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United States · Bill · S

S. 1551 (115th)

Economic Freedom Zones Act of 2017

referredUnited States· United States Congress· EN

Introduced

13 July 2017

Last action

13 July 2017 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Paul, Rand [R-KY], Sen. McConnell, Mitch [R-KY]

Subjects

Environment, Taxation, Education

Source updated

11 August 2025

Environment · Taxation · Education

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Summary

Economic Freedom Zones Act of 201 7 This bill prohibits the federal government from providing: (1) assistance (e.g., loans, loan guarantees, or purchases) to a municipality or zip code, other than the assistance provided for in this bill for an area designated as an Economic Freedom Zone; and (2) financial assistance to a bankrupt or insolvent municipality, except as provided by this bill. The bill sets forth requirements for designating municipalities, counties, cities, and zip codes as zones for a 10-year period, including bankruptcy eligibility, risk of insolvency, pervasive poverty, unemployment, and general distress. The bill amends the Internal Revenue Code to allow reduced tax rates, tax credits, tax-exempt educational savings accounts, increased expensing of business property, and other tax incentives for individuals and businesses located in or investing in a zone. The zones are exempt from compliance with: (1) specified environmental regulations, (2) the Wild and Scenic Rivers Act, (3) requirements applicable to a National Heritage Area, and (4) wage rate requirements under the Davis-Bacon Act. The bill amends the Elementary and Secondary Education Act of 1965 to allow a special allocation of grant funds for children from families who reside in a zone and have incomes below the federal poverty level. The Department of Homeland Security may issue special visas to aliens meeting certain capital, educational, and skill requirements who intend to enter the United States to invest in a zone.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 13 July 2017

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 13 July 2017

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 13 July 2017

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 13 July 2017

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  • Introduced in Senate

    summary · EN · 13 July 2017

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Sponsors

Related records

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Sources

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