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Smucker Leads Effort to Preserve New Market and Historic Tax Credits in Final Tax Reform Bill

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Lloyd Smucker official congressional photo.jpg

 

Smucker Leads Effort to Preserve New Market and Historic Tax Credits in Final Tax Reform Bill

 

Washington, D.C. – U.S. Rep. Lloyd Smucker (PA-16) is working to preserve two important tax credits that have a track record of jumpstarting economic activity, assisting economically depressed areas, and putting people back to work.

Rep. Smucker is leading a group of Republican lawmakers in urging House Speaker Paul Ryan and Ways and Means Committee Chairman Kevin Brady to include a permanent extension of the New Market Tax Credit (NMTC) and the Federal Historic Tax Credit (HTC) in the final version of the tax reform legislation that was passed by the House and is being debated by the Senate.

In the letter, the lawmakers say:

On the NMTC: “This isn’t about picking winners of losers, rural or urban, Republican or Democrat, it’s about helping those communities, regardless of geography, that desperately need economic investment and good paying jobs. The NMTC has shown itself to be a successful tool to do just that.”

On the HTC: “Many of the projects associated with the HTC are abandoned or underutilized and the [National Park Service] has determined that over 55% of the certified rehabilitation projects in FY16 were in low and moderate-income census tracks. We must help the communities that need us the most.”

 

The full letter is below, and a signed copy of the letter can be found here.

Letter to Speaker Ryan and Chairman Brady:

November 30, 2017

 

Dear Speaker Ryan and Chairman Brady,

 

Thank you for your tireless work on tax reform. As the Senate and the House move towards a conference committee to reconcile the two versions, we are writing to ask that the final version of the bill include a permanent extension of the New Market Tax Credit (NMTC) and the Federal Historic Tax Credit (HTC). These tax credits are critically important to jumpstarting economic activity, especially in economically depressed areas, and putting people back to work.

 

As you know, the NMTC was created to incentivize business or real-estate investment in low-income communities. According to the New Markets Tax Credit Coalition, between 2003 and 2015, $42 billion in direct NMTC investments were made in businesses and these NMTC investments leveraged nearly $80 billion in total capital investment to revitalization projects in communities with high rates of poverty and unemployment. Moreover, between 2003 and 2012, the NMTC generated about 750,000 jobs with 72 percent of all NMTC investments going to communities exhibiting severe economic distress, including unemployment rates more than 1.5 times the national average and a poverty rate of 30 percent. This isn’t about picking winners or loser, rural or urban, Republican or Democrat, it’s about helping those communities, regardless of geography, that desperately need economic investment and good paying jobs. The NMTC has shown itself to be a successful tool to do just that.

 

The HTC, while originally designed to preserve and rehabilitate historic buildings, has also promoted economic activity in older communities throughout the country. According to the National Park Service (NPS), the HTC is the largest and most effective Federal program specifically supporting historic preservation. Moreover, since the program’s inception in 1976, the NPS has certified the rehabilitation of more than 42,000 historic properties. Many of the projects associated with the HTC are abandoned or underutilized and the NPS has determined that over 55% of the certified rehabilitation projects in FY 2016 were in low and moderate-income census tracks. We must help the communities that need us the most.

 

Like you, we are confident that streamlining our tax code and reducing rates will put more money in the pockets of hardworking taxpayers and spur economic growth. We appreciate your leadership on this issue, and welcome the chance to work with you on the issue of the New Market Tax Credit and Historic Tax Credit.

 

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