September 28,2000

Roth to Introduce Community Renewal Legislation

Cancels Committee Mark Up of Legislation

WASHINGTON -- Senate Finance Committee Chairman William V. Roth, Jr. (R-DE) today canceled a mark up of The Community Renewal and New Markets Act of 2000, and announced that he will introduce legislation based on his Chairman's modification to the bill within the next few days.

"I regret that I have to cancel Committee action on this legislation. I am very concerned that going forward would have opened the bill up to become a grab-bag of special interest provisions," Roth told the Committee this morning. "Instead I intend to introduce my modified Chairman's mark as stand-alone legislation. I hope that members of the Committee will all consider joining me as cosponsors of this legislation -- I believe that this will strengthen our hand in negotiations with the House and the White House in the coming days.

"My modification of the bill includes a variety of proposals that will further the bill's goals of community renewal -- rationalizing and simplifying what was and, was proposed to be, a hodge-podge of often conflicting provisions. It includes an immediate -- let me empha immediate -- increase in the volume caps for low-income housing tax credits and private activity bonds. It also addresses many, many important problems left out of the House and Administration proposal. This package includes a number of amendments that were filed by Republicans and Democrats on the Committee. It contains an energy and conservation component, environmental provisions, a farm relief component, an Individual Development Account proposal, an adoption credit, and a broadband internet proposal that will make sure that no one gets left on the wrong side of the digital divide."

Legislative language will be available when the bill is introduced -- most likely early next week. Copies of the Joint Committee on Taxation's description and revenue chart are available in Dirksen 219, or on the JCT web site.