ALBANY — Assembly Democrats plan to propose extending $110 million in New York City tax breaks to benefit businesses hurt by Hurricane Sandy, The Post has learned.
The tax credits and abatements were created in the wake of the Sept. 11, 2001, terrorist attacks and are due to expire, but the Democrats say extending the benefits would help thousands of businesses left reeling by last year’s storm.
The package of credits for energy purchases and property-tax payments, abatements for commercial rents and sales-tax payments, and incentives for companies that relocate to the city will be part of the budget proposal the Assembly introduces today, officials said.
“As we rebuild from Superstorm Sandy, it is critical that these tax incentives remain in place to help our businesses recover and grow,” said Assembly Speaker Sheldon Silver (D-Manhattan).
The Assembly Democrats will push the package as they negotiate with Gov. Cuomo and the state Senate on a budget for the fiscal year that begins next month.