WTC Records Folder 0139 label, 2001

NYC 9/11 Public Portal Document

Oct-31-01 10:11am From-TISHIIAN SPEYER PROPETIES +212T550O6T T-305 P12/O3 F-661 10130101

Stimulus program New York Economic Recovery Tax Amended for Discussion Amtndtd Manhattan Economic Recovery Program are to: 1) keep The goals of the New York following the 9/11 terrorist businesses and residents committed to the city as rebuild current loss in tax revenue to the city and state is estimatedofatjobs $12lost billion, and125,000. at over 2) preliminary estimates the number lower Mme• pie

ov a Tai Cr......$3.0 billion Lowe a n co mlc '"" to encourage employers to locate or $3,000 annual per employee Federal tax credit Recovery Zone (Manhattan south of Canal remain located in the Lower Manhattan Employers could only claim the Credit for Street), which would last for five years. employees who ears under $150,000 per year.

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State a Cr . . .. .. . . .... . ..... $3.0 billion ewYo $ Mousing Tax Credit Program, this tax Modeled after the existing federal Low Incomeequivalent to the number of displaced value credit pool would be authorized at a employees, 125,000, by $25,000. Employers that are located within the New York damaged or destroyed by the attacks would be Recovery Zone or that had their buildings employees under $150k) federal tax eligible to receive a one-time per-employee (for of commitment to stay in New York City. The credit in exchange for a long-te ~m Housing Tax Credit, would certify that the New York, as it does with the Low companies fulfilled the eligibility requirements.

A or ...................... . $500 mullion 2 Reb d New York City R i ••~••• authority to enable the replacement of Up to $5 billion in Federal tax-exempt bonding the New York Recovery Zone. In lost commercial and -residential spate in and around the qualified private activity bond addition, the bonding authority would not be subject to bonds in New York City. caps that govern other issuaneos of municipal ......................................... $300 million 31 ddltionl Advanced Re[Undifl including the Port Authority of New Allowing municipal issuers in New York State — the Metropolitan Tip ton York and New Jersey, New York City Hospitals, and one additional advanced Authority — to raise much needed capital by permitting refunding of municipal and 501(c)3 bonds over the next three years. This ref ending York to take advantage of current low authority would allow municipal issuers in New

NYC-WTC 000136597