WTC Records Folder 0140 label, 2001

NYC 9/11 Public Portal Document

The program would also provide benefits to individuals who reside in the area and have uninsured losses and costly repair and replacement expenses. The plan provides tax incentives for individuals who choose to live or relocate to the zone. The Liberty Zone's goal is to provide lower Manhattan with the necessary tools to revitalize and return to economic self-sufficiency.

Under the Liberty Zone, tax relief would be available to businesses and residents that were temporarily or permanently displaced after the disaster, those that expand within the Liberty Zone, and those new to the area.

Specific examples of relief and other incentives that could be part of a Liberty Zone include:

• Employee Retention Grants; • Federally Insured Triple Tax Exempt Reconstruction Bonds; • Federally Insured Taxable Reconstruction Bonds that could be purchased by public employee pension funds; • Deductibility of State and Local Sales Taxes; • Accelerated Depreciation, Expanded Business Expense Deduction and Shortened Amortization for Business Expenses; • Federally-Backed Sales Tax Exemption • Investment Tax Credits for Equipment, Security Systems and Smart Buildings Technology Enhancements and; • Resident Refundable Credit for Those Who Remain and Live in the Area.

Supporting Families and Dislocated Workers

The events of September 11th significantly exacerbated an economic slowdown that was already occurring nationwide. Tens of thousands of individuals are or soon will be unemployed, either as a direct result of the attacks or as an indirect result of its impact on the overall economy.

Nearly 377,000 workers in New York were impacted by the attacks, a number roughly equivalent to the population of the entire City of Atlanta. Almost 1,300 businesses were directly impacted. The President's proposals to extend unemployment benefits nationwide, provide grants for health insurance coverage, income supplementation and job training, and to provide assistance in accessing existing job search and training services will significantly mitigate this problem.

Under the Governor's plan, New York is also seeking Federal assistance to address the immediate needs of these workers including:

100 percent reimbursement for COBRA premiums: These grants would be provided to affected workers to cover COBRA continuation health coverage premiums for workers displaced as a direct result of the attacks. This would be an important step in providing financial stability for individuals displaced from their jobs as a result of the attacks. Under COBRA (the Consolidated Omnibus Budget Reconciliation Act of 1985), dislocated workers and their families can maintain their health coverage for a certain time period, but the cost is borne by the employee.

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NYC-WTC 000136683