S. 790: Economic Freedom Zones Act of 2015

114th Congress · introduced 2015-03-18 · Economics and Public Finance · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

Where it came from: introduced 2015-03-18 · official record
Who proposed it: Sen. Paul, Rand [R-KY] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Economic Freedom Zones Act of 2015

Plain summary

Economic Freedom Zones Act of 2015 Prohibits federal assistance (e.g., loans, loan guarantees, or purchases) from being provided to: (1) a municipality or a zip code (eligible entity), other than an entity that is designated an Economic Free Zone by this Act; (2) a municipality that is a debtor in a bankruptcy proceeding; or (3) a municipality that is insolvent. Sets forth requirements for the designation of an eligible entity that is a municipality as an Economic Freedom Zone for a 10-year period, including bankruptcy eligibility, insolvency, or pervasive poverty, unemployment, and general distress. Amends the Internal Revenue Code to provide tax incentives for investment in an Economic Freedom Zone, including; (1) a 5% flat tax rate on the taxable income of individuals and corporations, (2) a 0% capital gains tax rate for gain from the sale or exchange of Economic Freedom Zone assets or real property, (3) reduced employment tax rates, and (4) an increase in the expensing allowance for business property in an Economic Freedom Zone. Exempts an area designated as an Economic Freedom Zone from: (1) compliance with specified environmental regulations, (2) requirements applicable to a National Heritage Area, and (3) wage rate requirements under the Davis-Bacon Act. Amends the Internal Revenue Code to allow: (1) a tax credit, up to $5,000 in a taxable year for the elementary and secondary education expenses of a student attending a public, private, or religious school whose principal residence is located in an Economic Freedom Zone; (2) a tax-exempt Economic Freedom Zone educational savings account for individuals whose principal residence is located in an Economic Freedom Zone; and (3) a tax credit, in lieu of a tax deduction, for contributions to a charitable organization serving individuals in an Economic Freedom Zone. Amends the Elementary and Secondary Education Act of 1965 to allow a special allocation of grant funds under such Act for the benefit of children from families residing in an Economic Freedom Zone whose incomes are below the federal poverty level. Authorizes the Secretary of Homeland Security (DHS), in collaboration with the Secretary of Labor, to issue Special Economic Freedom Zone Visas to aliens meeting certain educational and skill requirements who intend to enter the United States to invest in an Economic Freedom Zone. Expresses the sense of the Senate that state and local governments should review and adopt specified policy recommendations relating to pension reform, tax reduction, adoption of school choice options, adoption of right-to-work laws, streamlining the regulatory burden, and reducing or fixing abandoned structures.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Economic Freedom Zones Act of 2015

Source: Congressional Research Service summary (Introduced in Senate)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Paul, Rand [R-KY] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Mitch McConnell (R-KY)

Sponsor's campaign money: Sen. Paul, Rand [R-KY] reported raising $4.6 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Capital gains: The profit from selling something you own, such as stock or real estate, for more than you paid. A capital gains tax is a tax on that profit.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s790.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s790 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114