Headquarters Was Partially Funded Through New Market Tax Credits and Historic Tax Credits, Which Portman Fought to Preserve in New Tax Law

TOLEDO, OH – Today, U.S. Senator Rob Portman (R-OH), as part of his Results for the Middle-Class Tax Reform Tour, visited ProMedica Headquarters in Toledo. The headquarters was partially funded through New Markets Tax Credits and Historic Tax Credits, 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.

“I’m proud to see ProMedica’s headquarters right here in the middle of downtown Toledo,” said Portman.  “This project was made possible in part by the New Markets Tax Credit and Historic Tax Credits, both of which are designed to help spur economic growth and community redevelopment projects.  Without these tax credits, this new headquarters project may have gone elsewhere, potentially outside of Ohio.  Because of these tax credits, we’ve seen a historic steam plant building – which had been vacant for nearly 20 years – restored, and we’ve also seen additional investments that will improve the downtown area for all residents.  And perhaps most importantly, this project has provided more jobs for Toledo and Ohio.  We’re continuing to see real, tangible benefits of this new law.  I’m excited about the opportunities ahead, and I will continue to help communities throughout Ohio utilize these tax incentives to spur new economic growth and development.” 

So far on his tax reform tour, Portman has visited Worldpay Inc. and the Sheffer Corporation in Cincinnati, the UH Rainbow Center for Women and Children and Tremco in Cleveland, the Fredon Corporation in Mentor, GKM Auto Parts in Zanesville, Wolf Metals in ColumbusBruns General Contracting in Tipp City,  Lima Pallet Company in Lima, 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 ActThis 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: