Katko, Local Leaders Praise Wins For CNY In Final Tax Reform Bill

by Contributor | December 19, 2017 11:39 am

WASHINGTON, D.C. – U.S. Rep. John Katko (NY-24) today (Dec. 19), highlighted significant wins for Central New York in the final tax reform legislation scheduled for a vote in the House and Senate today.

Katko, who supported the Tax Cut and Jobs Act in the House, continued to advocate for Central New York’s interests as the House and Senate worked together to conference on the bill.

Following his advocacy, the final version of the bill retains the income exclusion for graduate tuition waivers, the Federal Historic Preservation Tax Credit, and tax-exempt status for private activity bonds.

“The final tax legislation that the House will consider today contains significant wins for our community. It safeguards the Historic Preservation Tax Credit, the income exclusion for graduate tuition waivers, and tax-exempt status for private activity bonds,” said Katko. “I was proud to fight for our community’s best interests and truly believe that with passage of this bill, we can help grow our local economy to its fullest potential.”

First, the final legislation does not include a tax on graduate tuition waivers.

With numerous colleges and universities across NY-24, Central New York is a hub for higher education and research.

Throughout this process, Rep. Katko urged leaders to consider the harm a tax on these waivers would place on students and our region’s economic future.

“I am grateful to Congressman Katko for his support of higher education, which is such a vital component of our regional economy,” said Le Moyne College President Linda Le Mura. “Many members of the Le Moyne community, as well as our students, contacted him about certain aspects of the bill and he listened to what those concerns were. His support will help institutions of higher education maintain their competitive edge.”

Second, the bill retains the Historic Preservation Tax Credit, which has assisted in preserving some of our region’s most historic buildings and has been critical to the revitalization of downtown Syracuse.

This credit has allowed for the rehabilitation of many income-producing properties, increased employment opportunities, and provided low-income housing in some of the most impoverished sectors of our community.

Finally, the bill retains tax-exempt status for private activity bonds, which will be instrumental as Congress begins to look towards reforming our nation’s infrastructure.

Moreover, tax-exempt bonds are important financing tools for affordable housing, hospitals, and schools in Central New York and communities nationwide.

Ben Lockwood, vice president of Business Development for Housing Visions said, “As a non-profit affordable housing developer with a mission of neighborhood revitalization, Housing Visions is pleased to see the retention of private activity housing bonds as well as the Historic and New Market Tax Credits. These items are valuable tools that assist to provide safe, decent, affordable housing and also work to revitalize historic structures and neighborhoods throughout Congressman Katko’s district and others. We thank Congressman Katko for listening to our concerns and advocating for these provisions in the final tax bill.”

“The original House proposal would have eliminated private activity housing bonds, which help fund 17,000 affordable and supportive homes for low-income and homeless New Yorkers each year. Thankfully, Congressman Katko and others successfully fought to restore this valued program that provides incentive for private investment in affordable housing. The elimination of housing bonds would have destroyed affordable and supportive housing development here and around the country. We thank Congressman Katko for protecting this vital program. The Congressman has been a true champion for the homeless,” said Laura Mascuch, executive director of Supportive Housing Network of New York.

“Auburn Hospital is grateful for the efforts of Rep. Katko to ensure Private Activity Bonds remain tax-exempt. These are critical financing tools for investment in our hospital and its infrastructure,” said Scott Berlucchi, president and CEO of Auburn Hospital.

In addition to advocating for the above issues, Rep. Katko played an instrumental and tangible role in restoring a $10,000 deduction for local property and income taxes.

Katko represents the 24th Congressional District of New York, which includes all of Onondaga, Cayuga and Wayne counties and the western portion of Oswego County.

For more information visit https://katko.house.gov or www.facebook.com/RepJohnKatko. missing or outdated ad config

Source URL: https://oswegocountytoday.com/news/oswego/katko-local-leaders-praise-wins-for-cny-in-final-tax-reform-bill/

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