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New York, NY - Report Finds $2.9 Billion in 9/11 Aid Unused

Published on: September 1, 2011 11:18 AM
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New York, NY - A New York City budget watchdog says up to $2.9 billion in tax credits intended to boost the local economy after the Sept. 11 attacks have gone unclaimed.

The Independent Budget Office says it is difficult to track how many companies took advantage of the federal tax credits aimed at spurring hiring and business investment. Local elected officials have not succeeded in persuading the federal government to convert the tax breaks to cash.

But the report released Wednesday finds that most of the rest of New York City’s $20.5 billion federal aid package has been spent or will be spent on redevelopment in lower Manhattan.

The biggest chunk of money, $4.6 billion, is being spent on transportation projects including a new World Trade Center transportation hub.


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Read Comments (4)  —  Post Yours »

1

 Sep 01, 2011 at 11:29 AM kollelfaker Says:

waste waste waste have they ever heard of returning the money to pay down debt
government is the most inefficient organization around when it comes to money

2

 Sep 01, 2011 at 11:55 AM Chaim_Ben-Yehuda Says:

There is something here that I do not understand. How can it be that in New York city, a metropolis that is effectively the economic capital of the world, that in21st century CE $2.9 billions have gone unaccounted for and unclaimed?

Now, if this had been Israel I might have understood something like this. I live here and like it or not, that's the way things go. But in America?

3

 Sep 01, 2011 at 12:10 PM realistic Says:

That's the problem with our tax system. It's virtualy impossible to keep track of all tax credits and sometimes they're so time consuming that people just think: the heck with it. In addition, since there are probably thousands of different tac credits between federal state and city governments, even if one does qualify for the credit they a lot of times become disqualified for another.
If you want to boost the economy by tax credits, the best thing would be to cancel the sales tax for a year or so.

4

 Sep 01, 2011 at 03:21 PM The_Truth Says:

Why don't they just give that money out, instead of waiting for people to claim it?
Or just drop it off in $50 bills off the top of a few buildings around the city - the public would love any government official who would do that!
If they can't do that, I'd be happy to take it off their hands!

5

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