Community Economic Assistance Act of 2017
Latest action · Jan 12, 2017 Read twice and referred to the Committee on Finance.
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.
- IntroducedJan 12, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jan 12, 2017.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Amy Klobuchar | Original | Jan 12, 2017 |
Actions 2
Everything that happened, newest first.
- Jan 12, 2017Introduced in Senate
- Jan 12, 2017Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2931 | Community Economic Assistance Act of 2017 | Identical bill | Jun 16, 2017 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jan 12, 2017Introduced in Senate
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.