MALONEY, REYNOLDS INTRODUCE TAX BILL TO BENEFIT NEW YORK
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.
"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," said Maloney.
"Several New York City industries are on the verge of massive layoffs as a direct result of the attack on the World Trade Center. Sadly, nearly a quarter of Broadway's attractions will closed by Sunday September 23. The I Love NY Tax Deduction Act will provide incentive for visitors to return to the city. The legislation sends a message to the rest of America that New York City is open and you are all welcome," said Maloney.
"This bill is the right thing to do for two important reasons," said Rep. Reynolds. "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."
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. 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.
This bipartisan legislation is currently cosponsored by 37 Members of Congress from around the country.
Current Cosponsors: Reps. Maloney (D-NY), Reynolds (R-NY), 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)