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S 1070 108th Congress Senate

World Trade Center Zone Tax Incentive Act

Official title: A bill to amend the Internal Revenue Code of 1986 to attract foreign corporations to relocate to the area in New York City surrounding the former World Trade Center.

Introduced: May 15, 2003 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
Taxation Administrative procedureAffiliated corporationsCommerceCorporate management
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Corporation taxesDepartment of the TreasuryExecutivesForeign Trade and International FinanceForeign corporationsGovernment Operations and PoliticsIncome taxInternational AffairsLabor and EmploymentLawLocation of industriesNew York CityTax treatiesTaxation of foreign incomeTransfer of employees
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This bill died when the 108th Congress ended
It never became law before the 108th Congress (2003–2004) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 15, 2003
Read twice and referred to the Committee on Finance.
May 15, 2003
Introduced in Senate
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 Latest action May 15, 2003

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service
World Trade Center Zone Tax Incentive Act - Amends the Internal Revenue Code to state that if there is a qualified headquarters relocation of an eligible foreign corporation, any qualified headquarters activities of the corporation conducted in the New York Liberty Zone shall be treated as conducted outside the United States for purposes of determining: (1) the amount of any tax or withholding tax; or (2) whether the corporation has a permanent establishment within the United States for purposes of any applicable income tax treaty between the United States and any foreign country.

Sets forth "qualified headquarters relocation" criteria with respect to transfers of employees and headquarters activities.

Provides for termination and recapture of tax benefits for failure to meet such requirements.

Defines "expanded affiliated group" for purposes of this Act.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 1070: World Trade Center Zone Tax Incentive Act. 108th Congress. Open America. https://openamerica.io/bill/108-S-1070/
MLA
"S. 1070: World Trade Center Zone Tax Incentive Act." 108th Congress, 2026, Open America, https://openamerica.io/bill/108-S-1070/.
Bluebook (legal)
S. 1070, 108th Cong. (2026), https://openamerica.io/bill/108-S-1070/.
Markdown link
[S. 1070: World Trade Center Zone Tax Incentive Act](https://openamerica.io/bill/108-S-1070/)
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