Rebuilding and Renewing Rural America Act of 2016

Summary

Rebuilding and Renewing Rural America Act of 2016 This bill modifies: (1) tax and regulatory policies that affect certain rural communities, and (2) tax rules that apply to private foundations. The bill amends the Internal Revenue Code, with respect to program-related investments made by private foundations for a charitable purpose, to: modify the definition of and requirements for program-related investments; allow a declaratory judgment remedy to determine whether investments in any entity are program-related investments; expand reporting requirements for for-profit entities that receive program-related investments; and allow public inspection of petitions seeking a determination of program-related investment status and annual information returns. The bill also includes several tax provisions that apply to rural renewal communities, which are low-income communities that: (1) have a population of at least 200 people but not more than 25,000 people, and are not located in a metropolitan area which has a population of 200,000 or more; or (2) are entirely within an Indian reservation. With respect to such communities, the bill: allows tax credits for a portion of the costs of reducing lead, radon, or asbestos hazards in rural commercial structures; expands the new markets tax credit; allows expensing of certain depreciable business assets; reduces payroll taxes; and allows tax-preferred rural renewal community business start-up savings accounts. Reducing Excessive Government in Rural America Act of 2016 Congress must consider legislation to reduce the regulatory cost to rural America by at least 10% over 10 years by repealing certain regulations. The legislation must be considered using expedited legislative procedures specified in the bill.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 July 2016

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 July 2016

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 14 July 2016

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.