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WTC Records Folder 0140 label, 2001

Machine-extracted title · confidence 100%

Archival folder label from the Office of the Mayor for World Trade Center records, identified as Folder 0140.

NYC-WTC_000136670–000136818

Folder label: “Folder 140

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NYC 9/11 Public Portal Document

FINAL DRAFT " I" ' L Short-term Recovery Package for "Affected" Taxpayers WIZ. Extend exlstIne "Empire Zone" provisions to "affected taxpayers" located in the disaster zone

Description: This proposal would encourage development in the defined disaster area by amending the current state economic development provisions to include taxpayers directly affected by the September 11th terrorist attacks. Specifically, "affected taxpayers" are those entities originally located in the "disaster zone" on September 11: 2001 as declared by President Bush, which decide to relocate anywhem in New York. The proposal would includ-a the extension of the following benefits to affected taxpayers:

• An additional 5% ITC • A sales tax exemption • A refundable credit of real estate property tax against the slate franchise tax • An employment credit of $1,500 per person per year up to a maximum of $7,500 over 3 yearn • A refundable credit for portion of business activities conducted in the New York. Extend and Expand the Ina'estment Tax Credit and Employment Incentive Credit for Affected Taxpayers

Description: The Investment Tax Credit for Broker/Dealers and qualified banks is scheduled to expire on September 30, 2003. The current credit provides taxpayers a credit against taxes paid on technology-related equipment such as computers and telecommunications devices used directly in the firms principal business. technical matters described below need to be addressed so The ITC that the taxpayers affected by the tragedy are not penalized.

The proposal would include the following technical changes: Make the ITC permanent The NYS ITC for Broker/Dealers and qualified banks is due to expire after September 30, 2003. Given that the affected taxpayers need to replace fixed assets that were destroyed, an extension of the ITC is warranted. Suspend the principally engaged in test. More than 30% of a Building's Occupants Must be "Revenue Producers": In order for a building's cost to quality for the ITC and EIC, more than 50% of Its occupants must be revenue producers. As a technical matter, depending on the job function of the WTC employees relocated to alternative buildings in NYS, the 50% revenue producer requirement may be negatively effected. This may be the case since WTC employees who are non-revenue producers may be relocated to buildings, which would have• otherwise met the 50% requirement. Relief from this

NYC-WTC 000136671

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NYC-WTC_000136671Source: NYC Law Department, mirrored locally

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