NYC 9/11 Public Portal Document
cost caps at $150 per square foot for base building and $75 per square foot
for tenant space. Allowable costs would include, for example, enhanced
fiber optics or digital cable, high-speed Internet connections, and special
computer rooms. The credit would apply to property placed in service on
or after September 11, 2001, and before December 31, 2006.
Reasons for Change: Investment tax credits have been critical in
encouraging capital investment. This proposal would provide an added
incentive to replace damaged or destroyed property in a timely manner. In
addition, taxpayers would have an incentive to invest in security system
upgrades. It would reduce taxpayers' liability, while improving infrastructure
and spurring investment and improving security. The Smart Buildings
Technology Enhancement Credits would encourage high technology
businesses, such as computer companies, financial services firms and
other companies to locate or expand in lower Manhattan. State-of-the-art
wiring and computer networking systems are essential components of
nearly all businesses, especially the financial services industry. This would
provide tax incentives to encourage building developers to rehabilitate and
construct buildings to include these building improvements.
IV. Incentives to Retain a Residential Community in Lower
Manhattan
➢ Resident Refundable Credit
Proposal. Provide a refundable credit against Federal income tax for
individuals who live in lower Manhattan below Canal Street. The credit
would be based on a sliding scale and would be indexed.
Reasons for Change: This proposal provides an incentive for residents in
lower Manhattan to stay and will stimulate others to move to the area.
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NYC-WTC 000136771
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