3.0.0 1541 2023-01-15T06:17:46Z 2023-01-15T06:17:46Z Senate S S 2003-07-31 108 ssfi00 Finance Committee Senate Standing Referred to 2003-08-01T02:04:34Z 2003-07-31 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2003-07-31 Introduced in Senate IntroReferral 10000 9 Library of Congress E000286 Sen. Edwards, John [D-NC] JOHN EDWARDS D NC N Foreign Trade and International Finance Administrative procedure Commerce Community colleges Corporation taxes Department of Labor Depreciation and amortization Depressed areas Dislocated workers Economics and Public Finance Enterprise zones Federal aid to education Finance and Financial Sector Government Operations and Politics Higher education Income tax Labor and Employment Law Layoffs Location of industries Plant shutdowns Tax credits Tax deductions Tax exclusion Tax-exempt securities Taxation Textile industry Trade adjustment assistance Unemployment Foreign Trade and International Finance 00 2003-07-31 Introduced in Senate 2004-03-04T22:17:43Z Economic Revitalization Act - Amends the Internal Revenue Code to provide for economic revitalization zones designated by the Secretary of Labor in areas where: (1) the average unemployment rate for the most recent period for which data is available is at least 150 percent of the average national unemployment rate; (2) more than ten percent of the total employment in the area during 1993 consisted of employment in a trade-affected industry, or more than 15 percent consisted of employment in all of the trade-affected industries located in the area; and (3) employment in a trade-affected industry located in such area decreased by more than 20 percent during the period from 1993 through 2002.

Requires priority for designation to be given to areas which: (1) are located in States that have experienced employment in a trade-affected industry decline by more than 50 percent since 1993; and (2) have suffered the loss of more than 1000 jobs in the trade-affected industry within the preceding year.

Defines trade-affected industry as any industry listed in a three-digit North American industry classification system subsector: (1) which had a total labor force of at least 200,000 during 1994; (2) in which the number of employees has declined by more than 30 percent since 1993; and (3) in which the total number of workers certified through the trade adjustment assistance and the North American Free Trade Agreement (NAFTA) transitional adjustment assistance programs under the Trade Act of 1974 from 1994 through 2002 was not less than an amount equal to ten percent of such industry's total labor force in 1994.

Requires treatment of an economic revitalization zone as an empowerment zone for purposes of applying specified tax incentives, including the new markets tax credit.

Amends the Trade Act of 1974 to authorize the award of competitive grants to community colleges to establish job training programs for adversely affected workers.

Presumes a group of workers at a textile or apparel firm to be adversely affected and eligible for trade adjustment assistance benefits under the Trade Adjustment Assistance Reform Act of 2002 if: (1) a significant number or proportion of the workers in the workers' firm or an appropriate subdivision of the firm has become totally or partially separated, or are threatened to become totally or partially separated; (2) the sales or production of the workers' firm has decreased, or the workers' plant or facility has closed or relocated; and (3) such event contributed importantly to the workers' separation or threat of separation.

]]> Economic Revitalization Act Display Title Economic Revitalization Act Official Title as Introduced A bill to aid dislocated workers and rebuild communities devastated by international trade, and for other purposes. Introduced in Senate IS Short Titles as Introduced Economic Revitalization Act Introduced in Senate 2003-07-31T04:00:00Z 2003-07-31 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.