01-22-18 City Council Agenda Packet

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New Market Tax Credit: The repeal of the New Market Tax Credit program, included in the House TCJA but not the Senate bill, will impact our region's ability to draw critical funding and financing to key economic development projects in areas that have been or are economically distressed. Historic Tax Credit: The repeal or significant changes to the Historic Tax Credit Program eliminate a critical tool, which has helped governmental entities, and local non -profits preserve historic landmarks and create jobs. Advanced Refunding Bonds: The termination of preferential tax treatment of advanced refunding bonds interest is harmful as it is a financing tool, which allows local governments to finance their debt at lower costs and increase investment in municipal capital projects and other local programs. Transportation Tax Benefit: The elimination of the employer business expense deduction for the transportation fringe benefit, included in the House and Senate TCJA bills, will disincentivize employers from offering the benefit to employees who utilize the tax free benefit to travel into work and will lower many individual's take home pay. Electric Vehicle Credit: While heartened that the Senate preserved the 30D tax credit for Plug-in electric vehicles (PEVs) in the Senate bill, the elimination of the 30D credit for Plug-in electric vehicles (PEVs) in the House TCJA bill is concerning because the credit helps promote technology, innovation and a more sustainable energy source for powering motor vehicles. These tax credits, exemptions, and deductions are significant sources for generating economic growth and sustaining critical projects and programs in our region and throughout the United States. We appreciate consideration of our concerns, and we ask that you support preserving and enhancing these programs as any tax reform compromise legislation moves through the U.S. Congress. R i 4 i titer • 3 �i i A47's i 4 i titer • 3 �i