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Rural Opportunity Zone and Investment Act
12/15/2023, 3:59 PM
Summary of Bill HR 3906
Bill 118 hr 3906, also known as the Rural Opportunity Zone and Investment Act, aims to address economic challenges faced by rural communities in the United States. The bill proposes the creation of Rural Opportunity Zones (ROZs) in designated areas that are experiencing economic distress.
These ROZs would be eligible for various incentives and resources to attract investment and promote economic development. This includes tax incentives for businesses that choose to invest in these zones, as well as grants and loans to support infrastructure projects and job creation.
The bill also includes provisions to support workforce development in rural areas, such as funding for job training programs and initiatives to attract and retain skilled workers. Additionally, it seeks to improve access to healthcare and education in these communities. Overall, the Rural Opportunity Zone and Investment Act aims to revitalize rural economies and improve the quality of life for residents in these areas. It is a bipartisan effort to address the unique challenges faced by rural communities and promote sustainable economic growth.
These ROZs would be eligible for various incentives and resources to attract investment and promote economic development. This includes tax incentives for businesses that choose to invest in these zones, as well as grants and loans to support infrastructure projects and job creation.
The bill also includes provisions to support workforce development in rural areas, such as funding for job training programs and initiatives to attract and retain skilled workers. Additionally, it seeks to improve access to healthcare and education in these communities. Overall, the Rural Opportunity Zone and Investment Act aims to revitalize rural economies and improve the quality of life for residents in these areas. It is a bipartisan effort to address the unique challenges faced by rural communities and promote sustainable economic growth.
Congressional Summary of HR 3906
Rural Opportunity Zone and Investment Act
This bill provides for the deferral of tax until December 31, 2032, on capital gains invested in qualified rural opportunity zones. A qualified rural opportunity zone is any population census tract that is located in a rural county and is in persistent poverty.
Read the Full Bill
Current Status of Bill HR 3906
Bill HR 3906 is currently in the status of Bill Introduced since June 7, 2023. Bill HR 3906 was introduced during Congress 118 and was introduced to the House on June 7, 2023. Bill HR 3906's most recent activity was Referred to the House Committee on Ways and Means. as of June 7, 2023
Bipartisan Support of Bill HR 3906
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
8Democrat Cosponsors
0Republican Cosponsors
8Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3906
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 3906
Rural Opportunity Zone and Investment Act
Rural Opportunity Zone and Investment Act
To amend the Internal Revenue Code of 1986 to establish special rules for capital gains invested in rural opportunity zones.
Comments
Sponsors and Cosponsors of HR 3906
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