3.0.0 144 2023-01-11T13:34:07Z 2023-01-11T13:34:07Z Senate S 2017-01-12 115 ssfi00 Finance Committee Senate Standing Referred to 2017-01-12T21:51:43Z 2017-01-12 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-01-12 Introduced in Senate IntroReferral 10000 9 Library of Congress C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA N M001111 Sen. Murray, Patty [D-WA] Patty Murray D WA 2017-01-12 True 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 2017-01-12 Introduced in Senate 2017-03-30T18:58:50Z Promise Zone Job Creation Act of 2017

This bill amends the Internal Revenue Code to direct the Departments of Housing and Urban Development and Agriculture, acting jointly, to designate, before January 1, 2019, not more than 40 areas as Promise Zones for purposes of priority consideration in federal grant programs and initiatives. Twelve of such areas shall be outside of a metropolitan statistical area or shall be determined to be rural areas.

A "Promise Zone" is any area with a continuous boundary and a population of not more than 200,000 that is nominated by one or more local governments or Indian tribes and designated on the basis of unemployment rates, poverty rates, vacancy rates, crime rates, household income, home ownership, labor force participation, and educational attainment. An application for designation as a Promise Zone shall include a competitiveness plan that addresses the need of the area to attract investment and jobs and improve educational opportunities.

The bill 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.

A "Promise Zone property" is a 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 2017 Display Title Promise Zone Job Creation Act of 2017 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide for the establishment of Promise Zones. Introduced in Senate IS Short Titles as Introduced Promise Zone Job Creation Act of 2017 Introduced in Senate 2017-01-12T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s144is/xml/BILLS-115s144is.xml 2017-01-12 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.