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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