300 Main Street, Suite 200, Dubuque, IA 52001
Mon – Thurs 8 am – 5 pm, Fri 8 am – 12 pm
The Dubuque Area Chamber of Commerce urges our members to take immediate action by contacting our legislators in protection of Federal Historic Tax Credits and New Market Tax Credits. Our federally elected officials are currently drafting the new federal tax code and time is of the essence.
At the Dubuque Area Chamber, we are focused on economic growth and community prosperity. We are extremely concerned that the tax reform bill eliminates Federal Historic Preservation Tax Incentives (Historic Tax Credits) and the New Market Tax Credit. These proven programs have been very successful in growing the Dubuque economy and enhancing our community.
We have submitted a letter to our area congressional delegation in Iowa, Illinois and Wisconsin asking them to ensure both programs are maintained without cuts. Please take a few minutes to contact your senators and representatives and ask them to ensure the historic tax credit and new market tax credit programs are maintained without cuts in any tax reform legislation. Likewise, please include information on how this bill will impact you and your business.
Here is a sample message:
I’m calling (or writing) to ask for your support to maintain and not cut the Federal Historic Preservation Tax Incentive and New Market Tax Credit programs as part of any federal tax legislation. Both programs are vital to redeveloping Dubuque and our growing economy. These programs have transformed our downtown, spurred hundreds-of-millions of dollars in growth, created thousands of jobs, and grown our tax base. I am counting on you to maintain and not cut the historic tax credits and New Market Tax Credit, so Dubuque can continue to grow and prosper.
(include how bill impacts you if possible)
Iowa
Illinois
Wisconsin
Summary
The Tax Cuts and Jobs Act would reduce corporate (C Corp) tax rate to 20%, pass-through (S Corp) to 25%, eliminated or limits most business tax credits and deductions, and creates a territorial system for domestic corporations on foreign income. The bill also makes a number of changes to personal income tax, including: fewer brackets, major changes to a number of deductions and credits, and eventual elimination of the alternative minimum tax and estate tax. The proposal would increase the federal deficit by $1.5 trillion over the next decade.
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