{"bills":[{"photos":{"featured":"https://assets.countable.us/bill/photo/s790-114/featured_economic-freedom-zones-act-of-2015-1470788347.jpg","featured_large":"https://assets.countable.us/bill/photo/s790-114/featured_large_economic-freedom-zones-act-of-2015-1470788347.jpg","shareable":"https://n.countable.us/share-images/bills/s790-114.png"},"introduced_on":"2015-03-18","title_override":"Would 'Economic Freedom Zones' Drive Job Growth in Impoverished Areas?","summary_override":"

This bill aims to facilitate job growth, entrepreneurship, and improved educational opportunities by creating \"Economic Freedom Zones\" in economically distressed areas. Individuals and businesses investing in those areas would receive tax breaks and would be exempt from complying with certain regulations.

An area designated as an Economic Freedom Zone would be prohibited from receiving federal assistance (e.g. loans, loan guarantees, or purchases). Economic Freedom Zones would be defined as a state, municipality, zip code, or rural area that is:

A debtor in a bankruptcy;
An insolvent municipality or state that can no longer pay its debts;
Eligible for bankruptcy;
Blighted with poverty and high rates of unemployment (defined as 1.5 times the national average or more).

After an Economic Freedom Zone is designated, this bill would activate tax incentives for individuals and corporations to invest in them by establishing:

5 percent flat tax rate on individual & corporate income in the zone;
0 percent capital gains tax rate on profits from the sale of assets and property in Economic Freedom Zones -- which could be tangible assets like property or intangible like stocks;
Reduced employment tax rates;
Increased allowance for business property expensing.

Economic Freedom Zones would be exempt from having to comply with some environmental regulations, historic preservation requirements, and wage rate requirements under the Davis-Bacon Act.

This bill amends the tax code to allow:

A\n $5000 tax credit for a student attending elementary or secondary school\n whose primary residence is in an Economic Freedom Zone.
A tax-exempt educational savings account for individuals living in an Economic Freedom Zone.
A\n tax credit, rather than a tax deduction, for contributions to a \ncharitable organization serving individuals in an Economic Freedom Zone.

The\n Elementary and Secondary Education Act of 1965 would be amended to \nallow special allocation of grant funds to children whose families live \nin an Economic Freedom Zone and whose incomes are below the federal \npoverty level.

To widen the pool of \ninvestors, the Secretary of Homeland Security (DHS) and Secretary of \nLabor to issue Special Economic Freedom Zone Visas to aliens meeting \neducational & skill requirements who seek to enter the U.S. to \ninvest in Economic Freedom Zones.

","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 increase community involvement in bankrupt or economically distressed areas.","short_title":"Economic Freedom Zones Act of 2015","popular_title":null,"short_summary":"Economic Freedom Zones Act of 2015\n\nProhibits federal assistance (e.g., loans, loan guarantees, or purchases) from being provided to: (1) a municipality or a zip code (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 municipality that is insolvent.\n\nSets forth requirements for the designation of an eligible entity that is a municipality as an Economic Freedom Zone for a 10-year period, including bankruptcy eligibility, insolvency, or pervasive poverty, unemployment, and general distress.\n\nAmends 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 ...","summarized":true,"cost":null,"cost_commentary":"A CBO cost estimate is unavailable.","impact":"Families & individuals who live in an Economic Freedom Zone, prospective investors and entrepreneurs, areas designated as Economic Freedom Zones, state & local governments, the Internal Revenue Service, the Department of Education, the Department of Labor, the Environmental Protection Agency, the Department of Homeland Security.","argument_for":"This bill would incentivize entrepreneurs to invest and create jobs in economically depressed communities to revitalize themselves, and it doesn’t require a federal bailout or stimulus.","argument_against":"Economically distressed communities will need more assistance than just tax breaks. 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Would 'Economic Freedom Zones' Drive Job Growth in Impoverished Areas?