WTC Records Folder 0140 label, 2001

NYC 9/11 Public Portal Document I]. Long-Term Economic Stimulus Proposals The policy goal behind these initiatives is to reduce the high NYS and NYC statutory tax rales lo an overall tax rate, which is more in line with that of the states, which may be candidates for the relocation of displaced employees. Further, it is important that the State should not delay any of its scheduled corporate tax rate reductions. In addition, the initiatives Lelow were proposed lo New York State and New York City prior to September 11¢ terrorist attacks. The adoption of these proposals will help to discourage NYS based firms from relocating their employees to other states which have lower real estate costs and reduced business tax rates. NYC's adoption of the customer based approach for the allocation of broker/dealer receipts. Description: This Proposal encourages the location of property and employees in NYC. Reduce the NYC's Corporate Income Tax. Description: The City should continue to reduce the corporate rate significantly below the 8.85% rate that was set in 1987, Clarify the definition of the entities that are eligible for the NYS customer based apportionment to include clerivatives dealers, which are affiliated with SEC regulated broker-dealers, Description: The New York State Budget for the fiscal year April 1, 2001 to March 31, 2002 includes the following technical correction: “Clarify that brokers and dealers who Specialize in certain financial! transactions (swap dealers) are eligible for the allocation of receipts used by brokers and dealers.” For oses of the NYS allocation of -dealcr’s receipts associa wi Principal transactions, expand the current methodology that is b ductj credits to allow for alternative approaches, Description: This Proposal would provide for the allocation using any reasonuble method that results in the allocation of Principal revenues essentially Mirroring the customers’ location. NYC-WTC_000136674