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Blast owners get tax extension.

The City is extending tax filing and payment deadlines for businesses affected by closures within the "Frozen Zone" due to the July 18 steam pipe explosion.

Affected taxpayers who are required to file returns or to make estimated payments for the General Corporation Tax, Unincorporated Business Tax, Banking Corporation Tax, Real Property Transfer Tax, or the Cigarette Tax, by August 15, 2007 will now have until September 17, 2007.

"We recognize that many taxpayers and return preparers in the area affected by the ruptured steam main may be unable to meet filing and payment deadlines and need a break," said Finance Commissioner Martha Stark. "Extending the due date ensures businesses have time to they need to meet their obligations as they continue to recover from this incident."

Returns, extensions, and declarations or payments of estimated tax filed under this announcement should be marked "STEAM PIPE" on the top center of the first page. Taxpayers must include an explanation of how the steam pipe rupture adversely affected their ability to meet their filing and payment obligations.

The approximately 2,000 businesses affected by enforced closures include those located on the east side of 5th Avenue to the west side of 3rd.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Aug 8, 2007
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