JFK Rail Link Could Become Victim of Estate Tax Battle
In the continuing sage of the Estate Tax bill, David Lombino has written an interesting article, JFK Rail Link Could Become Victim of Estate Tax Battle, NYSun.com, Aug. 2, 2006. Here is an excerpt:
Senators Clinton and Schumer this week are likely to vote against the transfer of federal funding to be used for the proposed $6 billion rail link between John F. Kennedy Airport and Lower Manhattan, congressional staffers say.
The senators would vote that way to avoid crossing party lines on a reduction of the estate tax, which they oppose.
Proponents of the rail link project, including Mr. Schumer, have sought to transfer about $2 billion of unused federal tax benefits related to the terrorist attacks of September 11, 2001, into money the city and state could use for downtown transportation projects. The transfer now requires Senate approval after the House passed a provision last week that would send $1.75 billion to the city and state between 2007 and 2021.
The provision for rail link funding is embedded in the monstrous “trifecta bill” that could go before the Senate this week that would cut a tax on inheritances, hike the minimum wage, and extend some popular tax breaks to businesses and the middle class.
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