Committee to Markup Community Renewal and New Markets Act Wednesday
WASHINGTON -- Senate Finance Committee Chairman William V. Roth, Jr. (R-DE) today announced that the Committee will mark up the Community Renewal and New Markets Act of 2000 on Wednesday, September 27, 2000 at 10:00 a.m. in 215 Dirksen Senate Office Building.
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
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