[Congressional Record (Bound Edition), Volume 148 (2002), Part 14]
[Extensions of Remarks]
[Page 19654]
[From the U.S. Government Publishing Office, www.gpo.gov]




    AMENDING INTERNAL REVENUE CODE OF 1986 BASED ON 2000 CENSUS DATA

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                               speech of

                     HON. LOUISE McINTOSH SLAUGHTER

                              of new york

                    in the house of representatives

                        Monday, October 7, 2002

  Ms. SLAUGHTER. Mr. Speaker, I rise in strong support of expanding the 
areas of Renewal Communities, RC, based on the most recent census 
information. This is an issue of great importance to Western New York, 
since Rochester, Buffalo, and Niagara Falls are each designated as 
Renewal Communities. The RC Initiative combines tax credits and other 
provisions designed to revive some of the nation's more impoverished, 
distressed areas. These cities can take advantage of federal wage 
credits, tax deductions, capital gains exclusions, and bond financing 
to stimulate economic development and job growth. Each incentive is 
tailored to meet the particular needs of a business and offers a 
significant inducement for companies to locate and hire additional 
workers.
  Rochester needs these incentives to expand jobs and promote business 
investment in our downtown area. The statistics from my district paint 
the bleak picture. In the past year, we lost 12,400 jobs, including 300 
from Global Crossing; the jobless rate is at an 18-year high; and in 
the last decade, 41 percent of Rochester citizens between the ages of 
20 to 34 have left town.
  I am a cosponsor of H.R. 3100, which would allow the areas designated 
as renewal communities to be updated based on 2000 census data, instead 
of 1990 census data. Due to a loss of population in the 1990s, my area 
would greatly benefit from this change. According to Fannie Mae, this 
technical change would allow 14 more census tracts to qualify in 
Rochester, 16 more tracts in Buffalo-Lackawanna, and seven additional 
census tracts in Niagara Falls.
  Now that the House of Representatives has passed this legislation, I 
urge the Senate to quickly add its voice of approval before we adjourn 
for the year.

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