NY Tax Relief Post Sandy

If you file your taxes late because of Sandy you’ll get a pass and credit for on-time filing.  In addition, businesses that relocate to New York  to help with recovery efforts will not have to pay several state taxes, and employers will be granted a tax exemption for the value of leave they donate to Hurricane Sandy 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 Andrew Cuomo said. “These provisions will help affected individuals and business, as well as many of those providing assistance to New Yorkers, during this time of recovery.”

DETAILS OF TAX RELIEF

Late Returns

The Tax Department will treat returns and payments that are late due to Hurricane Sandy as filed on time – and they won’t be subject to penalty and interest. The process is very easy for impacted taxpayers. When online filers start to enter their return, they’ll be asked whether it is late or incomplete for the following taxes: sales tax, highway use tax, metropolitan commuter transportation mobility tax, and withholding tax (Form NYS-45). Paper filers simply need to write “Hurricane Sandy” at the top of the return in large letters.

Temporary Relocation  

Businesses and individuals that relocate to the State temporarily as a result of the storm won’t be assessed corporate taxes, withholding taxes and personal income taxes. Typically, the taxes would be triggered based on corporate nexus and/or employees located in New York. The policy covers the period from October 26 through December 31, 2012.

Leave Donation

When employers adopt an approved Leave Donation Program, employees can forgo vacation, sick, or personal leave in exchange for cash payments to qualified tax-exempt organizations engaged in the Sandy relief effort. Employees are not required to include such payments for income tax purposes. The policy applies to payments made before January 1, 2014 and aligns with federal regulations issued by the IRS (IRS Notice 2012-69).

If you need more information the New York State Department of Taxation and Finance’s website can help www.tax.ny.gov.

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Barbara Nevins Taylor

As the winner of 22 Emmy Awards and a slew of journalism honors and awards, I created ConsumerMojo.com to give you the straight story about complicated stuff. Tell us what you want to know and we'll get you the answers.

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