Portman Visits Dayton Children’s Hospital, Sees Benefits of Key Tax Incentives He Fought to Preserve in Tax Reform Law

May 25, 2018 | Press Releases

Portman Fought to Preserve New Market Tax Credits & Private Activity Bonds, Both of Which Helped Fund New Community Health & Advocacy Center

DAYTON, OH – Today, as part of his ‘Results for the Middle-Class Tax Reform Tour’, Portman toured Dayton Children’s Hospital’s Community Health & Advocacy Center. The Center will house many of Dayton Children’s community-facing programs and services like the foster and kinship care clinic, complex care, child advocacy, the Dayton Asthma Alliance, and a food pharmacy.  The Center’s 50,000-square-foot, $28 million-dollar construction was partially funded through New Markets Tax Credits; it also benefited from private activity bonds. Both of these tax incentives help spur additional funding for community redevelopment projects across Ohio.  After the House of Representatives initially eliminated these tax incentives in its initial bill, Senator Portman fought to preserve them in the Senate version of the Tax Cuts & Jobs Act and the final bill which ultimately became law.

“Dayton Children’s Hospital provides an incredible service to families and to the community of Dayton, and it’s great to see that the facility has been expanded.  This important project was made possible in part by the New Markets Tax Credit and private activity bonds, tax incentives designed to spur economic growth and redevelopment projects,” said Portman. “These tax incentives were removed in the House-passed version of tax reform, but I fought to preserve them in the Senate version and the final agreement that became law. We’re already seeing significant benefits of this new law.  I’ve visited 18 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.  I’m excited about the opportunities ahead, and I will continue to work with communities throughout Ohio on project to utilize these tax incentives to spur new economic growth and development.”   

Currently on his tax reform tour, Portman has visited Kroger, Worldpay Inc. 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, and hosted a roundtable with members of the Ohio Craft Brewers Association in Columbus, all of which have announced new investments in their businesses and their employees because of the savings from the Tax Cuts & Jobs Act.  This includes 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: