HOUSE PASSES HISTORIC TAX REFORM LEGISLATION WITH REP. KATKO’S SUPPORT
WASHINGTON, D.C. – Following passage in the U.S. House of Representatives today of the Tax Cut and Jobs Act, U.S. Rep. John Katko (NY-24) released the following statement:
“Today, with my support, the House passed the first major reform to our nation’s tax code in three decades. Throughout this process, I’ve fought for the best interests of Central New York and I’m proud to have delivered several significant wins. This bill safeguards the Historic Preservation Tax Credit, the income exclusion for graduate tuition waivers, and tax-exempt status for private activity bonds. It doubles the standard deduction, lowers individual rates, expands the Child Tax Credit, and importantly, preserves the local property and income tax deduction.
“Despite the heated rhetoric surrounding passage of this legislation, the fact is that the status quo is simply not working for Central New York. Passage of this bill gives us a rare opportunity to level the playing field and put American workers first. I have always fought in the best interest of my constituents. I soundly believe this bill will deliver tax relief for Central New York families and allow local businesses to invest in our workforce. With the passage of this bill today, I’m excited to see our local economy grow and thrive.”
As the Tax Cut and Jobs Act moved through the legislative process, Rep. Katko advocated wholeheartedly for Central New York’s interests. As a result, 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 (PABs). Rep. Katko also played an instrumental and tangible role in restoring a $10,000 deduction for local property and income taxes. This morning, CNY leaders applauded these efforts.
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.