releases: https://www.portman.senate.gov/newsroom/press-releases/portman-praises-key-tax-incentives-fy-2021-bipartisan-funding-agreement
Data license: MIT · Data source: dwillis/congress-press
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| https://www.portman.senate.gov/newsroom/press-releases/portman-praises-key-tax-incentives-fy-2021-bipartisan-funding-agreement | Portman Praises Key Tax Incentives in FY 2021 Bipartisan Funding Agreement | 2020-12-21 | 2020 | 2020-12 | Republican | Senate | OH | Rob Portman | P000449 | www.portman.senate.gov | legacy | Portman Praises Key Tax Incentives in FY 2021 Bipartisan Funding Agreement December 21, 2020 | Press Releases WASHINGTON, DC Today, U.S. Senator Rob Portman (R-OH) praised the tax incentives included in the final FY 2021 bipartisan funding agreement, including key provisions like the Work Opportunity Tax Credit, the New Markets Tax Credit, the Health Coverage Tax Credit, CFC Look-through, the Medical Expense Deduction, and the Craft Beverage Modernization Act. Through the ongoing COVID-19 pandemic, Portman has seen firsthand how these incentives help Ohio, helping to create and keep jobs, and boost economic development and innovation across the state. These tax incentives have been critical to Ohio during the ongoing COVID-19 pandemic. Many of these incentives, especially the Work Opportunity Tax Credit, are critical to keeping folks employed during these unprecedented times and generating more investment and economic development in Ohio. These tax incentives drive more economic growth and job creation, and that's necessary as we continue to recover from the economic slowdown caused by the COVID-19 pandemic. Through the negotiating progress we had some thoughtful discussions resulting in several provisions being made permanent or extended long term. Next Congress, we should continue this serious and thorough discussion on the future of the remainder of these provisions, making permanent the ones that work for our economy and ending or phasing out the ones that are unnecessary. I will continue to work with my colleagues in the House and Senate to help bring all sides together on a long-term agreement on these tax extenders. The package makes permanent the following tax incentives: The Medical Expense Deduction Expansion.Dating back to the passage of the ACA, Portman hasledefforts in Congress to roll back this onerous tax increase on the middle class and seniors. In the 2017 tax reform law, Portman worked with Senator Susan Collins to expand this relief to all taxpayers on a temporary basis. The tax package extends this relief for one additional year, ensuring that more Americans have access to this deduction designed to reduce the tax costs of out-of-pocket medical expenses and long-term care. The package expands the following tax provision: The Employee Retention Tax Credit (ERTC). The bill extends the credit until June 30, 2021 and expands the credit by providing a 70% credit for up to $10,000 in creditable wages per quarter and reducing the gross receipts decline to 20 percent from 50 percent. The employee retention credit gives businesses of all sizes, including nonprofits, a payroll tax credit for wages paid during a suspension of their business operations or periods where they have experienced significant revenue losses. These provisions allow Ohio nonprofits to prioritize keeping employees on payroll and thus minimize painful layoffs. The package extends for five years the following tax provisions: CFC Look-Through Rules.The tax package extends for five years the look-through rules for U.S. multinationals to allow for the efficient ability to bring back dollars trapped overseas and keep U.S. companies competitive abroad. Portman has led efforts to provide this tax certainty in the past, including an amendment to a previous extenders markup in 2015 that sought to make this relief permanent. These rules are an important element to our modernized international tax system and allow companies like Procter & Gamble, GE, and Walmart to bring back cash that's trapped overseas in order to increase jobs and investment here at home. The New Markets Tax Credit (NMTC).In the 2017 tax reform law,Portman led the effort to preserve the New Markets Tax Credit, which helpseconomically-distressed communities attract private capital for community redevelopment purposes, and Cincinnati has been a significant beneficiary. In 2017, Portmanvisitedthe Nehemiah Manufacturing Company, which is using the NMTC to expand and provide meaningful employment opportunities to ex-offenders re-entering society. This proposal would extend NMTC for five additional years at 2020 levels. The Work Opportunity Tax Credit (WOTC).In the 2017 tax reform law,Portmanled the effort to preserve the Work Opportunity Tax Credit, which provides employers with a tax credit for hiring and retaining veterans, ex-felons, disabled individuals, summer youth employees, and Temporary Assistance for Needy Families, Supplemental Nutrition Assistance Program, and Supplemental Security Income recipients. A 2015 Portmanamendmentadded a $2,400 credit for first-year wages paid to the long-term unemployed.This proposal would extend WOTC for five additional years. The package extends by one year a number of tax provisions, including: The Health Coverage Tax Credit (HCTC).The tax packageextendsfor one-year the Health Coverage Tax Credit, which helps subsidize the cost of continued coverage for retirees and other individuals who lost their health care coverage in addition to their pensions and other benefits when their employers either entered into bankruptcy or laid off workers due to foreign trade. Portman has introduced bipartisan legislation to extend this important credit for five years. The HCTC is critically important for many hardworking Ohioans, including as many as 5,000 Delphi salaried retirees in Dayton, the Mahoning Valley, and Sandusky. In addition, a few hundred workers from the Lordstown General Motors plant have applied for Trade Adjustment Assistance (TAA) and would benefit from the HCTC as well. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |