[Congressional Record Volume 147, Number 163 (Thursday, November 29, 2001)]
[Extensions of Remarks]
[Page E2175]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    A BILL TO PROVIDE TAX INCENTIVES TO BUSINESSES LOCATED IN LOWER 
  MANHATTAN, THE LIBERTY ZONE AND HELP REBUILD THE ECONOMY AFTER THE 
                  SEPTEMBER 11, 2001 TERRORIST ATTACK

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                           HON. AMO HOUGHTON

                              of new york

                    in the house of representatives

                      Thursday, November 29, 2001

  Mr. HOUGHTON. Mr. Speaker, I am honored to stand with several of my 
New York colleagues in introducing a bill, which will provide much-
needed tax incentives for businesses to rebuild in lower Manhattan--
this all after the massive destruction caused by the terrorist attack 
on September 11, 2001. None of us will forget the terrible losses of 
that day--loss of life and the most tragic being the heartache to so 
many families.
  The World Trade Center towers were destroyed. Other buildings were 
damaged or collapsed. The price tag to rebuild is staggering. But 
rebuilding the infrastructure and economy must start. This package is 
only part of the solution, but it is an important first step.
  As New York Governor George Pataki said today, ``The $6.1 billion 
package will offer incentives for businesses to generate jobs, spur 
innovation and investment in the Liberty Zone, helping us renew, 
restore and rebuild lower Manhattan''.
  The bill includes five provisions which would: (1) authorize New York 
State to issue up to $15 billion in tax-exempt private activity bonds 
over the next 3 years to help renovate and rebuild commercial property, 
residential rental property and private utility infrastructure, (2) 
allow taxpayers to claim an additional 30 percent, first-year 
depreciation deduction for property located in the Liberty Zone, 
including buildings and building improvements, (3) provide a 5-year 
life for depreciating certain leasehold improvements, (4) increase by 
$35,000 to $59,000 the amount that can be expensed by small businesses 
under section 179, and (5) increase the replacement period from 2 to 5 
years for property that was involuntarily converted in lower Manhattan 
so that taxpayers would not have to recognize gain.
  I want to thank Chairman Thomas and my colleagues for their help in 
working through this package. I urge your support.

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