What: Part 1: A Congressional briefing on the New Markets Tax Credit Program
When: Tuesday, November 7, 2:00 p.m.
Where: 2456 Rayburn House Office Building
Please join the Northeast-Midwest Institute for a two-part Congressional briefing on the implications of tax reform for the region’s economy: first, on the New Markets Tax Credit Program; and second, on the Historic Tax Credit Program.
The New Markets Tax Credit (NMTC) has been a bipartisan effort to stimulate investment and economic growth in low-income communities, providing a federal tax credit of 39 percent, taken over seven years, for investments made in low income communities. The program has helped deliver billions of dollars annually to poor rural and urban neighborhoods with high unemployment and poverty and has led to substantial private investment in the Northeast-Midwest Region. The Tax Cuts and Jobs Act would terminate the NMTC on December 31st, 2017.
Speakers include:
- Brett Theodos, Senior Research Associate, The Urban Institute
- Commissioner Chris Shaw, City of Dayton, OH
- Bob Rapoza, New Market Tax Credit Coalition
Moderating the panel will be Charlie Bartsch, NEMWI Senior Fellow. Presentations will be followed by a Q&A session with the panel.
What: Part 2: A Congressional briefing on the Historic Tax Credit Program
When: Tuesday, November 7, 3:00 p.m.
Where: 2456 Rayburn House Office Building
Please join the Northeast-Midwest Institute for a Congressional briefing on the impact that the Historic Tax Credit (HTC) Program has on the region’s economy and the implications of tax reform for the HTC.
The Historic Tax Credit, first enacted in 1978 with leadership from the Northeast-Midwest Congressional Coalition, has long had bipartisan support in Congress. The HTC’s mission of restoring and reusing historic buildings has supported the revival of our region’s most distressed communities. It has stimulated the creation or retention of over 2.4 million jobs and leveraged nearly $132 billion in private investment since its inception, and has been a critical economic development tool for communities of all size in the Northeast-Midwest region. The Tax Cuts and Jobs Act would terminate the HTC for projects not already underway, and cease its applicability to all qualified expenditures around July 1, 2018.
Speakers include:
- Patrick Robertson, Managing Director, FTI Consulting
- John Leith-Tetrault, Chair, Historic Tax Credit Coalition
Moderating the panel will be Charlie Bartsch, NEMWI Senior Fellow. Presentations will be followed by a Q&A session with the panel.
For more information, please contact Charlie Bartsch, Senior Fellow, or Matthew McKenna, Director of the Great Lakes Washington Program at the Northeast-Midwest Institute.