Kay Bailey Hutchison: “I stand today to sponsor, along with Mr. Abraham, Mr. Campbell, Mr. D'Amato, Ms. Moseley-Braun, Mr. Specter, and Mr.…”

“I stand today to sponsor, along with Mr. Abraham, Mr. Campbell, Mr. D'Amato, Ms. Moseley-Braun, Mr. Specter, and Mr. Cochran, the introduction of the Commercial Revitalization Tax Credit Act of 1997. This bill is identical to the bipartisan and widely supported legislation I sponsored during the last session. This measure will create jobs, expand economic activity, and improve the physical appearance and increase the value of residential and commercial buildings in America's most distressed urban and rural communities. The bill provides a targeted tax credit to businesses to help defray the cost of construction, expansion, and renovation in these areas, and in the process will generate billions in privately based economic activity in those areas that need the most help in our country. The Commercial Revitalization Tax Credit Act will fill in the gap between the broad range of tools our States and localities utilize to make declining neighborhoods healthy places to do business, to work, and to raise families. This tax credit will help businesses form a partnership with the Government to help revitalize areas of our country that have, in many cases, suffered from neglect and despair.”