In Cleveland, Portman Visits UH Rainbow Center, Sees Benefits of New Markets Tax Credit in UH Expansion
Portman Fought to Preserve New Markets Tax Credit in Tax Reform Law; Key Tax Incentive Helped Fund New Center for Women & Children
CLEVELAND, OH – U.S. Senator Rob Portman (R-OH), as part of his Results for the Middle-Class Tax Reform Tour, visited UH Rainbow Center for Women & Children and hosted a tax reform roundtable. The UH Rainbow Center for Women & Children’s $26 million capital project was partially funded through New Markets Tax Credits, a tax incentive Senator Portman fought to preserve in the Senate version of the Tax Cuts & Jobs Act and the final bill which ultimately became law.
“This is one of the premier pediatric hospitals not only in Ohio, but also in the U.S., and thousands of Ohioans will benefit from the current expansion efforts,” said Portman. “This project was made possible in part by the New Markets Tax Credit (NMTC), a tax incentive to spur economic growth and community redevelopment projects. The NMTC was removed in the House-passed version of tax reform, but I fought to preserve it in the Senate version and the final agreement that became law because it is critical for economic development opportunities like this new medical center. We’re already seeing significant benefits of this new law – just yesterday I toured a small business in Zanesville that reinstated health care benefits because of tax reform. And more than 400 companies around the country have announced new investments in their businesses and their workers, including higher wages, bonuses, new plants and equipment, and more retirement benefits. I’m excited about the opportunities ahead, and I will continue to work with communities throughout Ohio on project to utilize the NMTC to spur new economic growth and development.”
NOTE: Earlier today, as part of his tour, Portman visited Fredon Corporation in Mentor and hosted a roundtable with local CEOs and business leaders to discuss the recent-signed Tax Cuts & Jobs Act. Yesterday, Portman visited GKM Auto Parts and during the visit the company announced the decision to use their tax reform savings to reinstate healthcare coverage for their employees as a result of the passage of the Tax Cuts & Jobs Act. Thus far on his tour, Portman visited Sheffer Corporation in Cincinnati, Wolf Metals in Columbus, Tremco in Cleveland, and Bruns General Contracting in Tipp City, all of which have announced more investment in plants and equipment, wage increases, bonuses, and/or additional retirement security benefits because of the savings they expect from tax reform. These are four of many Ohio companies that are increasing investments and strengthening worker benefits following passage of the historic Tax Cuts & Jobs Act.
Photos of today’s visit are below: