Rep. Cartwright Introduces Bill to Revitalize Local Communities
Washington, DC – Today, U.S. Representative Matt Cartwright (PA-17) introduced legislation to stimulate economic growth within distressed communities. First introduced by Senator Casey (D-PA), the Community Economic Assistance Act provides economic assistance to communities experiencing a localized recession resulting from substantial job loss or economic transitions.
The Community Economic Assistance Act would allow states to designate communities working through a localized recession as Community Economic Assistance Zones. The bill provides up to $200 million in funding to these Zones, along with tax incentives to employers and to regional governments, to support existing local businesses, creation of new businesses, and funds to develop and execute a comprehensive regional economic development strategy.
“This bill lays the groundwork for recovery for local communities,” said Rep. Cartwright. “This legislation would help create jobs, improve educational opportunities, expand access to affordable housing and broadband Internet, and provide job training. I look forward to working with Senator Casey to advance this important bill.”
To qualify as a Community Economic Assistance Zone, a community must have experienced a large job loss (250 jobs or more), transitioned away from an energy based economy, experienced a significant localized recession, or been significantly impacted by trade.
“I commend Congressman Cartwright for leading efforts in the House of Representatives to revitalize communities that need our help. This legislation is about ensuring that every community, every worker and every family gets a fair shot at a good life,” Sen. Casey said. “When a community experiences economic challenges, we need to be there for them. Congressman Cartwright understands that and it’s why he has consistently championed efforts to boost the local economy.”
Under this bill, a Community Economic Assistance Zone is eligible for:
- Up to $100 million in New Market Tax Credits to draw in investors
- Tax credits to employers who hire locally
- A $100 million, 100% tax credit bond that acts as a 0% interest loan
- Increased start-up expensing up to $30,000