NY Assembly proposes tax breaks for Sandy victims

NY Assembly proposes property tax breaks for Sandy victims in NYC, other disaster areas

Associated Press

ALBANY, N.Y. (AP) -- New York's Assembly has proposed local property tax breaks for victims of Superstorm Sandy.

Powerful Assembly Speaker Sheldon Silver wants a New York City property tax break for homes and businesses which would cost the city budget, not the state budget.

Silver proposes property tax reductions on a sliding scale based on damage for taxpayers who lost at least 50 percent of their property's assessed value.

Assemblyman Robert Sweeney, a Long Island Democrat, will sponsor a similar measure for areas outside the city.

Silver says the owners of homes and businesses shouldn't be expected to pay taxes on the value of their properties before the storm.

Last week, U.S. Sen. Charles Schumer proposed making all Sandy repair expenses fully tax deductible on federal tax returns.

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