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Statement of Congressman Danny K. Davis Markup of Taxpayer Certainty & Disaster Tax Relief Act

Mr. Chairman, I support this bill because it does much to support my constituents, my state, and our nation. 

This bill includes important assistance for families struggling with medical costs and home foreclosures. 

It includes the New Markets Tax Credit – a program that is PROVEN to create tens of thousands of jobs and bring billions of dollars in investment to rural and urban neighborhoods with high unemployment and poverty. This credit exemplifies a smart federal investment.  Since its creation, it has leveraged $95 billion in economic revitalization projects creating hundreds of thousands of jobs. 

Chicago and my Congressional District typically receive the greatest amount of New Market Tax Credits in the nation – rebuilding rebuilding Chicago neighborhoods and creating about tens of thousands of permanent, full-time jobs.  This financing brings real jobs and help to real people, including community health centers, permanent supportive housing, job training programs, rec and educational centers for youth, grocery centers, and business expansion projects.

This bill extends the Work Opportunity Tax Credit. I repeatedly hear from businesses in Illinois the importance of this credit to as a hiring and retention incentive.

Business leaders tell me about how cost-effective this credit is and how these employees remain in their jobs longer. WOTC helps vulnerable Illinoisans – those who had been on food stamps, people with records, and residents of empowerment zones.

The bill provides important certainty to U.S. biodiesel producers through 2020 and encourages investment and growth in domestic production capacity. Biodiesel is a renewable and clean-burning fuel made from a mix of resources like recycled cooking oil, soybean oil and animal fats. Biodiesel is a critical issue for Illinois, and I support its inclusion.

I also thank the Chairman for including my bill to make it easier for charitable foundations to increase giving in response to disasters by creating a flat rate for the private foundation excise tax.  Current law unintentionally discourages increased giving in response to natural disasters or local emergencies without fear of a multi-year penalty of higher taxes.

Finally, I am pleased that this bill rolls back one of the most offensive elements of the Republican tax bill that let trust fund children inherit $22 million without paying a dime in federal taxes while denying millions of hard-working families the state and local tax deduction.

Congressman Davis serves as the Chairman of the Subcommittee on Worker and Family Support on the Committee of Ways and Means, with broad jurisdiction over a range of critical supports for workers, children, and families - including guaranteed federal funding for child care and child welfare.

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    repName Danny K. Davis  
    helpWithFedAgencyAddress Chicago District Office
    2813-15 W. Fifth Avenue
    Chicago, Illinois 60612
     
    district 7th District of Illinois  
    academyUSCitizenDate July 1, 2017  
    academyAgeDate July 1, 2017  
    academyApplicationDueDate October 20, 2017  
    repStateABBR Il  
    repDistrict 7  
    repState Illinois  
    repDistrictText 7th  
    repPhoto  
    SponsoredBills Sponsored Bills  
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