WASHINGTON, Dec. 15, 2017 /PRNewswire-USNewswire/ -- This evening, the conference committee appointed to reconcile the different versions of the Tax Cuts and Jobs Act (H.R. 1) released their conference report. In response, National League of Cities (NLC) President Mark Stodola, mayor of Little Rock, Arkansas, released the following statement:
"Hundreds of local leaders have spoken loudly and clearly during this extremely condensed tax reform debate: Congress can't pay for tax reform by stripping the tools that help build stronger, healthier and more economically-vibrant communities.
"City leaders have helped push the needle to produce a final conference bill that protects the tax exemptions for most bonds, preserves many key credits and partially protects the deduction for state and local taxes (SALT). Unfortunately, the final bill falls short on its promise to protect American families and the cities and towns in which they live.
"While we are still reviewing the details of the final conference report, we continue to urge Congress to reject any bill that eliminates or reduces important tools for cities like the tax exemption for advance refunding bonds, key tax credits including the historic tax credit, and the full preservation of the deduction for state and local taxes (SALT)."
For a list of NLC priorities in tax reform, and to track the status of bonds, credits and deductions that are critical to cities, visit www.nlc.org/TaxReform.
More than 800 city leaders have signed onto an action letter outlining NLC's topline priorities when it comes to tax reform and the federal budget. You can view the letter and signatures at www.nlc.org/StandWithCities.
NLC is a founding member of Americans Against Double Taxation, a coalition of advocacy groups dedicated to preserving the state and local tax (SALT) deduction.
The National League of Cities (NLC) is dedicated to helping city leaders build better communities. NLC is a resource and advocate for 19,000 cities, towns and villages, representing more than 218 million Americans. www.nlc.org
SOURCE National League of Cities