WTC Records Folder 0123 Clippings label, Sept 2001

NYC 9/11 Public Portal Document

MAR-17-2000 04:24 P.03/07

The bill would be effective immediately. only REASONS FOR Under current law, the Commissioner of Finance has limited authority to extend certain due dates for tax SUPPORT Commissioner returns and certain tax payment dates; the taking administrative or legal action also cannot extend other periods of disallowance limitation period for protecting an assessment or such as the differs from of a refund. Moreover, the Commissioner's existing authority another. Finally, the Commissioner has authority under existing on tax to reasonable cause law to waive late filing and late payment penalties where the delay is shown, the Commissioner cannot waive the accrual of for interest. postpone for This bill is necessary to authorize the Commissioner to deadlines for taxpayers a brief, reasonable period of time certain tax those deadlines due to a disaster declared by the who are unable to meet bill The scope of relief provided by the President or Governor. the relief that may be granted by the State and by the generally mirrors provide allow the Commissioner to IRS under current law. The bill would administered by the consistent relief from tax deadlines across all taxes estate. The Commissioner needs Commissioner other than the tax on real provide immediate and appropriate relief from tax the flexibility to deadlines for taxpayers adversely affected by a disaster, but the penalty granted. provisions in the bill will discourage abuse of any relief so possible favorable Accordingly, the Mayor urges the earliest consideration of this proposal by the Legislature. Respectfully submitted,

ANTHONY P. PISCITELLI Legislative Representative

ISC/dgb S:Financel5-01 9/24/01

NYC-WTC 000137059