Portman Visits Ronald McDonald House of Akron, Sees Benefits of New Markets Tax Credit
Portman Fought to Preserve New Markets Tax Credit in Tax Reform Law; Key Tax Incentive Helped Fund Expansion
WASHINGTON, D.C. –U.S. Senator Rob Portman (R-OH), as part of his Results for the Middle-Class Tax Reform Tour, visited the newly expanded Ronald McDonald House of Akron, a facility that serves the Akron’s Children’s Hospital, and hosted a tax reform roundtable with local business leaders. The $12 million project, which doubled the Ronald McDonald House’s capacity, 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.
“The Ronald McDonald House provides an incredible service to families who face very trying circumstances, and it’s great to see that the facility has been expanded. This important expansion project was made possible in part by the New Markets Tax Credit, a tax incentive to spur economic growth and redevelopment projects,” said Portman. “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. We’re already seeing significant benefits of this new law. I’ve visited 16 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 the NMTC to spur new economic growth and development.”
NOTE: So far 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, 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: