The Suffolk County Executive, Steve Bellone, and the county’s Municipal Finance Working Group devised a plan to extend the deadline for the upcoming taxes. This plan was submitted to New York Governor Andrew Cuomo on Friday, May 22, 2020, requesting an extension of the deadline for property tax bills until July 15, 2020. The extension is for businesses economically impacted by the outbreak of the coronavirus and the subsequent shutdown of the economy. A commercial business with a net profit of $1 million or less that lost 50% of its revenue because of the virus would qualify for the extension. The owner would have to sign an attestation form. The extension would be made possible via funding from the CARES Act and Municipal Liquidity Facility, established by the Federal Reserve, to help state and local governments better manage cashflow. The 45-day property tax extension means all fees and penalties associated with a late payment will be waived, if the bills are paid before July 15, 2020.
Suffolk County and Nassau County conducted a survey among commercial businesses to analyze the economic impact on Long Island since “New York State on Pause” went into effect on March 22, 2020, requiring all nonessential businesses to shut down in-person operations. The Nassau County survey of about 1,400 businesses found only 4.8% expect to report a profit for 2020, and for many it will be less than $100,000. In the Suffolk survey, about 1,280 business owners responded, and as a group they had laid off more than half their workforce—nearly 7,600 people out of a total of more than 13,700.
- Nine of the ten towns that make up Suffolk County have pushed back their grievance (protest) day by 30 days. The exception is the Town of South Hampton; they will not postpone the grievance date, and it will remain May 20, 2020.
- Grievance Day breakdown by date:
- June 16, 2020: Town of East Hampton
- June 23, 2020: Town of Babylon, Town of Brookhaven, Town of Huntington, Town of Shelter Island, Town of Smithtown and Town of Southold
- June 30, 2020: Town of Islip and Town of Riverhead
Please reach out to the experts at Ryan If you are seeking guidance on deadline extensions. You can also visit our COVID-19 Updates site, as our experts are in constant contact with the jurisdictions and make updates to the site as notifications become available.
TECHNICAL INFORMATION CONTACTS:
Michael Allen
Principal
Ryan
703.746.0022
michael.allen@ryan.com
Ginna Currie
Senior Consultant
Ryan
212.847.0127
ginna.currie@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.
- Sujet
- Michael Allen