Legislation Introduced to Create Economically Distressed Zone Tax Credit

Friday, September 21, 2018 - 11:30AM

Rep. Jenniffer Gonzalez-Colon, R, Puerto Rico, introduced legislation to provide a federal tax credit for certain business expenses in census tracts that meet one of three definitions for an economically distressed zone and are designated as such by local or state government. H.R. 6785 would provide a 40 percent credit for wages and benefits paid in an economically distressed zone, a 40 percent credit of the depreciation and amortization allowances for the property in an economically distressed zone or a 30 percent credit for payments made for purchases of services or tangible property from an unrelated person located in an economically distressed zone.

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