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Reignite Hope Act of 2023

12/15/2023, 4:00 PM

Summary of Bill HR 4520

The Reignite Hope Act of 2023, also known as Bill 118 hr 4520, is a piece of legislation introduced in the US Congress with the aim of providing support and resources to individuals and communities affected by economic downturns and other crises. The bill seeks to address the challenges faced by those who have been negatively impacted by factors such as job loss, poverty, and lack of access to essential services.

Key provisions of the Reignite Hope Act include the establishment of a grant program to assist individuals in obtaining job training and education, as well as funding for community organizations that provide support services such as mental health counseling and substance abuse treatment. The bill also includes measures to increase access to affordable housing and healthcare, with a focus on addressing disparities in underserved communities.

Additionally, the Reignite Hope Act aims to promote economic development and job creation through investments in infrastructure projects and small business support programs. The bill also includes provisions to strengthen social safety net programs such as unemployment insurance and food assistance, in order to provide a more robust support system for those in need. Overall, the Reignite Hope Act of 2023 is a comprehensive piece of legislation that seeks to address the root causes of economic hardship and provide meaningful support to individuals and communities in need. It represents a bipartisan effort to promote economic recovery and social welfare, with a focus on building a more resilient and equitable society for all Americans.

Congressional Summary of HR 4520

Reignite Hope Act of 2023

This bill establishes a tax credit for the hiring of critical employees and makes permanent certain expiring provisions that increase the child tax credit.

Specifically, the bill allows a $3,500 tax credit for the hiring of a critical employee. The bill defines critical employee as a healthcare professional, a law enforcement officer, member of a rescue squad or ambulance crew, a firefighter, an eligible child care provider, or a personal or home care aide. The employer of these professionals must certify that they worked full-time for not less than 75% of the taxable year in their professional capacity and that their primary place of employment for the majority of hours worked during the year is located in a qualified opportunity zone.

Current Status of Bill HR 4520

Bill HR 4520 is currently in the status of Bill Introduced since July 10, 2023. Bill HR 4520 was introduced during Congress 118 and was introduced to the House on July 10, 2023.  Bill HR 4520's most recent activity was Referred to the House Committee on Ways and Means. as of July 10, 2023

Bipartisan Support of Bill HR 4520

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
6
Democrat Cosponsors
0
Republican Cosponsors
6
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 4520

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 4520

Reignite Hope Act of 2023
Reignite Hope Act of 2023
To amend the Internal Revenue Code of 1986 to establish a credit for hired critical employees and to make permanent certain expiring provisions relating to the child tax credit.

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