News article on WTC worker health study results, 2003

NYC 9/11 Public Portal Document

Investigations Taxes CHARGES AGAINST CONSTRUCTION SEES GAINS FROM WTC STUDY DENIED TAX BILL, AT LEAST IN NEAR TERM THE AMERICAN" SOCIETY OF CIVIL Engineers, the Port Authority of New THE $350-BILLION PACKAGE OF TAX ing also climbs to $100,000 per year, York & New Jersey and members of the cuts and aid to fiscally strapped states from $25,000. The sweeter depreciation World Trade Center building perfor­ that awaits President Bush’s signature breaks are a plus for equipment firms, mance study team emphatically deny the should provide some help to construe- says Nick Yaksich, Association of Equip­ existence of any written or oral agree­ tion firms, particularly those taxed as ment Manufacturers’ vice president for ment relating to the authority’s control individuals. But the measure’s ultimate government affairs. “But we still need of content of the ASCE-Federal Emer­ payoff for the industry may hinge on economic growth before the depreda- gency Management Agency study of the whether it will give the economy the lift tion can re^y kick in,” he adds. Sept 11, 2001, destruction of the World its advocates say it will. Hard-pressed state budgets get $20 Trade Center. The denials are in response Final congressional action on the bill billion in federal aid, half of which will to critical remarks about the report made came May 23 with the Senate’s approval, go to “essential government services,” by a professor of civil engineering at the A 50-50 tie there was broken by Vice Pres- and the rest for Medicaid. Tt’s not going Univereity of California, Berkeley, at a ident Dick Cheney’s affirmative vote. The to save the day for the states, but it will May 9 meeting in Los Angeles, sponsored House had passed the measure the pre- be some help,” says Nicholas Jenny, se- by the Los Angeles Tall Buildings Struc­ vious day, by a 231-200 vote. nior policy analyst at the Rockefeller tural Design Council. Tt is a short- to medi- _ The authority and FEMA did craft an ■»■«««■ mm: agreement relating to the authority’s re­ lease to the ASCE study team of the plans says Kenneth D. Simon- > INDIVIDUALS, PARTNERSHIPS, S CORPORATIONS of six WTC buildings. A letter dated Dec. son, the Associated Gen- Income tax rate cuts accelerated to 2003 that 26,2001, to Paul Tertell, FEMA’s program eral Contractors’ chief were to take effect In 2004 and 2006. Top rate for manager for the study team, from Francis economist. He says the 2003 becomes 36%. J. Lombardi, the authority’s chief engi­ legislation will spark con- neer, said plans are furnished “solely for I sumer spending, which and 2004 expansioni of W% tax use in the conduct” of the study and that, should lead to ^creased take effect In 2008. regarding the plans, the study team’s con­ construction demand by gging rates cut to 5% and 16% from current fidentiality agreement was binding. manufacturers and ser- io% and 20%. Dividend Income rate cut to 6% and In addition, the authority and Leslie vice providers. 16% from current Individual rates, which are as E. Robertson Associates retained the But Simonson adds, . high as 38.8%. right to review the report prior to its “It’s an open question publication relating to “content derived what will happen over the ► BUSINESSES from...review of the WTC plans.” This longer term, because Con­ Increases “bonus depreciation” writeoff In first was “for fact-checking only,” says Lom­ gress will have to come to year to S0% of value of item, from 30% now. Also bardi. On April 2, 2002, Lombardi sent grips with the large bud­ extends bonus through calendar year 2004. Ap­ five comments to the BEAT team. These get deficits that this bill plies to goods acquired between B/S/03 and 1/1/06. included a typo and four other correc­ creates.” tions or suggestions regarding figures or The measure “will give Increases value of capital goods that can be accompanying text relating to the plans. the economy the boost it to expensed to $100,000, from current $26,000. Applies Asked to clarify his remarks to 130 goods put In service In tax years 2003-2006. Total needs to grow,” says Trea­ value of goods subject to expensing provision attendees during a presentation entitled sury SecretaryJohn Snow. raised to $400,000 a year, from $200,000 now. Dollar “Field Investigation and Analysis of Col­ The bill will help the limits annually Indexed for inflation In 2003-2006. lapse of the WTC Towers,” Abolhassan hundreds of thousands of Astaneh-Asl, the Berkeley professor, said: construction firms that ► STATE GOVERNMENTS T don’t have any first-hand information," operate as partnerships $20 billion In federal aid divided among states. but “my opinion was and is” that there or S corporations, which Includes $10 billion for "essential government ser­ would be nothing “negative" about the are taxed as individuals. vices" and $10 billion for Medicaid. WTC in the report "This was my impres­ For those taxpayers, the Source: Congressional Joint Commlttaa on Taxation sion,” says Astaneh, whose analysis of the bill speeds up cuts in tragedy is still under way. rates and enlarges the child credit It also Institute of Government in Albany, N.Y “We did not sign anything saying we cuts the rate on capital gains and divi- Construction won a victory when con- would not say anything negative about I dend income. gressional conferees dropped a Senate- Businesses also gain expanded depre- passed provision that would have ended port authority materials or buildings,” says W. Gene Corley, of Construction ... elation benefits. For example, compa- the income exclusion for taxpayers who Technology Laboratories Inc., and WTC i ir nies will be able write off in the first year work abroad. But the idea may resurface building performance study team leader. 50% of the value of purchased goods, up in future tax bills. Says AGC’s Simonson: Sevei^ attendees say Astaneh’s critical from 30% now. That applies to items “That’s one I think we need to remain remarks were “without merit” One char­ purchased between May 5, 2003, and particularly vigilant about" □ acterized his intentions—to learn from Jan, 1, 2005. The threshold for expens- By Tom Ichniowski the WTC tragedy—as good. □ I; JUNE 2, 2003/ENR 17 ) I

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