December 12, 2017
Chamber lobbying to retain important Tax Credits
The Chamber’s Government Affairs team has served as a bold voice for its members throughout the Congressional tax reform process, advocating for reform that is pro-growth and industry-neutral. Additionally, the Chamber team led a coordinated effort with local partners, including the Greater Cincinnati Redevelopment Authority, the Northern Kentucky Chamber of Commerce, the Cincinnati Development Fund, Cintrifuse, 3CDC, the Cincinnati Business Committee, the Cincinnati Regional Business Committee, REDI Cincinnati, CincyTech and the Uptown Consortium to advocate for full retention of tax credits important to the region.
With the complex nature of tax reform, the Chamber has strategically focused our advocacy efforts on lobbying Congress to retain the New Markets and Historic Preservation Tax Credits, two vital tools to advance the region’s economic development agenda.
The New Markets Tax Credit provides tax incentives to investors for investments in low-income communities. Similarly, the Historic Preservation tax credit offers a 20% credit for the rehabilitation of historic, income-producing buildings. Since 2005, the greater Cincinnati region has benefited from more than 3,100 construction jobs and 2,400 permanent jobs. Additionally, recent renovations to historic buildings such as Union Terminal and Hotel Covington were made possible by the Historic Preservation Tax Credits.
The Chamber is grateful to the region’s federal delegation who have worked diligently to protect the New Markets and Historic Preservation Tax Credits. We encourage all Chamber members to reach out to Senator Portman who is on the Congressional Conference Committee to thank him for his leadership on this issue and to continue to emphasize the importance of these economic development tools. You can also find the US Chamber of Commerce analysis of the entire tax reform package here.