United States 114th Congress Status: Died 1 R cosponsors

S 790 — Economic Freedom Zones Act of 2015

Last action — Read twice and referred to the Committee on Finance.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Economic Freedom Zones Act of 2015 Prohibits 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. Sets 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. 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.

Bill Text

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Action History

  1. Read twice and referred to the Committee on Finance.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

Administrative law and regulatory procedures Air quality Bankruptcy Building construction Business investment and capital Capital gains tax Charitable contributions Corporate finance and management Credit and credit markets Economic development Economic performance and conditions Education programs funding Elementary and secondary education Employee benefits and pensions Employment taxes Environmental Protection Agency (EPA) Environmental assessment, monitoring, research Environmental regulatory procedures Foreign labor Government employee pay, benefits, personnel management Government lending and loan guarantees Government trust funds Income tax credits Income tax deductions Income tax exclusion Income tax rates Labor standards Labor-management relations Licensing and registrations Poverty and welfare assistance Public contracts and procurement Residential rehabilitation and home repair Roads and highways Securities Self-employed Social security and elderly assistance Social work, volunteer service, charitable organizations State and local finance State and local taxation Student aid and college costs Tax reform and tax simplification Transportation programs funding Unemployment Visas and passports Wages and earnings Water quality Wilderness and natural areas, wildlife refuges, wild rivers, habitats Economics and public finance
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Frequently asked questions

What does S 790 do?
Economic Freedom Zones Act of 2015 Prohibits 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. Sets 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. 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.
Who sponsors S 790?
S 790 is sponsored by Rand Paul (R).
What is the current status of S 790?
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 790?
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