New Yorkers who are forced to file late tax returns this year due to Superstorm Sandy will finally catch a break.
Late tax returns will be counted as on-time, and businesses moving to New York State to assist in the recovery will not have to pay several state taxes.
An additional tax break will be granted to employers for the value of leave they donate to the relief efforts.
"We are delivering tax support and relief to the many New Yorkers who are still rebuilding following Hurricane Sandy’s unprecedented devastation," Governor Cuomo said in a statement. "These provisions will help affected individuals and business, as well as many of those providing assistance to New Yorkers, during this time of recovery."
The measures, announced by Gov. Cuomo on Tuesday, waive penalties and interest for late returns. The process for impacted taxpayers is designed to be easy and simply requires that paper filers write “Hurricane Sandy” at the top of the return in large letters.
Out-of-state businesses who have relocated to the state on a temporary basis between Oct. 26 and Dec. 31, 2012, to contribute to the relief effort won’t be assessed corporate taxes, withholding taxes or personal income taxes.
Leave donation programs allow employees to forgo vacation, personal or sick time in exchange for cash payments to qualified tax exempt organizations associated with Sandy relief efforts. Employees are not required to list this donation on their income tax return paperwork, and applies to payments made before Jan. 1, 2014.
More information about the tax relief policies can be found here.
Share your thoughts on this article by posting your comment below or by visiting our Long Island Living discussion forum.
