Senate Finance Release on Introduction of Community Renewal Bill

[1] WASHINGTON -- Senate Finance Committee Chairman William V. Roth, Jr. (R-DE) today introduced S. 3152, the "Community Renewal and New Markets Act of 2000." This bipartisan bill, cosponsored by 15 Committee members, contains many of the energy, conservation and environmental, aid to distressed communities, and farm provisions that they requested be included in Chairman Roth's original mark.

[2] Chairman Roth inserted the following statement into the Congressional Record:

[3] "Mr. President, today I am, along with 15 cosponsors from the Finance Committee, introducing a Community Renewal tax reduction bill that will help all America benefit from today's economic boom.

[4] "As you know, the House bill embodies an agreement between the House and the Administration. Personally, I think that it would be wrong for the Senate to be silent in this process. It is important for this body to at least have a voice in crafting this legislation.

[5] "While I would have preferred that this legislation to have been reported from the Finance Committee, I believe my bill represents the Committee's will. It is largely composed of the Chairman's mark and amendments submitted by the Committee's members. Every Member of the Finance Committee had input into this bill. In the regular course of Finance Committee business, we would have reported this bill out of the Committee with an overwhelming vote in support. And the fact that 14 members on both sides of the aisle have joined me as original cosponsors, I believe, attests to the Finance Committee's approval of this legislation."

[6] Legislative language will be available later today on the Finance Committee web site. Copies of the Joint Committee on Taxation's description and revenue chart are available in Dirksen 219, or on the JCT web site.

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