SALT Report 1903 – The New York City Industrial Development Agency established the Hurricane Emergency Sales Tax Exemption Program (HESTEP) to provide emergency assistance to small businesses affected by Hurricane Sandy.
This program will provide sales tax exemptions of up to $100,000 for each affected business on purchases of building, construction and renovation materials, machinery and equipment and other related services needed to rebuild after the storm.
- Sales tax benefits will be limited to 250 applicants
- Maximum sales tax benefit amount of $100,000 per applicant
- Applications for sales tax benefits must be received by Feb 1, 2013
- Companies must begin reconstruction efforts within six months of application and must fully apply the sales tax benefit within one year, and
- All IDA fees waived
All businesses with storm-related physical damages are eligible. However, priority will be given to industrial businesses located within Flood Zone A and the area of New York City impacted by the extensive power outage.
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