releases: https://www.portman.senate.gov/newsroom/press-releases/portman-praises-tax-extenders-package-final-fy-2020-funding-bill
Data license: MIT · Data source: dwillis/congress-press
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| https://www.portman.senate.gov/newsroom/press-releases/portman-praises-tax-extenders-package-final-fy-2020-funding-bill | Portman Praises Tax Extenders Package in Final FY 2020 Funding Bill | 2019-12-17 | 2019 | 2019-12 | Republican | House | OH | Rob Portman | P000449 | www.portman.senate.gov | legacy | Portman Praises Tax Extenders Package in Final FY 2020 Funding Bill December 17, 2019 | Press Releases WASHINGTON, DC Today, U.S. Senator Rob Portman (R-OH) praised the addition of the tax extenders package that will be included in the final FY 2020 funding bill, including 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 Tax Relief. Portman has seen firsthand how these incentives help Ohio, boosting the economy, economic development, jobs, and innovation in the state. Portman released the following statement: I support the tax extenders' package that will be included in the year-end funding package and I want to thank President Trump for his support for this proposal. Many of these tax incentives including 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 Tax Relief are critical to continuing middle-class tax relief and generating more investment and economic development in Ohio.I fought to preserve them in the tax reform law because they drive more economic growth and job creation, and that's good for our country. Although I believe it was necessary to pass this extensions package to avoid the economic dislocation that would have occurred, I believe Congress must have a serious and thorough discussion next year on the future of these provisions, making permanent the ones that work for our economy and ending or phasing out the ones that are unnecessary. Too often, Congress refuses to make the hard choices with these temporary tax provisions, resulting in short-term, ineffective policy that we constantly have to revisit.I will continue to work with Chairman Grassley, my colleagues in the House and Senate, and the administration next year to help bring all sides together on a long-term agreement on these tax extenders and other fixes to the tax reform law. The package will extend by one year the following tax provisions: The New Markets Tax Credit (NMTC). In the 2017 tax reform law, Portman led the effort to preserve the New Markets Tax Credit, which helps economically-distressed communities attract private capital for community redevelopment purposes, and Cincinnati has been a significant beneficiary. In 2017, Portman visited the 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 one additional year. The Work Opportunity Tax Credit (WOTC). In the 2017 tax reform law, Portman led 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 Portman amendment added a $2,400 credit for first-year wages paid to the long-term unemployed. This proposal would extend WOTC for one additional year. The Craft Beverage Tax Relief. The tax extenders package extends for one additional year the bipartisanCraft Beverage Modernization & Tax Reform Act, legislation cosponsored and championed by Portman that provides excise tax relief to thegrowing craft beverage industry, helping these entrepreneurs reinvest more in their businesses and our communities. In the 2017 tax reform law, Portman offered the amendment to add this excise tax relief into the larger package. Ohio is number four in the country in craft beer production and supports 15,000 jobs in the state. For his work, Portman received the Beer Institute's 2018 Beer Champion award in September 2018 for his leadership in championing reforms that allow brewers and beer importers to reinvest in their businesses, hire new employees, and continue to innovate and create America's favorite beers. Portman also received the Legislative Champion award from the Brewers Association in July 2018 for his leadership on this issue. The Medical Expense Deduction Expansion. Dating back to the passage of the ACA, Portman has led efforts in Congress to roll back this onerous tax increase on the middle class and seniors, including the past legislation to roll back this tax increase for 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 extenders 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 Health Coverage Tax Credit (HCTC). The tax extenders package extends for 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. Earlier this year, Portman 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. CFC Look-Through Rules. The tax extenders package extends for one-year the look-through rules for U.S. multinationals to allow for the efficient ability to bring back dollars trapped overseas. 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. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |