safety, education, and business and public infrastructure. Prohibits any distributions unless the city of Detroit: (1) does not impose an income tax during a period of distribution, (2) has made specified reductions in aggregate property taxes, (3) has used prior distributions as required under this Act, (4) has provided required information to the Comptroller General (GAO), and (5) has implemented a five-year plan describing development goals for Detroit and detailing how distributions from the Trust Fund will be spent. Terminates such Fund five years after enactment of this Act.
Requires GAO to submit annual reports to Congress describing the use of distributions from the Trust Fund, the extent to which progress has been made in meeting the plan's development goals, and Comptroller General recommendations for improving the program established under this Act.
Excludes from gross income capital gain from the sale or exchange of investment property used in trade or business in Detroit.
Cosponsors 2
Members who signed on, in the order they did. All signed on Sep 21, 2012.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-DC | Eleanor Holmes Norton | Original | Sep 21, 2012 |
| D-MO | Wm. Lacy Clay | Original | Sep 21, 2012 |
Actions 2
Everything that happened, newest first.
- Sep 21, 2012Introduced in House
- Sep 21, 2012Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, 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.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Business investment and capital
- Capital gains tax
- Congressional oversight
- Economic development
- Education programs funding
- Elementary and secondary education
- Employment taxes
- Government trust funds
- Income tax exclusion
- Infrastructure development
- Michigan
- Sales and excise taxes
- Securities
- State and local finance
- Tax administration and collection, taxpayers
- Taxation
- Urban and suburban affairs and development
Text 1
Each version as it was printed, newest first.
- Sep 21, 2012Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.