3.0.0 8131 2023-01-11T13:45:23Z 2023-01-11T13:45:23Z House HR 2020-08-28 116 [Congressional Record Volume 166, Number 151 (Friday, August 28, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. RIGGLEMAN:H.R. 8131.Congress has the power to enact this legislation pursuantto the following:The power to regulate commerce under article 1, section 8,clause 3.[Page H4312]]]> hsag00 Agriculture Committee House Standing Referred to 2020-08-28T13:00:15Z hswm00 Ways and Means Committee House Standing Referred to 2020-08-28T13:00:10Z 2020-08-28 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. IntroReferral H11100 2 House floor actions hsag00 Agriculture Committee 2020-08-28 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2020-08-28 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-08-28 Introduced in House IntroReferral 1000 9 Library of Congress R000611 Rep. Riggleman, Denver [R-VA-5] Denver Riggleman R VA 5 N Taxation Administrative law and regulatory procedures Business investment and capital Capital gains tax Economic development Financial services and investments Government information and archives Horticulture and plants Income tax deductions Income tax exclusion Income tax rates Securities State and local government operations Taxation 00 2020-08-28 Introduced in House 2020-10-14T16:30:10Z 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.

]]> Hemp Opportunity Zone Act of 2020 Display Title Hemp Opportunity Zone Act of 2020 Short Title(s) as Introduced Hemp Opportunity Zone Act of 2020 Introduced in House IH Official Title as Introduced To amend the Internal Revenue Code of 1986 to establish Hemp Opportunity Zones. Introduced in House IH Introduced in House 2020-08-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr8131ih/xml/BILLS-116hr8131ih.xml 2020-08-28 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. 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.