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Rural Jobs Act

3/12/2024, 2:40 AM

Summary of Bill S 1455

The Rural Jobs Act, also known as Bill 118 s 1455, is a piece of legislation introduced in the US Congress with the aim of promoting job creation and economic development in rural areas. The bill seeks to provide financial assistance to small businesses and entrepreneurs in rural communities through the establishment of a Rural Jobs Fund.

The Rural Jobs Fund would be administered by the Department of Agriculture and would provide grants and loans to eligible businesses in rural areas. These funds could be used for a variety of purposes, including expanding operations, purchasing equipment, and hiring new employees.

In addition to providing financial assistance, the bill also aims to support workforce development programs in rural communities. This includes funding for job training programs, apprenticeships, and other initiatives designed to help rural residents gain the skills they need to succeed in the workforce. Overall, the Rural Jobs Act is intended to address the unique economic challenges facing rural communities and help them thrive in an increasingly competitive global economy. By providing financial assistance and support for workforce development, the bill aims to create new job opportunities and spur economic growth in rural areas across the country.

Congressional Summary of S 1455

Rural Jobs Act

This bill allocates an additional $500 million in 2023 and another $500 million in 2024 for new markets tax credit investments in the Rural Jobs Zone (an area comprised of low-income communities with populations not greater than 50,000 that are not adjacent to an urbanized area). The bill also requires that at least 25% of such investments be made in areas that are persistent poverty counties, high migration rural counties, or both.

Current Status of Bill S 1455

Bill S 1455 is currently in the status of Bill Introduced since May 4, 2023. Bill S 1455 was introduced during Congress 118 and was introduced to the Senate on May 4, 2023.  Bill S 1455's most recent activity was Read twice and referred to the Committee on Finance. as of May 4, 2023

Bipartisan Support of Bill S 1455

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
8
Democrat Cosponsors
2
Republican Cosponsors
6
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 1455

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 1455

Rural Jobs Act
Rural Jobs Act
A bill to amend the Internal Revenue Code of 1986 to provide for new markets tax credit investments in the Rural Jobs Zone.

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