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senate Bill S. 1852

Fighting Poverty by Empowering Entrepreneurs

Argument in favor

Encourages entrepreneurs and investors to buy into economically depressed communities and revitalize them, WITHOUT a federal bailout or stimulus.

Argument opposed

Economically distressed communities need more assistance than just tax breaks. Real changes will be achieved with government spending on infrastructure and public services.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Committee on Finance
    IntroducedDecember 18th, 2013

Bill Details

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Title

Economic Freedom Zones Act of 2013

Official Title

A bill to provide for the establishment of free market enterprise zones in order to help facilitate the creation of new jobs, entrepreneurial opportunities, enhanced and renewed educational opportunities, and increased community involvement in bankrupt or economically distressed areas.

Summary

Economic Freedom Zones Act of 2013 - Prohibits federal assistance (e.g., loans, loan guarantees, or purchases) from being provided to: (1) a state, municipality, zip code, or rural area (eligible entity) other than an entity that is designated an Economic Free Zone by this Act; (2) a municipality that is a debtor in a bankruptcy proceeding; or (3) a state or municipality that is insolvent. Sets forth requirements for the designation of an eligible entity as an Economic Freedom Zone, including bankruptcy eligibility, insolvency, or pervasive poverty, unemployment, and general distress. Amends the Internal Revenue Code to provide tax incentives for investment in an Economic Freedom Zone, including; (1) a  5% flat tax rate on the taxable income of individuals and corporations, (2) a 0% capital gains tax rate for gain from the sale or exchange of Economic Freedom Zone assets or real property, (3) reduced employment tax rates, and (4) an increase in the expensing allowance for business property in an Economic Freedom Zone. Exempts an area designated as an Economic Freedom Zone from: (1) compliance with specified environmental regulations, (2) requirements applicable to a National Heritage Area, and (3) wage rate requirements under the Davis-Bacon Act. Amends the Internal Revenue Code to allow: (1) a tax credit, up to $5,000 in a taxable year, for the elementary and secondary education expenses of a student attending a public, private, or religious school whose principal residence is located in an Economic Freedom Zone; (2) a tax-exempt Economic Freedom Zone educational savings account for individuals whose principal residence is located in an Economic Freedom Zone; and (3) a tax credit, in lieu of a tax deduction, for contributions to a charitable organization serving individuals in an Economic Freedom Zone. Amends the Elementary and Secondary Education Act of 1965 to allow a special allocation of grant funds under such Act for the benefit of children from families residing in an Economic Freedom Zone whose incomes are below the federal poverty level. Authorizes the Secretary of Homeland Security (DHS), in collaboration with the Secretary of Labor, to issue Special Economic Freedom Zone Visas to aliens meeting certain educational and skill requirements who intend to enter the United States to invest in an Economic Freedom Zone. Expresses the sense of the Senate that state and local governments should review and adopt specified policy recommendations relating to pension reform, tax reduction, adoption of school choice options, adoption of right-to-work laws, streamlining the regulatory burden, and reducing or fixing abandoned structures.

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