On the heels of the Internal Revenue Service’s decision to extend the federal tax deadline from April 15 to May 17, New York State has decided to do the same.
Both state and federal income tax filings will be due by May 17, following Governor Andrew Cuomo’s direction to the New York State Department of Tax and Finance.
NYS Budget Director Robert Mujica said the decision, like the federal, was made due to general uncertainties due to the COVID-19 pandemic.
“This 30-day extension provides New Yorkers still coping with the complications of the COVID-19 pandemic ample time to file,” said Mujica. “This will shift approximately six billion dollars of revenue from April to May and the State will make any necessary adjustments to cash-flow.”
New York had been facing a projected budget deficit, but with federal pandemic relief money coming in, it may be negated. State legislators are still planning a near-eight billion dollar tax hike for the upcoming fiscal budget, with the hike targeting wealthy individuals, investors, and corporations. The state budget is due to be ratified April 1.