In
response to the COVID-19 outbreak, New York and New Jersey have each taken
steps to extend upcoming tax deadlines.
1.
Extension of New York tax deadline from April 15 to July 15
Under
authority granted by Executive Order No. 202.12 from Governor Cuomo, the New
York State Tax Commissioner in Notice N-20-2 has extended the April 15, 2020
due date to July 15, 2020 for New York State personal income tax and corporate
tax returns. This extension also permits taxpayers to defer all tax
payments originally due on April 15, 2020 (including installment payments and
estimated taxes for the 2020 tax year) to July 15, 2020 without penalties and
interest.
2.
Extension of New Jersey tax deadlines
The New
Jersey Legislature has similarly passed a bill that would extend the April 15th
deadline by which to file New Jersey Gross Income Tax (GIT) and Corporation
Business Tax (CBT) returns to June 30. The bill was passed by the
Assembly on March 16, 2020 and by the Senate on March 19, 2020, and is
currently on Governor Murphy’s desk awaiting signature. Governor Murphy
has indicated that the State will likely extend the deadline, but that his
administration has not yet decided on the details of the extension or whether
he will sign the current bill.
The New
Jersey Legislature is also considering a bill, A3902, that would authorize the
Director of the Department of Community Affairs’ Division of Local Government
Services to permit municipalities to institute extended grace periods for
quarterly property tax payments and other municipal charges. The Director
would also be authorized to grant municipalities a grace period in which to
transmit their quarterly payments of property tax revenues to school
districts. The bill also empowers the Director to extend certain other
deadlines, such as the deadlines for the issuance of tax bills and municipal
tax sales, and deadlines under the Municipal Land Use Law. The bill
passed the Assembly on March 25, 2020 by a vote of 79-0 and will next move to
the Senate.
Please
contact Robert Daleo, Jason Navarino or Hannah Greendyk of our Tax
Department if you have any questions about how these changes affect you.
Please
visit Riker Danzig’s COVID-19 Resource Center to stay up to date on all related legal issues.
