Active or Recently Enacted Rural Jobs Legislation
Active or Recently Enacted Federal or State Legislation Relevant To Rural Small Businesses and Jobs
The US Department of Treasury states that the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress with overwhelming, bipartisan support and signed into law by President Trump on March 27th, 2020. This over $2 trillion economic relief package delivers on the Trump Administration’s commitment to protecting the American people from the public health and economic impacts of COVID-19.
The CARES Act provides fast and direct economic assistance for American workers, families, and small businesses, and preserve jobs for our American industries.
See the following links to the actual legislative language and a helpful summary by the US Chamber of Commerce.
US Congress Tax Reform
The New Markets Tax Credit drives private investment to under-served areas of the country, including rural and agriculture Congress authorized 5 additional years of the NMTC in the PATH Act passed in 2015.
While we at the Rural Jobs Coalition have supported helpful rural jobs policy in specific states, we also are concerned about the preservation of the New Market Tax Credit in tax reform as the US House Ways and Means Committee bill terminates the PATH Act.
The Chairman’s mark of the US Senate Tax Reform bill preserves the PATH Act, and the Rural Jobs Coalition is seeking support from our rural and agricultural policy leaders. Agriculture Commissioner Mike Strain of Louisiana recently sent a letter to Senators Kennedy and Cassidy urging protection of the NMTC as tax reform works its way through the Senate. South Carolina Commissioner Hugh Weathers also sent similar concern letters to their delegation including Senators Lynsey Graham and Tim Scott.
The Rural Jobs Coalition is seeking additional support from other state Ag Commissioners for additional Senate outreach.
See sample letters courtesy of Louisiana and South Carolina Departments of Agriculture below:
- Louisiana Department of Agriculture - Senator Bill Cassidy
- South Carolina Department of Agriculture - Senator Lindsey Graham
- South Carolina Department of Agriculture - Senator Tim Scott
Ad Astra Rural Jobs Act
The Ad Astra Rural Jobs Act (“AARJA”) is designed to incent the formation of private capital to be invested in rural small businesses in high growth sectors. The RJA provides flexible financing assistance through both venture investment and growth capital lending to accelerate the expansion of the existing and new rural small businesses.