In Akron, Portman Tours the Bowery Project as Part of Results for the Middle-Class Tax Reform Tour
In Tax Reform Law, Portman Worked to Preserve Key Tax Incentives that Helped Fund Akron Bowery Project
AKRON, OH – Today, as part of his ‘Results for the Middle-Class Tax Reform Tour,’ U.S. Senator Rob Portman (R-OH) toured the Akron Bowery project, a $40 million development project aimed at continuing the revitalization of downtown Akron. This project is funded in part by $16 million in New Markets Tax Credits (NMTC) and more than $6.4 million in Historic Tax Credits (HTC), two key tax incentives Senator Portman fought to preserve in the Senate version of the Tax Cuts & Jobs Act and the final bill which ultimately became law. In addition, Portman wrote a letter to support the project’s application for a NMTC allocation and has worked with federal officials to ensure the project qualifies for the HTC.
“I was pleased to visit the Bowery Project which is an important expansion project for the community of Akron. This project was made possible in part by the New Markets Tax Credit and Historic Tax Credit, tax incentives to spur economic growth and redevelopment projects which I fought to preserve in the final tax reform legislation,” said Portman. “I’ve visited 21 businesses around Ohio that have announced new investments in their businesses and their workers, including higher wages, bonuses, new plants and equipment, and more retirement benefits thanks to tax reform. I’m excited about the opportunities ahead for Ohio’s employers, and I will continue to work with communities throughout Ohio on project to utilize these tax incentives to spur new economic growth and development.”
Portman has also supported other efforts to support Akron’s downtown revitalization efforts. In March of this year, Portman announced that the U.S. Department of Transportation awarded the city of Akron $8 million in Transportation Investment Generating Economic Recovery (TIGER) grant funding to continue improvements to the city's Downtown Akron Promenade Project. Portman wrote a letter to Secretary of Transportation Elaine Chao in support of the city of Akron’s bid on October 1, 2017. This funding built upon the $5 million TIGER grant Akron received in 2016 for the reconstruction of South Main Street through downtown. Portman supported the city’s TIGER grant application in 2016 to complete the first phase of this project as well.
So far on his tax reform tour, Portman has visited Kroger, Worldpay Inc., Helping Hands, and the Sheffer Corporation in Cincinnati, the UH Rainbow Center for Women and Children and Tremco in Cleveland, the Fredon Corporation and Steris Corporation in Mentor, GKM Auto Parts in Zanesville, Wolf Metals in Columbus, Bruns General Contracting in Tipp City, Lima Pallet Company in Lima, Velvet Ice Cream in Utica, ProMedica in Toledo, the Ronald McDonald House in Akron, the YMCA in Youngstown, Ariel Corporation in Mt. Vernon, Dayton Children’s Hospital, hosted a roundtable with members of the Ohio Craft Brewers Association in Columbus, and hosted a roundtable with the North Canton Chamber of Commerce. At each event, Portman has heard examples of savings from the Tax Cuts & Jobs Act, including, investing in new plants and equipment, increasing wages, paying bonuses, increasing charitable giving, reinstating health care, expanding 401(k) benefits, and making additional contributions to employee pension plans.
Photos from the event are below: