Superstorm Sandy was a devastating time for a lot of New Yorkers, homeowners specifically. The storm caused millions upon millions of dollars in damage which some residents are still trying to financially recover from. Relief for some of these homeowners, however, could be on the way. New York Governor Kathy Hochul has announced new legislation that would extend the deadline for a tax exemption on the renovation or reconstruction of residential properties affected by the storm.
The Legislation
The new law extends the deadline by about two years, to March 1st of 2024. The reasoning behind the bill follows a surge in construction delays and supply chain issues caused by the pandemic. This extension should provide a much-needed extension for any homeowners who were affected by the issues caused by the pandemic.
“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.”
Other Means of Financial Relief
This legislation also follows other recent efforts to bring relief to New Yorkers to try and combat the lasting effects of the COVID pandemic. A $1 billion property tax rebate program to help put money back into over 2 million New York homeowners, and just last month New York lawmakers decided to suspend the states gas tax until 2023 to try and slow the rise of the soaring gas prices the state as seen recently, helping residents save about 16 cents per gallon at the pump.
Wrap Up
This new legislation should help many New Yorkers in their fight back against the devasting storm Sandy, which although it feels like a lifetime ago, is still affecting residents to this day. This, among other legislation being passed by New York lawmakers, is trying to ease the strain on the wallets of residents across the state.