S. 2597 · 113th Congress
Promise Zone Job Creation Act of 2014
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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CaseySponsorNo cosponsors.
Promise Zone Job Creation Act of 2014 - Amends the Internal Revenue Code to direct the Secretary of Housing and Urban Development (HUD) and the Secretary of Agriculture (USDA) to designate up to 20 areas as Promise Zones for purposes of priority consideration in federal grant programs and initiatives.
What it does: CRS summary · Introduced in Senate · Jul 14, 2014
Promise Zone Job Creation Act of 2014 - Amends the Internal Revenue Code to direct the Secretary of Housing and Urban Development (HUD) and the Secretary of Agriculture (USDA) to designate up to 20 areas as Promise Zones for purposes of priority consideration in federal grant programs and initiatives.
Defines a "Promise Zone" as any area with a continuous boundary and a population of not more than 200,000 that is nominated by a local government or Indian tribe and designated on the basis of its unemployment, poverty, vacancy, and crime rates. Requires an application for designation as a Promise Zone to include a competitiveness plan that addresses the need of the area to attract investment and jobs and improve educational opportunities.
Allows: (1) a Promise Zone employment tax credit for wages paid to a qualified zone or resident employee, and (2) expensing of Promise Zone property.
Defines "Promise Zone property" as property that is: (1) tangible property with a recovery period of 20 years or less for depreciation purposes, water utility property, computer software, or qualified leasehold improvement property; (2) acquired by purchase for use in the active conduct of a trade or business; and (3) originally placed in service in a Promise Zone.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Promise Zone Job Creation Act of 2014
Latest action (Jul 14, 2014): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jul 14, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.