H.R.1525 - Economic Development Act for Distressed Zones of 2019116th Congress (2019-2020) |
|Sponsor:||Rep. Gonzalez-Colon, Jenniffer [R-PR-At Large] (Introduced 03/05/2019)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 03/05/2019 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.1525 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (03/05/2019)
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