Feinstein Urges Support for Community Renewal and New Markets Act of 2000
OCT. 19, 2000
Feinstein Urges Support for Community Renewal and New Markets Act of 2000
DOCUMENT ATTRIBUTES
- AuthorsFeinstein, Sen. Dianne
- Institutional AuthorsUnited States Senate
- Cross-ReferenceFor the text of S. 3152, see Doc 2000-25393 (244 original pages) or
2000 TNT 193-7
. - Code Sections
- Subject Area/Tax Topics
- Index Termslegislation, taxempowerment zonesinvestment incentivesbudget, federalenterprise zonescredits
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2000-27412 (2 original pages)
- Tax Analysts Electronic Citation2000 TNT 208-29
=============== SUMMARY ===============
Sen. Dianne Feinstein, D-Calif., has urged Treasury to support four provisions under consideration for inclusion in S. 3152, the Community Renewal and New Markets Act of 2000. (For the text of S.3152, see Doc 2000-25393 (244 original pages) or 2000 TNT 193-7
.) Specifically, Feinstein urges Treasury to support provisions that provide (1) private activity bonds for Brownfields sites; (2) full funding for round two empowerment zones; (3) a tax credit for energy efficient air conditioners; and (4) a tax credit for hybrid cars. =============== FULL TEXT ===============
October 19, 2000
The Honorable Lawrence H. Summers
Secretary of the Treasury
Department of the Treasury
1500 Pennsylvania Avenue, N.W.
Washington, D.C. 20220
Dear Mr. Secretary:
[1] I am writing to express my strong support for four provisions under consideration for inclusion in the New Markets Initiative introduced by Senator Roth. As you work with the Senate Finance Committee and the House Committee on Banking and Financial Services, I urge you to include the following four provisions:
o BROWNFIELDS/PRIVATE ACTIVITY BOND PROVISION:
The provision would allow developers to compete for Private
Activity Bonds (under the state cap) for acquisition and
assessment of Brownfields sites. The Brownfields tax credit we
have today applies only for clean-up of Brownfields sites.
Private Activity Bonds should be available for Brownfields
acquisition and assessment, as well.
o FULL FUNDING FOR ROUND II EMPOWERMENT ZONES:
When President Clinton proposed a second round of Empowerment
Zones, it was with the understanding that the Zones would be
funded at $10 million a year for 10 years. The Roth bill
includes $5 million for Round II EZ, I would like to see that
figure raised to fulfill the $10 million a year for 10 years
committment.
o TAX CREDIT FOR ENERGY EFFICIENT AIR CONDITIONERS:
I believe that the New Market Initiative should include tax
credits for consumer purchases of energy efficient air
conditioners. California which is undergoing a severe energy
crisis, would benefit enormously by the resulting decrease in
energy demand from the replacement of old air conditioners with
new machines that are energy efficient.
o TAX CREDIT FOR HYBRID CARS:
I also believe that the Initiative should provide tax credits to
encourage the purchases of hybrid vehicles. Since Toyota and
Honda have already introduced hybrid vehicles into the
marketplace this year, there is no reason to delay this tax
credit. These more efficient vehicles will help wean our nation
from our dependence on oil imports.
[2] Thank you, in advance, for your consideration of these four provisions. If you have any questions, or would like to further discuss these issues, please do not hesitate to call me directly, or have a member of your staff call Anne Hurst at (202) 224-3841.
[3] With warmest personal regards.
Sincerely yours,
Dianne Feinstein
United States Senator
Washington, D.C.
DOCUMENT ATTRIBUTES
- AuthorsFeinstein, Sen. Dianne
- Institutional AuthorsUnited States Senate
- Cross-ReferenceFor the text of S. 3152, see Doc 2000-25393 (244 original pages) or
2000 TNT 193-7. - Code Sections
- Subject Area/Tax Topics
- Index Termslegislation, taxempowerment zonesinvestment incentivesbudget, federalenterprise zonescredits
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2000-27412 (2 original pages)
- Tax Analysts Electronic Citation2000 TNT 208-29
