World Trade Center Zone Tax Incentive Act

Read twice and referred to the Committee on Finance.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · May 15, 2003

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.

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People & committees

Who introduced it

Sen. Schumer, Charles E. [D-NY] · D–NY

Committees

Finance Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

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May 15, 2003
Read twice and referred to the Committee on Finance.
May 15, 2003
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · May 15, 2003 Formatted Text PDF

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Aug 18, 2025. Consult Congress.gov for the current record.

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Objective

Analyze S.1070 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss S.1070, 108th Congress: World Trade Center Zone Tax Incentive Act

Official record: https://www.congress.gov/bill/108th-congress/senate-bill/1070

Text version to examine: Introduced in Senate · 2003-05-15.

Official full text: https://www.congress.gov/108/bills/s1070/BILLS-108s1070is.htm

Imported record last updated by the source: 2025-08-18T19:00:51Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.1070 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.1070 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss S.1070, 108th Congress: World Trade Center Zone Tax Incentive Act

Official record: https://www.congress.gov/bill/108th-congress/senate-bill/1070

Text version to examine: Introduced in Senate · 2003-05-15.

Official full text: https://www.congress.gov/108/bills/s1070/BILLS-108s1070is.htm

Imported record last updated by the source: 2025-08-18T19:00:51Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1070 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

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Examine S.1070 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss S.1070, 108th Congress: World Trade Center Zone Tax Incentive Act

Official record: https://www.congress.gov/bill/108th-congress/senate-bill/1070

Text version to examine: Introduced in Senate · 2003-05-15.

Official full text: https://www.congress.gov/108/bills/s1070/BILLS-108s1070is.htm

Imported record last updated by the source: 2025-08-18T19:00:51Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1070 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.1070 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss S.1070, 108th Congress: World Trade Center Zone Tax Incentive Act

Official record: https://www.congress.gov/bill/108th-congress/senate-bill/1070

Text version to examine: Introduced in Senate · 2003-05-15.

Official full text: https://www.congress.gov/108/bills/s1070/BILLS-108s1070is.htm

Imported record last updated by the source: 2025-08-18T19:00:51Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1070 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.