Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: Wednesday, February 24, 1999

Release #065-99

Contact: Colleen Roche/Curt Ritter (212) 788-2958


MAYOR GIULIANI JOINS CONGRESSIONAL LEADERS IN SUPPORTING AMERICAN COMMUNITY RENEWAL ACT

Legislation Before Congress Would Assist America's Poorest Communities

Mayor Rudolph W. Giuliani joined House of Representatives Speaker J. Dennis Hastert (R-IL), House of Representatives Majority Leader Richard K. Armey (R-TX), Senator Spencer Abraham (R-MI ), Senator Joseph I. Lieberman (D-CT ), Congressman James Talent (R- MO), Congressman J.C. Watts (R- OK) and Congressman Danny K. Davis (D-IL) to state his support for the American Community Renewal Act (ACRA), legislation currently before Congress.

The legislation will revitalize the nation's poorest communities through private economic growth and moral renewal and designate 100 renewal communities that will offer targeted, aggressive, pro-growth tax cuts and regulatory relief. The bill is designed to give the most innovative mayors and community leaders the tools they need to renew their communities, including: zero capital gains tax, additional business expensing, commercial revitalization tax credit, and loosening of licensing and regulatory barriers and would be privately and federally funded.

"I'm proud to be here today to offer my support of the American Community Renewal Act," said Mayor Giuliani. "This legislation will build on New York City's efforts to help individuals take control of their lives and move toward greater political, social and economic freedom. Through a series of targeted tax cuts and regulatory relief, this legislation will encourage private sector job growth and business development in what are called renewal communities. It will also help neighborhoods on the path toward revitalization by encouraging home ownership and savings, so that people feel that they have a stake in their communities.

"Over the last five years one of the most important ways we helped New Yorkers take control of their lives was by making government less intrusive in business decisions and returning economic power to those who make and spend the money," the Mayor continued. "When we return responsibility and accountability to small businesses and individuals over their own finances, without the burden of taxes and regulations, the economy thrives and more and more jobs are created. A job is the best social program there is. Last year New York City created 90,000 jobs -- the largest single year private sector job growth since our City began recording job numbers in 1951. And over the last five years, we've gained back all of the 320,000 jobs the City lost in the early 1990's. We were able to accomplish this by making businesses feel safe -- a neighborhood consumed by crime cannot attract investment. We have refused to accept the cynical belief that New York City and its businesses have to settle for less.

"We also rejected the high-tax philosophy that guided City government policies for a generation," the Mayor added. "We changed the direction of the City from an anti-business to a pro-business, pro-opportunity direction and instituted more than $2 billion in tax cuts, which has spurred broad-based job growth. When businesses are freed of taxes, they turn that money around and invest it in their neighborhoods and communities. The American Community Renewal Act will build on what we have been able to accomplish in New York City. I encourage Congress to do what is right for New York City and cities across the nation and pass the American Community Renewal Act during this session," the Mayor concluded.

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