WTC Records Folder 0123 Clippings label, Sept 2001

NYC 9/11 Public Portal Document rtR-1"-2220 C=:2c P.02 01 Finance #1S

10

DRAFT

MEMORANDUM IN SUPPORT

LEGISLATIVE REFERENCE

code of the city of New TITLE AN ACT to amend the administrative relation t authorizing the postponement of York, in tax deadlines

SUMMARY OF Section 1. PROVISIONS Section 11-130 to Title Section one of the bill adds new City of New York, which, in the eleven of the Administrative Code of the or a disaster emergency declared_ disaster event of a Presidentially Commissioner of Finance authority declared by the Governor, will give the certain tax-deadline for to ninety days to postpone for a period of up taxpayers -affected by the disaster who are unable to meet app ioafor as result of the disaster. The provision filing or payment deadlines the Commissioner of Finance administered by would apply to all taxes would allow the Commissioner real estate, The bill other than the tax on to that allowed to the comparable of Finance to grant relief Taxation and Finance by Tax Law Section New York State Commissioner of 171, paragraph twenty-eight. may be extended -are: (1) Under the new provision, the deadlines that of tax, (3) filing a installment filing returns, (2) paying tax or any petition with the New York request for a conciliation conference, or a credit or refund or for a City Tax Appeals Tribunal, for a exception to review a redetermination of a deficiency, or filing an allowing a credit or refund, (5) filing a decision of the Tribunal, (4) underpayment of tax, (7) assessing an claim for credit or refund, (6i of tax, (8) collecting a demand for payment giving or making a notice of suit by the City in respect of a tax by levy or otherwise, (9) bringing a permitted by applicable law or by tax, and (10) any other act required or commissioner thereunder. The provision a regulation promulgated by the to waive interest, on any; Commission of the Finance also would allow the of the provrsiOp. tax payment deferred -under the authority for determining interest on The provision contains a special rule that taxpayers- do -r-ot lose] overpayments'of tax that is designed-to:ensute result of filing a refund under an interest on -an - overpaymen"L as a special interest on the extension granted under this provision, However, Finance's existing preserves the Department of overpayment provision also without interest within authority with respect to paying overpayments special rules is to The effect of this three months of a refund claim. harmless with respect to Department hold both the taxpayer and the an extension granted overpayment of tax claimed under interest on any pursuant to the new provision. benefits of any. extension If a taxpa}•e=-is. _ not' entitled to the provision but files _-a) authorized by the Commissioner under the new period but after-.the return, or makes a payment, within the extension payment penalties win original--due - datL, gxisting - late filing and late - makes a material cappl}a. under the new provision, if such a taxpayer benefits of any such extension, misrepresentation of fact in claiming the otherwise applicable late filing or late payment in addition to the equal to two hundred penalties, the Commissioner may assert a penalty in effect tripling the percent of the otherwise applicable penalties, authcrizes the The provis-on also otherwise applicable penalties. $10,000 on any paid tax Commissioner to impose a penalty of up to connection material misrepresentation of fact in preparer who makes a provision. under the new with claiming the benefits of any relief - over - NYC-WTC 000137041