H.R. 6500 (112th): Detroit Economic Competitiveness Act

Introduced:
Sep 21, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Hansen Clarke [D-MI13]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on September 21, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 21, 2012
Referred to Committee Sep 21, 2012
Cosponsors
2 cosponsors (2D) (show)
Committees

House Oversight and Government Reform

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To establish the Detroit Jobs Trust Fund and to temporarily provide a zero percent capital gains rate for certain new investments in Detroit, Michigan.

Summary

No summaries available.

Text

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Last updated Sep 21, 2012.
14 pages

Primary Source

View on THOMAS (The Library of Congress)

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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.

9/21/2012--Introduced.
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

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