AFTER TRAGEDY, MALONEY & REYNOLDS WORK TO BOOST NY ECONOMY, INTRODUCING THE "I LOVE NY TAX DEDUCTION ACT"

Sep 29, 2001
Press Release
WASHINGTON, D.C. - U.S. Representatives Carolyn B. Maloney (D-Manhattan, Queens-NY) and Thomas Reynolds (R-Clarence-NY) have introduced the I Love NY Tax Deduction Act, legislation that will allow individuals to deduct $500, and joint filers $1000, from their federal income taxes for the cost of meals, lodging or entertainment in New York City in 2002. Taxpayers are eligible for the deduction whether or not they itemize their taxes.

"This bill will help New York triumph over terrorism," said Maloney. "With this bill, and with the support of millions of visitors from around the world, New York will continue to thrive as a international beacon of tourism rather than succumb to a international bastion of terrorism. Mayor Giuliani inspired me to introduce this bill when he said that America could help New York by coming to the city and spending money."

"Several New York City industries are on the verge of massive layoffs as a direct result of the attack on the World Trade Center," Maloney continued. "Sadly, nearly a quarter of Broadway's attractions have already closed and the hotel and restaurant industries are facing serious challenges as well. The I Love NY Tax Deduction Act is an invitation to the nation to visit our city now, experience the best shows and restaurants in the world, and see a city united more than ever before. The legislation sends a message to the rest of America that New York City is open and you are all welcome."

Rep. Reynolds said, "This bill is the right thing to do for two important reasons. From an economic standpoint, New York City has long been a worldwide center of finance and culture. The impact of the city's economy is felt across our entire state, and, indeed, the country. Second, I think it sends an important message to the rest of the world that when any of America is attacked, all of America is attacked; and that we will stand together, united, to help one another through this crisis."

"This bill is a most welcome piece of legislation," said Rep. Jerrold Nadler (D-NY) also of Manhattan, "We in New York have suffered great loss, in terms of life and property, but we now have the chance to ensure that New York's economy can and will survive this attack. Encouraging spending in some of New York's most vital sectors is of extreme importance in this time, and I am pleased to be cosponsoring this bill with Reps. Maloney and Reynolds."

"Among the industries that have been most affected by the attack on New York City on September 11, are the city's tourism-dependent industries - restaurants, lodging and entertainment attractions.," Rep. Maloney continued. "Reports indicate that more the 3,000 New York City hotel workers have already lost their jobs as a direct result of the attacks. The city's 300,000 food service workers are facing potential heavy layoffs and five of the current 21 major Broadway productions were closed by Sunday, September 23.

"Last year, tourism was the second largest industry in the state of New York. New York City alone generated 282,000 of the state's 767,500 tourism jobs. The cowardly attack on the World Trade Center has impacted not only the city's economy but will, unless immediate steps are taken, seriously hamper the economy of the entire state and region.

"In order to sustain the immediate viability of New York's vulnerable industries, the I Love NY Tax Deduction Act that would allow individuals to deduct up to $500 and joint filers up to $1000 spent in New York City restaurants, hotels/motels and entertainment outlets between the date of enactment and December 31, 2002, whether or not they itemize. The legislation would also return the deduction for business meals and business entertainment to 80 percent for expenses in New York City for one year."

The bipartisan Maloney/Reynolds legislation is currently cosponsored by the following 35 other Members of Congress from around the country: Nadler (D-NY), King (R-NY), Israel (D-NY), Grucci (R-NY), Ackerman (D-NY), Crowley (D-NY), Weiner (D-NY), Owens (D-NY), Velazquez (D-NY), Sweeney (R-NY), Walsh (R-NY), Hinchey (D-NY), Serrano (D-NY), Engel (D-NY), Kelly (R-NY), Gilman (R-NY), Frost (D-TX), Solis (D-CA), Quinn (R-NY), McNulty (D-NY), Hastings (D-FL), Napolitano (D-CA), Baldwin (D-WI), Capps (D-CA), Kaptur (D-OH), Jones (D-OH), Schakowsky (D-IL), Jackson-Lee (D-TX), Morella (R-MD), Millender-McDonald (D-CA), Biggert (R-IL), McCarthy (D-NY), Meek (D-FL), Lowey (D-NY), McKinney (D-GA)

 

 

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