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Our attorneys stay on top of changes in legislation, agency regulations, case law, and industry trends—then craft timely legal alerts to keep clients up to date on legal developments important to their business.

April 13, 2020

COVID-19: Deadline Extended for New Mandatory Annual Filings From NYS Electric Generators

As previously reported, Real Property Tax Law § 575-a went into effect this year, requiring any individual or entity owning, operating, or managing an electric-generating facility in New York State to file an annual report with the commissioner of tax and finance by April 30 that must include the inventory, revenue, and expenses associated with the operation of the facility relative to the most recent fiscal year. The RP-575 form and instructions can be found on the Department of Taxation and Finance website.

However, based on the unprecedented disruption to business and government caused by COVID-19, New York State has extended the deadline to all filers to June 30. Filers with electric-generating assets in New York City who file the real property income and expense (RPIE) statement with the NYC Department of Finance are not required to file the RP-575 form.
 
The failure of any electric-generating facility owner, operator, or manager to make the required reporting by June 30 will still result in a $10,000 penalty for every failure to report and up to an additional $1,000 per each day after until the report is filed.

If you have any questions regarding the content of this alert, please contact Amy D’Ambrogio, counsel, at edambrogio@barclaydamon.com or another member of the firm’s Real Property Tax & Condemnation Practice Area.

We also have a specific team of Barclay Damon attorneys who are actively working on assessing regulatory, legislative, and other governmental updates related to COVID-19 and who are prepared to assist clients. You can reach our COVID-19 Response Team at COVID-19ResponseTeam@barclaydamon.com

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