SALT Report 2114 – The New York City Industrial Development Agency announced that the deadline to apply for the sales tax exemption provided in the Hurricane Emergency Sales Tax Exemption Program (HESTEP) has been extended to April 1, 2013.
HESTEP provide sales tax exemptions for purchases of building, construction and renovation materials, machinery and equipment and certain items of personal property and services that will be used to rebuild businesses impacted by the storm.
- Sales tax benefits will be limited to 250 applicants
- Maximum sales tax benefit amount is $100,000 per applicant
- Applications for sales tax benefits must be received by April 1, 2013
- Companies must begin reconstruction efforts within six months of application and fully utilize the sales tax benefit within one year of commencement, and
- All IDA fees will be waived
All businesses with storm-related damages can apply for HESTEP. However, priority will be given to industrial businesses located within Flood Zone A and the area of New York City that was impacted by the power outage.
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