1. Short title This Act may be cited as the Promise Zone Job Creation Act of 2017 . 2. Promise Zones (a) In general Subchapter Y of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: IV Promise Zones Sec. 1400V–1. Designation of Promise Zones. Sec. 1400V–2. Promise Zone employment credit. Sec. 1400V–3. Expensing of Promise Zone property. 1400V–1. Designation of Promise Zones (a) In general For purposes of this part, the term Promise Zone means any area— (1) which is nominated by one or more local governments or Indian Tribes (as defined in section 4(13) of the Native American Housing Assistance and Self-Determination Act of 1996 ( 25 U.S.C. 4103(13) ) for designation as a Promise Zone (hereafter in this section referred to as a nominated area ), (2) which has a continuous boundary, (3) the population of which does not exceed 200,000, and (4) which the Secretary of Housing and Urban Development and the Secretary of Agriculture, acting jointly, designate as a Promise Zone, after consultation with the Secretary of Commerce, the Secretary of Education, the Attorney General, the Secretary of Health and Human Services, the Secretary of Labor, the Secretary of the Treasury, the Secretary of Transportation, and other agencies as appropriate. (b) Number of designations (1) In general Not more than 40 nominated areas may be designated as Promise Zones. (2) Number of designations in rural areas Of the areas designated under paragraph (1), 12 of such areas shall be areas— (A) which are outside of a metropolitan statistical area (within the meaning of section 143(k)(2)(B)), or (B) which are determined by the Secretary of Agriculture to be rural areas. (c) Period of designations (1) In general The Secretary of Housing and Urban Development and the Secretary of the Agriculture shall, acting jointly, designate 40 areas as Promise Zones before January 1, 2019. (2) Effective dates of designations The designation of any Promise Zone shall take effect— (A) for purposes of priority