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HR 6500 112th Congress House Taxation Business investment and capital Capital gains tax Congressional oversight Economic development Education programs funding Elementary and secondary education Employment taxes Government trust funds Income tax exclusion Infrastructure development Michigan Sales and excise taxes Securities State and local finance Tax administration and collection, taxpayers Urban and suburban affairs and development

Detroit Economic Competitiveness Act

Introduced: September 21, 2012 See on congress.gov
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This bill died when the 112th Congress ended
It never became law before the 112th Congress (2011–2012) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 21, 2012
Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sep 21, 2012
Introduced in House
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 Plain-English summary Congressional Research Service

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.

What's happening now September 21, 2012

Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1
D
Norton, Eleanor Holmes
District of Columbia · Sep 21, 2012
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 6500: Detroit Economic Competitiveness Act. 112th Congress. Open America. https://openamerica.io/bill/112-HR-6500/
MLA
"H.R. 6500: Detroit Economic Competitiveness Act." 112th Congress, 2026, Open America, https://openamerica.io/bill/112-HR-6500/.
Bluebook (legal)
H.R. 6500, 112th Cong. (2026), https://openamerica.io/bill/112-HR-6500/.
Markdown link
[H.R. 6500: Detroit Economic Competitiveness Act](https://openamerica.io/bill/112-HR-6500/)
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