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Port Operations and Economic Conditions
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APPENDIX E: SOCIALAND ECONOMIC CONDITIONS
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Topic: Economic Conditions
Sort Desciption: Appendix E Social and Economic Conditions. E-2. WTC Employment Training Assistance Program (ETAP) Cash grants of up to 50 percent of the ...
Content Inside: MTA New York City Transit Fulton Street Transit Center DEIS May 2004 Appendix E Social and Economic Conditions E-1 APPENDIX E: SOCIALAND ECONOMIC CONDITIONS E.1 GENERAL BUSINESS INCENTIVES IN LOWER MANHATTAN In order to promote economic redevelopment of the area following the events of September 11 the federal government introduced its Liberty Zone Tax Package an incentive package that seeks to encourage re-investment in Lower Manhattan through a range of tax-exempt financial instruments. Specific examples of the package include the provision of $8 billion in tax-exempt bonds earmarked for private development the allowance of accelerated depreciation on investments in renovated property a 30 percent bonus depreciation for office equipment used in the zone and a $2400 per employee work opportunity tax credit. In 2003 a World Trade Center (WTC) Action Plan was initiated by the New York State Empire State Development Corporation (ESDC) and the New York City Economic Development Corporation (EDC). The plan lays down the guiding principles to be followed in utilizing federal funds to assist businesses affected by the events of September 11 and help revitalize the affected area. The Action Plan for New York Business Recovery and Economic Revitalization sponsored by the State and City aims to rebuild the area of Manhattan damaged by the events of September 11 and assist enterprises that have been directly affected. This plan supports a range of compensation and assistance provisions to encourage the return of businesses that left Lower Manhattan following the disaster and expressly seeks to regain lost jobs and create new ones. Individual Business Incentives WTC Small Firm Attraction and Retention Grant An award of $3500 per employee is provided to all businesses and not-for-profits with 1-200 employees that sign a new lease extend a lease or purchase new facilities in Lower Manhattan. An increased grant of $5000 per employee is provided to all organizations w ...
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