“We’re trying to prevent someone from taking something off the shelf and sticking it into a bill,” said a lobbyist familiar with the effort, who spoke on the condition of anonymity because his clients didn’t want him to speak. “You want to meet with the people who are going to hold the pen,” he said.
Far from Wall Street, on the rolling plains of Montana, some ranchers are eager for Congress to create a capital gains tax credit for retiring ranchers and farmers who sell land to those starting out as way to encourage younger people to take up the occupations.
Jess Peterson, a fifth-generation Montana rancher who is vice president of the U.S. Cattlemen’s Association, acknowledges that his group is looking for a “loophole.”
“Tax reform is coming up, so now is the time. What an opportunity,” said Peterson, whose D.C. firm, Western Skies Strategies, has been lobbying on the issue.
On Broadway, tax reform is also a top priority. The Broadway League, which represents theater owners and producers, wants to insert several incentives into the tax code that would benefit investors in live shows. The provisions included a quicker amortization of the investment, which in other words defers tax on profits until financiers have recouped their original investment. A similar benefit is already given to investors who help finance films and television shows.
Thomas Ferrugia, director of government relations for the league (which hired the D.C. lobbying firm Quinn Gillespie & Associates), said the change is needed because Broadway is so dependent on individual investors. He’s focusing his efforts on New York’s congressional delegation.
“Now is the time to do this because everything is potentially on the table with tax reform,” he said. “We’re going to keep pushing, so if an opportunity arises we’re right there to take advantage of it.”
Alice R. Crites contributed to this report.