3.0.0 4941 2023-01-11T13:26:13Z 2023-01-11T13:26:13Z House H HR 2014-06-23 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PETERS of Michigan:H.R. 4941.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1[Page H5640]]]> hswm00 Ways and Means Committee House Standing Referred to 2014-06-23T16:01:00Z Promise Zone Job Creation Act of 2014 113 2597 S 2014-07-14 Read twice and referred to the Committee on Finance. Related bill CRS 2014-06-23 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2014-06-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-06-23 Introduced in House IntroReferral 1000 9 Library of Congress P000595 Rep. Peters, Gary C. [D-MI-14] Gary Peters D MI 14 N Taxation Business investment and capital Economic development Employee hiring Income tax credits Income tax deductions Indian social and development programs Rural conditions and development Urban and suburban affairs and development Wages and earnings Taxation 00 2014-06-23 Introduced in House 2014-07-31T15:41:12Z Promise Zone Job Creation Act of 2014 - Amends the Internal Revenue Code to direct the Secretary of Housing and Urban Development (HUD) and the Secretary of Agriculture (USDA) to designate up to 20 areas as Promise Zones for purposes of priority consideration in federal grant programs and initiatives.

Defines a "Promise Zone" as any area with a continuous boundary and a population of not more than 200,000 that is nominated by a local government or Indian tribe and designated on the basis of its unemployment rate, poverty rate, household income, labor force participation, and educational attainment. Requires an application for designation as a Promise Zone to include a competitiveness plan that addresses the need of the area to attract investment and jobs and improve educational opportunities.

Allows: (1) a Promise Zone employment tax credit for wages paid to a qualified zone or resident employee, and (2) expensing of Promise Zone property.

Defines "Promise Zone property" as property that is: (1) tangible property with a recovery period of 20 years or less for depreciation purposes, water utility property, computer software, or qualified leasehold improvement property; (2) acquired by purchase for use in the active conduct of a trade or business; and (3) originally placed in service in a Promise Zone.

]]> Promise Zone Job Creation Act of 2014 Display Title Promise Zone Job Creation Act of 2014 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for the establishment of Promise Zones. Introduced in House IH Short Titles as Introduced Promise Zone Job Creation Act of 2014 Introduced in House 2014-06-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr4941ih/xml/BILLS-113hr4941ih.xml 2014-06-23 Referred to the House Committee on Ways and Means. 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.