ALBANY, N.Y. (WENY) – New York has opened up a tool for small businesses in the state to determine their eligibility for the COVID-19 Capital Costs Tax Credit Program.
The $250 million dollar program will support small businesses that made investments to respond to the pandemic. These investments include supplies to disinfect against COVID transmission, HVAC equipment, and expenses related to increased outdoor activity.
“The pandemic has hit New York’s small businesses especially hard, forcing many to close and others to incur significant financial burdens to protect their employees and customers from COVID-19,” Governor Hochul said. “Small Businesses are the backbone of our state’s economy, and in order to truly recover from the COVID-19 crisis, we must lend a helping hand. This tax credit will be a crucial lifeline to New York businesses and I encourage all who are interested to apply for this much-needed aid.”
If the business is deemed eligible, a link to the application will be provided.
Tax credits will cover 50 percent of eligible costs, up to $50,000, for a maximum tax credit award of $25,000, and credits will be awarded on a first come first serve basis until program funds are depleted.
Eligible businesses must operate a location in New York State, have 100 or fewer employees, $2.5 million or less of gross receipts in the 2021 tax year, and at least $2,000 in eligible costs between January 1, 2021 and December 31, 2022.
For more information, visit esd.ny.gov/covid-19-capital-cost-tax-credit.