Act Now! House Republican Tax Bill results in LESS MONEY for nation's crumbling infrastructure and commercial real estate markets. Tell Congress not to slash incentives for public and private construction. The tax reform bill proposed by House Republicans:
PABs are a critical component of funding projects across the infrastructure spectrum including multi-family housing, airports, transportation, ports, and water and wastewater treatment facilities. The repeal of their tax exempt status will raise costs for these projects and will likely lead to fewer Public Private Partnerships - in particular for surface transportation projects. The repeal of the Historic Tax Credit, which has encouraged $131 billion in private construction investment, would eviscerate the market for the rehabilitation of historic buildings that frequently have higher costs, greater design challenges and weaker market location.
- Fails to provide a permanent fix for the Highway Trust Fund, which will soon face insolvency;
- Fails to provide any additional funding or financing tools to address our nation's $ 1.4 trillion infrastructure gap; and
- Removes several provisions from the tax code that are currently used to encourage private investment in public infrastructure and commercial real estate construction, like tax exempt status for private activity bonds (PABs) and the Historic Tax Credit.
Unfortunately, the Tax Cuts and Jobs Act ignores the fact that infrastructure investment has a greater impact on economic output than all other spending programs or tax cuts. If Congress is serious about passing a tax bill that grows the economy, it must not ignore the need to invest more in our nation's infrastructure.
The Birmingham Section started 2015 with a political reception at the Murray Building Co. jobsite at the old Merita Bread Bakery. More than 150 members were in attendance with city and state officials. Everyone enjoyed a tour of the site as well as barbecue from Joe McNabb and Hendrix Chevrolet.