Bi-partisan legislation introduced to preserve economic development incentives

According to the International Council of Shopping Centers, Inc. (ICSC), congressmen Danny Davis, Patrick Tiberi and Peter Roskam will introduce important bi-partisan legislation to preserve local economic development incentives as well as the related tax revenues from being inappropriately transferred to the IRS. "As the economy continues to recover, we must ensure that we are promoting all the tools for a successful recovery. I am encouraged that this legislation will spur additional development and job creation in the areas that most need it," said Davis. State and local governments provide economic development incentives to leverage private capital in order to improve communities or provide necessary goods and services to underserved markets. These incentives are often in the form of property, demolition, environmental remediation, or infrastructure for a new or redevelopment project with the intention that the future (and enhanced) property will provide additional services and revenues to the community. Especially during this difficult economic period, communities need to be able to work together and utilize all of their resources as efficiently as possible to create jobs and stimulate local economies. This legislation will allow investments to be made in communities across the country with the greatest need and remove an unnecessary burden on state and local governments to use local dollars to pay a federal tax that was never intended.