Connie Mack: “as a co-sponsor of the Community Renewal and New Markets Act of 2000, I want to commend Chairman Roth for his usual fine…”

“as a co-sponsor of the Community Renewal and New Markets Act of 2000, I want to commend Chairman Roth for his usual fine work in assembling a bill that garners the support of such a large number of our Finance Committee colleagues. I am pleased that a number of items in this bill are provisions that are extremely important to me, and I would like to speak briefly concerning them. But I also want to draw attention to some provisions in this bill that I do not favor. As this bill stands in the place of what would have been a bill reported out of the Committee on Finance, it reflects the compromises that are inherent in the committee process. Unlike typical bills, of which it is reasonable to assume that every provision is supported by every co-sponsor, probably every co-sponsor of this bill can find provisions contained in it that he does not support. Of many, there are two that I find most troubling: the ``new markets tax credit,'' and the ``individual development accounts.'' These two provisions are appropriations masquerading as tax cuts.”