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