WTC Records Folder 0140 label, 2001

NYC 9/11 Public Portal Document

WORLD TRADE CENTER RECOVERY ZONE self-sustaining, The goal of the new World Trade Center Recovery Zone is to create long-term economic development in New York with special emphasis on the areas damaged or destroyed during the events of September 11, 2001. The Recovery Zone would establish special tax incentives for qualified businesses, designed to stimulate private investment and create jobs within the community. The Zone would create financial incentives that would encourage businesses that are located within it to hire individuals who live and work nearby, as well as encourage investment in buildings, equipment and infrastructure within the Zone through tax-exempt bond financing and favorable depreciation rules. The program would also provide benefits to individuals replacement who reside in the area and have uninsured losses and costly repair and expenses. The plan provides tax incentives for individuals who choose to live or relocate to the Recovery Zone. The World Trade Center Recovery Zone's goal is to economic provide lower Manhattan with the necessary tools to revitalize and return to self-sufficiency. assure The proposals described in this section are designed to rebuild New York and to that the New York economy recovers from the events of September 11. While the national economy has suffered from the World Trade Center disaster the economic losses in New York have been much more severe in terms of billions of dollars of damaged or destroyed private capital and public infrastructure; thousands of dislocated workers' millions of dollars of lost sales due to business interruption; and significant disruption to the financial services industry which is the capitol of the global securities York and banking markets. To that end, our focus is both on stimulating the entire New economy and revitalizing lower Manhattan. The proposals under section (1),"Incentives proposals to Rebuild New York City," would apply on a citywide basis. The subsequent and are more focused on lower Manhattan with the goal of rebuilding and retaining jobs residents in the most directly impacted area of the City. damaged by In order to ensure that businesses which have been displaced or otherwise the World Trade Center disaster remain viable in the near term, the State has already submitted a $975 million proposal to the White House. Those proposals would address economic the immediate financial needs of individual companies and stimulate broader activities which are critical to their survival.

Under the proposals contained herein, tax relief would be available to businesses and residents that were temporarily or permanently displaced after the disaster, those that expand within the Recovery Zone, and those new to the area. The tax recovery incentives would include: a 20 percent employment credit for businesses as an incentive to hire individuals who both live and work in the zone; tax credits against state and local taxes such as the sales tax and the New York City commercial rent tax; tax

C:\windows\TEMP\4-point stimulus plan.doc

NYC-WTC 000136688