Legislative Announcements
February 19, 2009 | Cleveland, OH - President Signs Stimulus Bill Expanding Use of IDBs
The Council of Development Finance Agencies’ legislation to expand the use of industrial development bonds (IDBs) for new technology manufacturing was signed into law yesterday by President Barack Obama as part of the $787 billion American Recovery and Reinvestment Tax Act of 2009. This is a major legislative victory for CDFA and the entire development finance industry.
>>>Read the Press Release
December 23, 2008 | Cleveland, OH - CDFA Presents to Transition Team
The Council of Development Finance Agencies (CDFA) President and CEO Toby Rittner presented to the Obama Transition Team this week regarding economic development finance issues and policies to consider as part of the still forming stimulus package for early 2009.
>>>Read the Press Release
>>>Read the Policy Paper
CDFA Legislative Agenda
CDFA's legislative efforts will be focused within the following three legislative and policy areas. >>> Printable One Page Agenda
Policy Area 1: Improving the Use of Industrial Development Bonds (IDBs)
To address these challenges, CDFA has outlined the following priorities:
1. Amend the definition of which users qualify for small issue bonds to include new economy industries
CDFA’s Updated Manufacturing Definition for IDBs Legislation Reintroduced in United State Senate
-- Change Would Allow High-Tech & Innovation Companies to Access IDBs -- >>>Read More
Help Support S. 158 - View, Edit and Send Sample Letter >>>View & Edit
Legislation to Expand the Definition of Manufacturing for IDBs >>>Read More
Technical Explanation on IDB Definitional Changes >>> Read More
2. Increasing the maximum IDB bond size limitation from $10 million to $20 million
Increasing the maximum IDB bond size limitation >>>Read More
3. Amend limitations on bank-qualified bonds for both manufacturing bonds and 501(c)(3) bonds
Issue Overview & Objectives >>>Read More
Legislative Proposal: “Bank Qualified” Manufacturing Bonds >>>Read More
Legislative Proposal: “Bank Qualified” 501 (c) (3) Non-Profit Bonds >>>Read More
4. Modifying or eliminating AMT on IDBs
CDFA Signs On To Letter Supporting New Legislation Exempting PABs From AMT >>>Read the Letter
5. Eliminate the restriction on the use of accelerated depreciation by companies using IDB financing
6. Support general improvements to tax-exempt financing that benefit the development bond finance industry and CDFA constituents
Policy Area 2: Advocate for Sound Practices in the Use of Tax Increment Financing (TIF)
To support this effort, CDFA has established the new Tax Increment Finance Coalition (TIFC) to become a leading advocate for the sound use of TIF.
Policy Area 3: Supporting Federal Financing Programs
To support this policy area CDFA will advocate for the continued support of Congress for federal economic development finance programs and legislation that supports this industry.
Supporting New Markets Tax Credits - CDFA Signs on to Letter Supporting the Extension of NMTC Program >>>Read More
Resources for Assisting CDFA's Legislative Efforts
How to Contact Your Member of Congress >>> Read More
Success Stories
2008 DONE - Support Federal Home Loan Bank (FHLB) Letter of Credit for IDBs Legislation - DONE
CDFA-Supported FHLB Legislation Signed Into Law >>>Read Press Release
2006 DONE - Moving the 2004 capital expenditure increase date up for qualified small issue bonds from 2009 to December 31, 2006 - DONE
CDFA’s Capital Expenditure Limitation Amendment Passes Congress, Signed By President >>>Read More
New Jersey Economic Development Authority Creates 700 Jobs in 2007 Thanks to CapEx Increase >>>Read More
Examples from the California Industrial Development Finance Advisory Commission of CapEx Deals >>>Read More
California Food Maker Expands Because of CapEx Increase >>>Read More
Council of Development Finance Agencies
815 Superior Avenue
Suite 1301
Cleveland, Ohio 44114
Phone: (216) 920-3073
Fax: (216) 771-4938
E-mail: info@cdfa.net