Rep. Nadler Welcomes Expansion of Liberty Zone Tax Credit

WASHINGTON, D.C. – Congressman Jerrold Nadler (NY-08), today joined with his colleague to pass
H.R. 6, the Creating Long-Term Energy Alternatives for the Nation Act.  Included in the bill is a provision that reprograms the Liberty Zone tax credits so they can be used for transportation projects.  

“I am thrilled that we were able to get $2 billion to help rebuild New York,” said Rep. Nadler.  “The language is broad enough so that the funds can be used for the best possible project.”

The bill does not specify which projects will be funded, but does require the approval of the project by the Governor and the Mayor, and requires that the projects are in or connect with the “Liberty Zone.”  That zone was created in 2002 by President Bush, and covers the area in Lower Manhattan – south of Canal and Rutgers Streets.  This zone receives significant tax benefits to help rebuild the area.