Our Mission

Learn who we are and how we serve our community

Leadership

Meet our leaders, trustees and team

Foundation

Developing the next generation of talent

C+CT

Covering the latest news and trends in the marketplaces industry

Industry Insights

Check out wide-ranging resources that educate and inspire

Government Relations & Public Policy

Learn about the governmental initiatives we support

Events

Connect with other professionals at a local, regional or national event

Virtual Series

Find webinars from industry experts on the latest topics and trends

Professional Development

Grow your skills online, in a class or at an event with expert guidance

Find Members

Access our Member Directory and connect with colleagues

ICSC Networking Platform

Get recommended matches for new business partners

Student Resources

Find tools to support your education and professional development

Become a Member

Learn about how to join ICSC and the benefits of membership

Renew Membership

Stay connected with ICSC and continue to receive membership benefits

Government Relations & Public Policy

Bill would restore Sec. 118 tax exclusion of development incentives

December 10, 2019

Senator Jeanne Shaheen (D-NH) has introduced ICSC-supported legislation (S. 2942) to restore the tax exemption for certain economic development incentives provided by local governments.

To encourage private economic development in underserved communities, state and local governments frequently provide cash grants, abandoned property, or environmental remediation, to a real estate project.

Prior to passage of the 2017 tax reform law, these so-called “contributions to capital” were generally not considered taxable income to the developer. In tax reform, Congress drastically limited Section 118 of the tax code in an attempt to remove a federal tax subsidy for large corporate relocation packages offered by state and local governments. Unfortunately, those modifications also removed an important economic tool used by municipal governments. Perversely, this change removes funds intended to improve local communities and sends them to Washington, DC, instead.

ICSC applauds Sen. Shaheen’s efforts to restore Section 118 of the tax code.

Phillips Hinch

Vice President, Tax Policy