Community Economic Assistance Act of 2017

Summary

Community Economic Assistance Act of 2017 This bill amends the Internal Revenue Code to provide for the establishment of community economic assistance zones that are eligible for certain tax deductions and credits. A zone must be nominated by the governor of the state where it is located and designated by the Department of the Treasury. A nominated area must: have received a Worker Adjustment and Retraining Notification Act notice after December 31, 2014, and met other criteria related to loss of employment; have been (or will be) seriously impacted by changes in trade through loss of employment; or satisfy at least two specified conditions, including status as an energy-transitioning or low-income community and other factors related to employment and economic activity. For businesses or individuals located in or investing in a zone, the bill allows: an employment tax credit, increased expensing, nonrecognition of gain from certain investments, a 3-year carryback of net operating losses, a tax credit for bonds issued for a community economic development plan, a 15-year depreciation period for certain rebuilt and retrofitted property, an increased deduction for start-up expenditures, and an increased new markets tax credit. Treasury must approve community economic development plans using specified criteria and may award grants for assessments to develop the plans. The Department of Commerce must deploy teams to provide support and assistance to a region if: (1) it is requested by the governor, and (2) the region is experiencing or threatened with an abrupt rise of unemployment or other specified economic hardships.

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Timeline

1. 12 January 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 12 January 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 12 January 2017 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 January 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 January 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 12 January 2017

  Open at official source

Sponsors

• Sen. Casey, Robert P., Jr. [D-PA] · D · Sponsor
• Amy Klobuchar · D · Sponsor
• · ssfi00 · Standing

Related records

• related to ← Community Economic Assistance Act of 2017