Suffolk New York Form 8829 2024-2025

Suffolk New York Form 8829: What You Should Know

New York State The New York Disaster Tax Relief Act of 2012 In late 2025 New York City enacted a Tax Relief for Small Business Act (TRS BPA), signed by Governor Andrew M. Cuomo and becoming effective January 1, 2013. The law allows for the payment of a refundable fee to the owner of a qualifying business with respect to the loss of taxable business income related to Hurricane Sandy and other events affecting the business. Businesses exempt under the TRS BPA include those engaged in the operation of a restaurant, or a similar trade, including a mobile food service business or an establishment selling only catering or catering supplies, an establishment selling solely alcoholic beverages, an establishment providing child care services, and a place of entertainment, including theaters, dance halls, or similar establishments. (New York State tax law § 16-919). The tax benefit is available to taxable businesses in New York City, and does not apply to non-New York City businesses or businesses that conduct business in New York City. “New York City” has the meaning stated in New York City Administrative Code § 2-0422(h). Business owners that are taxable New Yorkers will be required to file Form 8829. The tax benefit provides an exception from filing New York State Form 3695. This form, when used to report taxable income, may result in tax penalties and interest owed. The business may claim an amount equal to: (1) In the case of a single taxpayer, 75% of the applicable exemption amount from filing New York State Form 3695.

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