To provide that Community Development Block Grant funds relating to the recovery of New York City from the September 11, 2001, terrorist attacks shall not be subject to Federal taxation.

January 7, 2003

Mr. NADLER introduced the following bill; which was referred to the Committee on Ways and Means

To provide that Community Development Block Grant funds relating to the recovery of New York City from the September 11, 2001, terrorist attacks shall not be subject to Federal taxation.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `September 11th Aid Preservation Act of 2003'.

SEC. 2. EXCLUSION FROM FEDERAL TAXATION FOR CERTAIN COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS RECEIVED IN RELATION TO THE RECOVERY OF NEW YORK CITY AFTER THE SEPTEMBER 11, 2001, TERRORIST ATTACK.

(a) IN GENERAL- No amount shall be includible in gross income under the Internal Revenue Code of 1986 which is paid from community development block grant funds described in subsection (b) to any person for assistance for properties or businesses damaged by, or for economic revitalization related to, the September 11, 2001, terrorist attacks on New York City.

(b) FUNDS- The funds described in this subsection are--

(1) amounts appropriated by Public Law 107-38 and designated by the President for community development block grant purposes,

(2) amounts appropriated by Public Law 107-117 for the Community Development Fund under the heading `DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, COMMUNITY PLANNING AND DEVELOPMENT, COMMUNITY DEVELOPMENT FUND', and

(3) amounts appropriated by Public Law 107-206 for the Community Development Fund under the heading `DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, COMMUNITY PLANNING AND DEVELOPMENT, COMMUNITY DEVELOPMENT FUND'.

END