Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

NYC Would Get $2 Billion in Tax Credits in Obama Plan

Feb. 14 (Bloomberg) -- President Barack Obama proposed creating $2 billion of tax credits to spur transportation projects for New York City.

The administration, in its $3.7 trillion budget proposed today, said it is seeking $200 million a year in tax credits through 2021 for transportation projects tied to the New York Liberty Zone, the area of lower Manhattan affected by the Sept. 11, 2001, terrorist attacks.

The proposal is a response to New York officials who concluded that transit projects would foster development better than some tax incentives meant to encourage building, the administration said in its budget plan. Previous legislation allowed New York state and city to sell tax-exempt securities to finance work in the area.

The tax credits would be divided between the state and city and could be deducted from payments the governments owe to the federal government. They could be used for transportation projects within, or into, the affected area of Manhattan, according to the budget.

The same language was in the president’s budget last year and “we hope it can become reality this year,” said Marc LaVorgna, a spokesman to the mayor.

To contact the reporter on this story: William Selway in Washington at wselway@bloomberg.net

To contact the editor responsible for this story: Mark Tannenbaum at mtannen@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.