House - 08/28/2020 Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, 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. (All Actions)
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Introduced
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[actionDate] => 2020-08-28
[displayText] => Introduced in House
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)
To amend the Internal Revenue Code of 1986 to establish Hemp Opportunity Zones.
Actions Overview (1)
Date
Actions Overview
08/28/2020
Introduced in House
08/28/2020 Introduced in House
All Actions (3)
Date
All Actions
08/28/2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, 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. Action By: House of Representatives
08/28/2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, 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. Action By: House of Representatives
08/28/2020
Introduced in House Action By: House of Representatives
08/28/2020 Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, 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.
08/28/2020 Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, 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.
08/28/2020 Introduced in House
Cosponsors (0)
No cosponsors.
Committees (2)
Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.
Committee / Subcommittee
Date
Activity
Related Documents
House Ways and Means
08/28/2020
Referred to
House Agriculture
08/28/2020
Referred to
Related Bills (0)
No related bill information was received for H.R.8131.
The bill permits the designation of up to 25% of the low-income communities as Hemp Opportunity Zones. Hemp, or industrial hemp, is a variety of the cannabis sativa plant species grown specifically for certain industrial uses, such as making rope, strong fabrics, fiberboard, and paper.
In designating such zones, preference must be given to areas that are facing obstacles to economic development, are the focus of governmental or private economic development initiatives, are poised for economic growth requiring access to a larger hemp market, and represent the areas of a state where hemp production would result in the highest return on investment.
The bill also allows
deferral of tax on gain from investment in Hemp Opportunity Zones,
immediate expensing off qualified zone business property,
an increased business income tax deduction for hemp producers,
a start-up tax credit for hemp farmers, and
a 30% investment tax credit for the farming property of certain small hemp farmers.
The bill requires the Department of the Treasury to study certain issues relating to hemp production, including the potential opportunities for hemp seed to be used as animal feed and for the use of hemp to create personal protective equipment for health care workers and first responders.
All Summaries (1)
Shown Here: Introduced in House (08/28/2020)
Hemp Opportunity Zone Act of 2020
The bill permits the designation of up to 25% of the low-income communities as Hemp Opportunity Zones. Hemp, or industrial hemp, is a variety of the cannabis sativa plant species grown specifically for certain industrial uses, such as making rope, strong fabrics, fiberboard, and paper.
In designating such zones, preference must be given to areas that are facing obstacles to economic development, are the focus of governmental or private economic development initiatives, are poised for economic growth requiring access to a larger hemp market, and represent the areas of a state where hemp production would result in the highest return on investment.
The bill also allows
deferral of tax on gain from investment in Hemp Opportunity Zones,
immediate expensing off qualified zone business property,
an increased business income tax deduction for hemp producers,
a start-up tax credit for hemp farmers, and
a 30% investment tax credit for the farming property of certain small hemp farmers.
The bill requires the Department of the Treasury to study certain issues relating to hemp production, including the potential opportunities for hemp seed to be used as animal feed and for the use of hemp to create personal protective equipment for health care workers and first responders.
