WTC Records Folder 0139 label, 2001

NYC 9/11 Public Portal Document _

11/48/01 THU 11:31 FAX 4 1864 ASS'[ t'SECRETARY OF SENATE IJ002

New York City Economic Recovery Tax Packager Approx. cast 0 billion'

1) $4,800 per employee New York City Recovery Zone Employer Tax Credit:

This credit is worth $4,800 for each worker employed in the New York City Recovery

Zone after September 11, 2001, The New York City Recovery Zone is defined as both sides of

Canal Street, East Broadway (east of its intersection with Canal Street), and Grand Street (east of

its intersection with East Broadway). Employers could claim it for each employee for 2001

and 2002.

An additional feature of this credit is that it would be portable for companies that have

been physically displaced from the New York City Recovery Zone. In other words, a company

that has been forced out of the NYCRZ by the attack could claim the $4,800 credit for each

employee that had been employed within the NYCRZ prior to September 11 and that was

subsequently relocated to another location within New York City. The purpose of this portability

provision is to encourage employers with damaged or destroyed facilities to remain in Now York

regardless of whether or not they can get back into their facilities.

An estimated 300,000 private sector worms were employed within the New York City

Recovery Zone prior to the terrorist attacks. The City of New York estimates that nearly 125,000

have been displaced, nearly 30,000 of which the City suggests have already been moved out of

New York City.

2) $15 billion in Rebuild New York City Private Activity Bonding Authority:

It is estimated that New York City has lost close to 20 million squaire feet of commercial

office space alone in the World Trade Center tragedy. This loss coupled with damage to public

utility infrastructure will create an extraordinary need for reconstruction in the city in the next

few years. In order to reduce the cost of that reconstruction to keep the City competitive with

other regions vying for New York businesses as well as to expedite the timetables for rebuilding

We are still trying to include a residetlial tax credit as well a provision that would pa:ait municipal bond iasuas in Ncw Yak City (including PA, MTA, City Hospitals) to take advantage of one additional advanaod refunding.

NYC-WTC 000136566