As a follow-up to our May 2002 report, reviewing the estimates of the economic impact of the September 11, 2001, terrorist attacks on New York, Congress requested additional information on New York tax revenues. Specifically, they asked us to review the estimates of tax revenue losses that the New York City Office of Management and Budget and the New York State Division of Budget attribute to the terrorist attacks. Both these budget offices estimated that the terrorist attacks would reduce anticipated tax revenues to the city and state in both fiscal years 2002 and 2003. The purpose of this report is to present our review of these estimates.

Reviews estimates of tax revenue losses from the September 11 terrorist attacks, done by the New York City Office of Management and Budget and the New York State Division of Budget. Follow-up to earlier report (GAO-02-700R, "Review of studies of the economic impact of the September 11, 2001, terrorist attacks on the World Trade Center") issued May 29, 2002.

Reviews eight studies on the economic impact of the terrorist attacks on the World Trade Center on September 11. Assesses the extent to which they follow basic principles of standard economic analysis. Includes information used as the basis for a briefing for Congressional staff held on April 15, 2002.

Identifies and reviews several key studies of the economic impact of the Sept. 11, 2001, terrorist attacks on the World Trade Center buildings in N.Y. City, which caused enormous destruction. Eight studies from 7 different organizations were identified as being the most comprehensive studies available on the economic impact of the attacks: N.Y. City Office of the Comptroller; N.Y. Governor and State Div. of the Budget; N.Y. City Partnership and Chamber of Commerce; Fiscal Policy Institute; N.Y. State Senate Finance Committee; Miliken Institute; and N.Y. State Assembly Ways and Means Committee. In addition, recent studies by the Federal Reserve Bank of N.Y. and the N.Y. City Independent Budget Office include updated information on some of the economic impacts.

GAO-05-269 September 11: Recent Estimates of Fiscal Impact of 2001 Terrorist Attack on New York

The terrorist attacks caused enormous destruction in New York City. The losses included the direct costs of the destruction to lives and property, as well as cleanup, and the indirect costs of lost income brought about by business closings and related spending reductions. It is expected that some of the losses will be covered by payments from private insurance, emergency federal relief funds, and charitable contributions. Other losses, however, may never be recovered because some individuals and businesses may not have been insured or may not qualify for federal relief or charity. This report identifies and reviews several key studies of the economic impact of the September 11, 2001 terrorist attacks.

The '9/11 Report: Final Report of the National Commission on Terrorist Attacks Upon the United States' stands as a paramount anthology of analysis, narratives, and insights surrounding one of the most pivotal events in modern history. This collection distinguishes itself through a profound investigation of the circumstances leading to and following the September 11 attacks, utilizing a diverse range of documentary styles and analytical approaches. Within its pages, readers will find an intricate blend of testimonies, policy reviews, and forward-looking recommendations. This amalgamation not only provides a comprehensive understanding of the event itself but also highlights critical areas for reform in national security and counterterrorism efforts. The contributing authors and editors, members of The National Commission on Terrorist Attacks Upon the United States, bring a wealth of backgrounds in policy analysis, national security, and law enforcement to the task. Their collective expertise enables a multi-faceted exploration of the attacks, situating them within broader historical and geopolitical contexts. This anthology resonates with the weight of lived experience and professional scrutiny, mapping a critical chapter in American and global history. For readers seeking to grasp the complexities of this transformative event, the '9/11 Report' offers an invaluable resource. It presents an opportunity to engage deeply with the intricacies of international relations, governance, and security policy through the lens of a singularly momentous period. This collection not only educates but challenges its audience to reflect on the ramifications of the attacks and the importance of vigilant, informed citizenship in safeguarding democratic values.