S. 914 · 110th Congress
Economic Development Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
VoinovichSponsor7 cosponsors · 7 R
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Economic Development Act of 2007 - Authorizes any state to provide to any person for economic development purposes tax incentives that otherwise would be the cause or source of discrimination against interstate commerce under the Commerce Clause of the Constitution.
What it does: CRS summary · Introduced in Senate · Mar 19, 2007
Economic Development Act of 2007 - Authorizes any state to provide to any person for economic development purposes tax incentives that otherwise would be the cause or source of discrimination against interstate commerce under the Commerce Clause of the Constitution. Disqualifies any incentive that: (1) is dependent upon the state or country of incorporation, commercial domicile, or residence of an individual; (2) requires the recipient to acquire, lease, license, use, or provide services to property created in the state; (3) is reduced or eliminated as a result of an increase in out-of-state activity by the recipient or other person or as a result of such other person not having a taxable presence in the state; (4) results in loss of a compensating tax system, because the tax on interstate commerce exceeds the tax on intrastate commerce; (5) requires that other taxing jurisdictions offer reciprocal tax benefits; or (6) requires that a tax incentive earned with respect to one tax can only be used to reduce a tax burden for, or provide a tax benefit against, any other tax that is not imposed on apportioned interstate activities.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Economic Development Act of 2007
Latest action (Mar 19, 2007): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Mar 19, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.