Rust to Revitalization Act of 2022

Hozzl · 2022-12-29T22:03:48Z

Explore the details of House Bill 7183 Rust to Revitalization Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 10:03 PM

Summary of Bill HR 7183

Bill 117 HR 7183, also known as the Rust to Revitalization Act of 2022, aims to address the economic challenges faced by communities in the United States that have been negatively impacted by the decline of the manufacturing industry. The bill focuses on providing support and resources to help these communities transition to new industries and revitalize their economies.

One key aspect of the bill is the creation of a grant program that will provide funding to local governments and organizations to support economic development projects in areas affected by industrial decline. These projects may include infrastructure improvements, workforce training programs, and initiatives to attract new businesses to the area.

Additionally, the Rust to Revitalization Act includes provisions to support small businesses in these communities, such as access to low-interest loans and technical assistance. The bill also aims to promote innovation and entrepreneurship by providing funding for research and development initiatives in key industries. Overall, the Rust to Revitalization Act of 2022 seeks to help communities that have been impacted by the decline of the manufacturing industry to rebuild their economies and create new opportunities for growth and prosperity.

Congressional Summary of HR 7183

Rust to Revitalization Act of 2022

This bill sets forth a special rule for the certification and designation of a population census tract as a qualified opportunity zone. The population census tract must have a population of zero, was previously used for industrial purposes and is a brownfield industrial site, and is contiguous, including by water, to a population census tract that has been designated as a qualified opportunity zone.

A qualified opportunity zone is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 7183

Bill HR 7183 is currently in the status of Bill Introduced since March 21, 2022. Bill HR 7183 was introduced during Congress 117 and was introduced to the House on March 21, 2022. Bill HR 7183's most recent activity was Referred to the House Committee on Ways and Means. as of March 21, 2022

Bipartisan Support of Bill HR 7183

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7183

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 7183

Rust to Revitalization Act of 2022

To amend the Internal Revenue Code of 1986 to provide a special rule for designating former industrial tracts contiguous to designated opportunity zones, and for other purposes.