September 18,2000

Committee to Mark Up Community Renewal Legislation Wednesday

WASHINGTON -- Senate Finance Committee Chairman William V. Roth, Jr. (R-DE) today announced the Committee will meet on Wednesday, September 20, 2000 at 10:00 a.m. in 215 Dirksen Senate Office Building, to mark up the Community Renewal and New Markets Act of 2000.

Among other things, the Community Renewal and New Markets Act of 2000 would:

• Create 30 new "renewal zones" and conform the tax incentives for all of the existing and new zones in distressed areas

• Create a new markets tax credit

• Immediately increase the low-income housing tax credit cap to $1.75 per capita and institute a small state floor of $2 million.

• Immediately increase the private activity bond volume cap to the greater of $75 per capita or $225 million per state

• Create a tax credit for renovating historic homes

• Expand the expensing of environmental remediation expenditures to all qualifying sites ("brownfields")

• Authorize the issuance of tax credit bonds for the National Railroad Passenger Corporation ("Amtrak")

• Create a broadband internet access tax credit

A description of the Chairman's Mark is available on the Joint Committee on Taxation's website.