WASHINGTON, D.C. – Yesterday, U.S. Senators Rand Paul and Mitch McConnell reintroduced the Economic Freedom Zones Act. This legislation will establish free market enterprise zones and dramatically reduce taxes to help facilitate the creation of new jobs and entrepreneurial opportunities, enhance and renew educational opportunities, and increase community involvement in bankrupt or economically distressed areas.
“The Economic Freedom Zones Act will bring hope to struggling communities by relieving the oppressive, big government burdens weighing them down,” said Senator Paul. “It’s time the federal government stop picking winners and losers and instead trust in the ingenuity of the American people.”
“By reintroducing this legislation, we are standing up for American families who are suffering under the strain of regulation and the consequences of failed economic policies,” said Senator McConnell. “Innovative ideas like this will help bring hope and prosperity to distressed communities across our nation, including those in Kentucky.”
The Economic Freedom Zones Act will apply to any zip code with unemployment greater than one and a half times the national average and to other economically depressed areas. In 2016, the Senate voted on the bill as an amendment to H.R. 2028, the Energy Policy Modernization Act.