Governor Kathy Hochul has signed new legislation (S.8718/A.9424) to extend the deadline to apply for tax exemption on renovations to or the reconstruction of residential properties affected by Superstorm Sandy. The new law extends the deadline by two years, to March 1, 2024. Applications for a tax exemption are available here.
The bill’s signing follows a surge in construction delays and mass materials shortages, due to the pandemic. This deadline extension will allow more homeowners affected by Superstorm Sandy to apply for a tax exemption.
“Superstorm Sandy was a devastating weather event for countless New Yorkers – many of whom are still dealing with the damage a decade later,” Governor Hochul said. “My administration continues to be laser-focused on helping New Yorkers build safer, stronger, more resilient homes after the storm. By extending this deadline, we are ensuring that even more homeowners can reap the benefits of this tax relief after experiencing delays, materials shortages, and other hardships brought on by the pandemic.”
“Superstorm Sandy, which hit the NYC area in 2012, flooding streets, tunnels and subway lines and cutting power across the city, was incredibly devastating for many New York families,” Lieutenant Governor Antonio Delgado said. “By signing this bill, the Governor is giving New Yorkers who have suffered from this destruction an opportunity to get extended financial relief in the form of a tax exemption for repairs which were delayed by the pandemic.”
This announcement follows other recent efforts from Governor Hochul to provide tax relief to New Yorkers, including $1 billion property tax rebate program to put money back into the pockets of more than 2 million New York homeowners. Last month, the Governor also suspended New York’s gas tax amid soaring gas prices, saving New Yorkers an average of 16 cents per gallon at the pump.
Acting Commissioner of Taxation and Finance Amanda Hiller said, “A decade after Superstorm Sandy, many New Yorkers continue to rebuild their homes. By extending the deadline to submit tax exemption applications, homeowners will not have to worry about any additional stressed caused by the storm’s damage, current pandemic-era delays in construction or the increased cost of materials.”
State Senator James Gaughran said, “I want to thank Governor Hochul for standing by Long Island families that are still struggling to rebuild in the aftermath of Sandy. This bill truly helps those forced to delay repairs during the pandemic and allows them an opportunity for much needed relief.”
Assemblymember Kimberly Jean-Pierre said, “As we approach 10 years since Superstorm Sandy struck New York’s coastal communities, many impacted homeowners are still in the middle of extensive reconstruction and repairs so that they can still remain in their homes, and in some cases, return home after being displaced for years. These homeowners have been through the most difficult circumstances imaginable and this legislation will allow these Superstorm Sandy victims to get back on their feet as they continue facing the burdensome loan repayment process at a time of great economic uncertainty.”
