S. 3243 · 114th Congress
Rebuilding and Renewing Rural America Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GardnerSponsorNo cosponsors.
This bill modifies: (1) tax and regulatory policies that affect certain rural communities, and (2) tax rules that apply to private foundations.
What it does: CRS summary · Introduced in Senate · Jul 14, 2016
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Rebuilding and Renewing Rural America Act of 2016
Latest action (Jul 14, 2016): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jul 14, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.