All Information (Except Text) for S.1551 - Economic Freedom Zones Act of 2017115th Congress (2017-2018)
|Sponsor:||Sen. Paul, Rand [R-KY] (Introduced 07/13/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 07/13/2017 Read twice and referred to the Committee on Finance. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Titles as Introduced
Economic Freedom Zones Act of 2017
Official Titles - Senate
Official Titles as Introduced
A bill to provide for the establishment of free market enterprise zones in order to help facilitate the creation of new jobs, entrepreneurial opportunities, enhanced and renewed educational opportunities, and increased community involvement in bankrupt or economically distressed areas.
Actions Overview (1)
|07/13/2017||Introduced in Senate|
07/13/2017 Introduced in Senate
All Actions (1)
|07/13/2017||Read twice and referred to the Committee on Finance.|
Action By: Senate
07/13/2017 Read twice and referred to the Committee on Finance.
|Sen. McConnell, Mitch [R-KY]*||07/13/2017|
|Committee / Subcommittee||Date||Activity||Related Documents|
|Senate Finance||07/13/2017||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Administrative law and regulatory procedures
- Air quality
- 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
- Education programs funding
- Elementary and secondary education
- Employee benefits and pensions
- Employment taxes
- Environmental Protection Agency (EPA)
- Environmental assessment, monitoring, research
- 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
- 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
- Visas and passports
- Wages and earnings
- Water quality
- Wilderness and natural areas, wildlife refuges, wild rivers, habitats
Latest Summary (1)
Introduced in Senate (07/13/2017)
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.