3.0.0 1852 2023-01-11T13:23:32Z 2023-01-11T13:23:32Z Senate S S 2013-12-18 113 ssfi00 Finance Committee Senate Standing Referred to 2013-12-18T21:11:31Z 2013-12-18 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2013-12-18 Introduced in Senate IntroReferral 10000 9 Library of Congress P000603 Sen. Paul, Rand [R-KY] Rand Paul R KY N M000355 Sen. McConnell, Mitch [R-KY] Mitch McConnell R KY 2013-12-18 True Economics and Public Finance Administrative law and regulatory procedures Air quality Bankruptcy 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 Securities Self-employed 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 Unemployment Visas and passports Wages and earnings Water quality Wilderness and natural areas, wildlife refuges, wild rivers, habitats Economics and Public Finance 00 2013-12-18 Introduced in Senate 2014-02-20T22:44:04Z Economic Freedom Zones Act of 2013 - Prohibits federal assistance (e.g., loans, loan guarantees, or purchases) from being provided to: (1) a state, municipality, zip code, or rural area (eligible entity) other than an entity that is designated an Economic Free Zone by this Act; (2) a municipality that is a debtor in a bankruptcy proceeding; or (3) a state or municipality that is insolvent.

Sets forth requirements for the designation of an eligible entity as an Economic Freedom Zone, including bankruptcy eligibility, insolvency, or pervasive poverty, unemployment, and general distress.

Amends the Internal Revenue Code to provide tax incentives for investment in an Economic Freedom Zone, including; (1) a  5% flat tax rate on the taxable income of individuals and corporations, (2) a 0% capital gains tax rate for gain from the sale or exchange of Economic Freedom Zone assets or real property, (3) reduced employment tax rates, and (4) an increase in the expensing allowance for business property in an Economic Freedom Zone.

Exempts an area designated as an Economic Freedom Zone from: (1) compliance with specified environmental regulations, (2) requirements applicable to a National Heritage Area, and (3) wage rate requirements under the Davis-Bacon Act.

Amends the Internal Revenue Code to allow: (1) a tax credit, up to $5,000 in a taxable year, for the elementary and secondary education expenses of a student attending a public, private, or religious school whose principal residence is located in an Economic Freedom Zone; (2) a tax-exempt Economic Freedom Zone educational savings account for individuals whose principal residence is located in an Economic Freedom Zone; and (3) a tax credit, in lieu of a tax deduction, for contributions to a charitable organization serving individuals in an Economic Freedom Zone.

Amends the Elementary and Secondary Education Act of 1965 to allow a special allocation of grant funds under such Act for the benefit of children from families residing in an Economic Freedom Zone whose incomes are below the federal poverty level.

Authorizes the Secretary of Homeland Security (DHS), in collaboration with the Secretary of Labor, to issue Special Economic Freedom Zone Visas to aliens meeting certain educational and skill requirements who intend to enter the United States to invest in an Economic Freedom Zone.

Expresses the sense of the Senate that state and local governments should review and adopt specified policy recommendations relating to pension reform, tax reduction, adoption of school choice options, adoption of right-to-work laws, streamlining the regulatory burden, and reducing or fixing abandoned structures.

]]> Economic Freedom Zones Act of 2013 Display Title Economic Freedom Zones Act of 2013 Official Title 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. Introduced in Senate IS Short Titles as Introduced Economic Freedom Zones Act of 2013 Introduced in Senate 2013-12-18T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s1852is/xml/BILLS-113s1852is.xml 2013-12-18 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.