AS CONGRESS FINALIZES TAX BILL, REP. KATKO ADVOCATES FOR HISTORIC TAX CREDIT, GRADUATE STUDENT TUITION & PRIVATE ACTIVITY BONDS

WASHINGTON, D.C. –  As leaders in the House and Senate finalize the Tax Cut and Jobs Act, U.S. Rep. John Katko (NY-24) has urged leaders to consider several issues critical to New York’s 24th Congressional District and its economy.

In meetings and letters, Rep. Katko urged Speaker Ryan, Majority Leader McConnell, and Chairmen Hatch and Brady to oppose the repeal of the income exclusion for graduate tuition waivers, and to retain the Federal Historic Tax Credit (HTC) and the tax-exempt status for private activity bonds (PABs).

“As members of the House and Senate work together to finalize tax reform legislation, there are several provisions that I’ve advocated for on behalf of Central New York,” said Rep. Katko. “First, as home to numerous colleges and universities, Central New York is a hub for higher education and research.  Our colleges and universities contribute greatly to our local economy, and a tax on graduate waivers could potentially inhibit the economic growth that tax reform promises for our region.”

Rep. Katko continued, “Next, in communities across New York’s 24th Congressional District, we’ve seen the vast economic benefit achieved in preserving some of our region’s oldest and most historic buildings.  There is no greater example of this than the revitalization of Downtown Syracuse.  Without the Historic Tax Credit, much of our local resurgence would not have been possible. This credit has allowed 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.  It is critical that we continue to encourage and allow these vital investments.”

“Finally, as we begin to look towards a much-needed investment in our infrastructure in Congress, the importance of maintaining tax-exempt status for private activity bonds (PABs) cannot be overlooked.  As a leader of the bipartisan Problem Solvers Caucus infrastructure workgroup, I recognize that an elimination of the tax exempt status for PABs would inhibit our efforts to make major investments in infrastructure.  Moreover, PABs are important financing tools in a wide range of projects in Central New York -- from hospitals and schools to airports and local water facilities,” concluded Rep. Katko.

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

Congressman John 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.

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