GovTrack’s Bill Summary
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Detroit Economic Competitiveness Act - Amends the Internal Revenue Code to establish the Detroit Jobs Trust Fund to finance economic development in Detroit, Michigan. Requires the Secretary of the Treasury to make annual distributions from such Fund to the city of Detroit for payment of debt obligations and for job development, public safety, education, and business and public infrastructure.
Prohibits any distributions unless the city of Detroit:
(1) does not impose an income tax during a period of distribution,
(2) has made specified reductions in aggregate property taxes,
(3) has used prior distributions as required under this Act,
(4) has provided required information to the Comptroller General (GAO), and
(5) has implemented a five-year plan describing development goals for Detroit and detailing how distributions from the Trust Fund will be spent.
Terminates such Fund five years after enactment of this Act. Requires GAO to submit annual reports to Congress describing the use of distributions from the Trust Fund, the extent to which progress has been made in meeting the plan's development goals, and Comptroller General recommendations for improving the program established under this Act. Excludes from gross income capital gain from the sale or exchange of investment property used in trade or business in Detroit.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.