WTC Records Folder 0140 label, 2001

NYC 9/11 Public Portal Document

OUTLINE FOR QUICK REFERENCE

New York State 4-Point Economic Recovery Plan The nation's economy has been weakening steadily over the past 15 months and prior to the events of September 11th, the economy was on the brink of recession. prepare for Many of the nation's governors had taken steps over the last 15 months to our the slowing economy. In New York State we have made record contributions to New rainy day fund, built up significant reserves and sought to control overall spending. York City was also prepared to deal with the economic slowdown.

However, nobody was prepared to deal with the financial impact of the cowardly terrorist attacks, which have scarred our nation deeply and pushed the economy into further decline. To ensure that this economic setback is limited in its depth and duration, congress and the president have already enacted two major funding packages immediate -- the first was a $40 billion emergency funding package to address the response and rescue needs related to the terrorist attacks and a second $15 billion package to assist the nations airline industry. Congress has also agreed that a third major funding initiative of up to $75 billion in Federal fiscal year 2002 is necessary to further stimulate the national economy.

New York strongly supports congressional action to further stimulate the economy and we look forward to working with the president and congress in identifying some of the most critical economic needs facing the entire nation, especially, those regions of the country and sectors of the national economy most directly impacted by the terrorist attacks of September 11`h

World Trade Center Recovery Zone

The goal of the World Trade Center Recovery Zone, or "Liberty Zones", is to create self-sustaining, long-term economic development in New York with special emphasis on the areas that were damaged or destroyed during the events of September 11, 2001. This would be accomplished by using public funds and tax incentives to encourage private investments in these areas. There are four main goals the of the recovery zones and various tax incentives within each category to achieve desired goal, including:

I. Incentives to Rebuild in New York

> Additional Private Activity Bond Authority. Support the NGA proposal to lift caps for all states, but include New York specific language to increase the eligible uses of tend cap to address the State's special needs in t ' 4 situation.

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