This morning, the House Ways and Means Committee unveiled their draft tax reform proposal. In response, Jair Lynch, President of LOCUS, issued the following statement:
“By eliminating the Historic Tax Credit and the New Markets Tax Credit, this tax plan proposed by the House will dramatically reduce private investment in neighborhood revitalization and economic development, damaging both public and private efforts to increase prosperity in towns and cities of all sizes.
“The Historic Tax Credit and the New Markets Tax Credit have leveraged billions of dollars in private investment toward rebuilding America’s neighborhoods into economically vibrant and socially inclusive communities. This progress will be threatened without these valuable credits available.
“While we support tax reform, the goal of reform should be to encourage greater private investment in our nation’s crumbling transportation infrastructure, and to promote economic growth and expanded housing affordability, which will promote growth and sustainability
“LOCUS looks forward to continuing to work with members of Congress to ensure the final tax reform bill recognizes the importance of community development incentives and their ability to accelerate private investment in rebuilding America’s neighborhoods.”
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LOCUS, Latin for “place,” is the national coalition of real estate developers and investors who advocate for sustainable, equitable, walkable development in America’s metropolitan areas. For additional information visit www.locusdevelopers.org