Economic Development Act for Distressed Zones of 2019

Economic Development Act for Distressed Zones of 2019

This bill provides various tax credits related to economically distressed zones and establishes a procedure for state and local governments to apply for such zone designation.

Specifically, the bill provides credits to taxpayers in an economically distressed zone based on the amount of (1) wages paid by an employer to employees, (2) depreciation and amortization allowances for business property, and (3) trade or business payments made for purchases of services or property.

The bill also allows state and local governments to apply for a population census tract under their ambit to be designated as an economically distressed zone