A bill to amend the Internal Revenue Code of 1986 to create tax incentives for coal community zones, to provide education and training opportunities for individuals living and working in coal communities, and for other purposes.
Coal Community Empowerment Act of 2017 This bill amends the Internal Revenue Code to authorize tax incentives and grants for areas impacted by employment in coal mines. Coal Community Zones are counties that either: (1) lost at least 50 coal mining jobs from 2011-2015 out of a total of not more than 20,000 employed workers in 2011, or (2) had at least 5% of their employment in coal mining on average from 2011-2015. For taxpayers located in or investing in the zones, the bill allows: additional tax-exempt bonds, an employment tax credit for hiring individuals in the zones, additional expensing for business property, a deduction for building or revitalizing a commercial building, the elimination of capital gains taxes on certain gains that are invested in zones, and additional new markets tax credits to finance projects in the zones. The Department of Labor and the Department of Education must jointly establish grant programs for: individual support accounts to fund education and training costs that will prepare individuals in zones for long-term, high-wage employment; the development, revamping, improvement, or expansion of education and training programs for zones in in-demand industry sectors or occupations or industries in local demand; and programs for businesses to provide in-house training and future employment to individuals in zones.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Taxation
A bill to amend the Internal Revenue Code of 1986 to create tax incentives for coal community zones, to provide education and training opportunities for individuals living and working in coal communities, and for other purposes.
USA115th CongressS-1743| Senate
| Updated: 8/3/2017
Coal Community Empowerment Act of 2017 This bill amends the Internal Revenue Code to authorize tax incentives and grants for areas impacted by employment in coal mines. Coal Community Zones are counties that either: (1) lost at least 50 coal mining jobs from 2011-2015 out of a total of not more than 20,000 employed workers in 2011, or (2) had at least 5% of their employment in coal mining on average from 2011-2015. For taxpayers located in or investing in the zones, the bill allows: additional tax-exempt bonds, an employment tax credit for hiring individuals in the zones, additional expensing for business property, a deduction for building or revitalizing a commercial building, the elimination of capital gains taxes on certain gains that are invested in zones, and additional new markets tax credits to finance projects in the zones. The Department of Labor and the Department of Education must jointly establish grant programs for: individual support accounts to fund education and training costs that will prepare individuals in zones for long-term, high-wage employment; the development, revamping, improvement, or expansion of education and training programs for zones in in-demand industry sectors or occupations or industries in local demand; and programs for businesses to provide in-house training and future employment to individuals in zones.