To amend the Internal Revenue Code of 1986 to expand the tax benefits for the New York Liberty Zone.

Amends the Internal Revenue Code, as amended by the Job Creation and Worker Assistance Act of 2002, to: (1) extend, for five additional years, the Liberty bonds expiration date; (2) increase, from $1.6 billion to $3.0 billion, the amount of Liberty bonds that can be used for residential development projects; and (3) eliminate the 100,000 square foot minimum for certain electric generation facilities outside the Liberty Zone.