NYC 9/11 Public Portal Document
direct result of the September 11th terrorist attacks. The affected
taxpayer should carry
the same CRT liability prior to the September 11.
Relief From Real Estate Tax Aesgetsulenta Predicated on
ianu rV 2001 Valuations.
Description: For affected properties located in the disaster area
there should be an
adjustment to real estate valuations.
Fxclude from taxable income travel reimbursements as de
mininus fringe fit
17escriptionr the September 11s+ terrorist attacks have caused
several thousand
displaced employees who must incur additional travel
expenses. Employers are
reimbursing employees for these additional travel
expenses. These additional
reimbursements should not be considered as additional income,
irLnge benefit. but only as de minimis
Sales Tax Exemvtion on gplacement and/or Repair of
Equipment
Description: Sales and property tax exemption should
extend to the replacement of
assets destroyed or damaged or usable due to
September 11th terrorist attacks.
Enact LTC for NYC General Corporation Tax
Description: NYC's adoption of the State's ITC will help to
discourage relocation to
other jurisdictions. A credi: that reduces the
corporate income tax liability of the
taxpayers affected by the tntgedy for each displaced
employee who is relocated within
NYS ur NYC.
f ellef from the Zone Eaui.~jent Credit ( Al requirement
Description: Suspend the requirement that an employee be
Such relief is necessary since many displaced located in a designated area.
WTC employees have been relocated
Outside ZEA qualifying locations.
Extend Gramm Leach Bliley.'ransition Provisions set to
sunset
Description: New York State tax law provides that entities,
which have filed as taxpayers
ti nder either Article 9A or Article 32 prior to the
enactment of the Financial
Modernization Act ("GLB") should continuo to do so, and
allowed to sunset. Affected entities should continue such laws should not be
to be protected from unintended
NY'S tax status changes which might occur
due to GLB, especially in light of the
additional burdens on businesses arising out of the
September 11w terrorist attacks.
NYC-WTC 000136673
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