New York Recovery From Terrorism Act of 2001
Latest action · Dec 4, 2001 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 4, 2001
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Increases the state cap to $12.5 billion for tax-exempt private purpose bonds for projects in New York City, earmarking the first $7 billion for the NYRZ.
Creates a limited exception, allowing certain issuers of tax-exempt debt to advance refund existing debt. Includes the City of New York, the Port Authority of New York and New Jersey, the Metropolitan Transit Authority of the City of New York, the New York City Municipal Water Authority, and nonprofit New York City hospitals within such exception.
Permits taxpayers who lost business property in the NYRZ as a result of the September 11, 2001, terrorist attacks to expense the remaining basis in such property, carried over to replacement property as the result of insurance payments where the replacement property is placed in service in New York City before 2007.
Allows a one time $5,000 nonrefundable tax credit for residents in the NYRZ, subject to certain restrictions including gross income and length of subsequent residence.
Cosponsors 11
Members who signed on, in the order they did. Signatures ran from Dec 4, 2001 to Dec 6, 2001, with 7 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Carolyn B. Maloney | Original | Dec 4, 2001 |
| D-NY | Carolyn McCarthy | Original | Dec 4, 2001 |
| D-NY | Edolphus Towns | Original | Dec 4, 2001 |
| D-NY | Jerrold Nadler | Original | Dec 4, 2001 |
| D-NY | Jose E. Serrano | Original | Dec 4, 2001 |
| D-NY | Maurice D. Hinchey | Original | Dec 4, 2001 |
| D-NY | Michael R. McNulty | Original | Dec 4, 2001 |
| D-NY | Gregory W. Meeks | Dec 6, 2001 | |
| D-NY | Louise McIntosh Slaughter | Dec 6, 2001 | |
| D-NY | Nita M. Lowey | Dec 6, 2001 | |
| D-NY | Steve Israel | Dec 6, 2001 |
Actions 3
Everything that happened, newest first.
- Dec 4, 2001Introduced in House
- Dec 4, 2001Referred to the House Committee on Ways and Means.
- Dec 4, 2001Sponsor introductory remarks on measure. (CR E2197-2198)
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Bonds
- Building construction
- Business income tax
- Capital gains tax
- Commerce
- Construction costs
- EBB Terrorism
- Employment tax credits
- Finance and Financial Sector
- Housing and Community Development
- Income tax
- Industrial development bonds
- Infrastructure
- Interest
- Labor and Employment
- Losses
- Maintenance and repair
- Minimum tax
- New York City
- Office buildings
- Personal income tax
- Public utilities
- Rental housing
- Residence requirements
- Residential rehabilitation
- September 11, 2001
- Tax credits
- Tax deductions
- Tax returns
- Tax-exempt securities
- Taxation
- Terrorism
- Urban affairs
- Urban economic development
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.