For taxpayers located in or investing in the zones, the bill allows:
additional tax-exempt bonds,
an employment tax credit for hiring individuals in the zones,
additional expensing for business property,
a deduction for building or revitalizing a commercial building,
the elimination of capital gains taxes on certain gains that are invested in zones, and
additional new markets tax credits to finance projects in the zones.
The Department of Labor and the Department of Education must jointly establish grant programs for:
individual support accounts to fund education and training costs that will prepare individuals in zones for long-term, high-wage employment;
the development, revamping, improvement, or expansion of education and training programs for zones in in-demand industry sectors or occupations or industries in local demand; and
programs for businesses to provide in-house training and future employment to individuals in zones.