To amend the Internal Revenue Code of 1986 to extend certain tax benefits related to empowerment zones to the District of Columbia.

Bill: 116-hr-6059
Sponsor: full_name: Del. Norton, Eleanor Holmes [D-DC-At Large]
Introduced: 2020-03-02
Policy area: Taxation
Subjects: Business investment and capital

District of Columbia

Economic development

Employee hiring

Income tax credits

Income tax deductions

Income tax exclusion

Securities

Wages and earnings
Latest action: action_date: 2020-03-02
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2020-03-02
action_desc: Introduced in House
text: <p>This bill designates an empowerment zone in the District of Columbia. (Empowerment zones are federally designated geographic areas where certain federal tax incentives and grants are allowed to increase investment and employment.) </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6059 IN THE HOUSE OF REPRESENTATIVES March 2, 2020 Ms. Norton introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to extend certain tax benefits related to empowerment zones to the District of Columbia.

1. District of Columbia treated as empowerment zone (a) In general Section 1391(b)(2) of the Internal Revenue Code of 1986 is amended by adding at the end the following: There shall be treated as an empowerment zone designated under this section so much of the District of Columbia as would result in the largest area within DC meeting the eligibility requirements for designation under 1391. Deemed treatment under the preceding sentence shall not be taken into account in determining the number of empowerment zones which may be designated under this section. . (b) Effective date The amendments made by this section shall apply to periods beginning after December 31, 2019.