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Capital Prices Tax Credit score Program for New York Companies

Reduction is coming for qualifying small companies in New York State by tax credit to assist cut back pandemic-related monetary affect. The COVID-19 Capital Prices Tax Credit score Program gives a tax credit score of fifty % of qualifying bills as much as a most of $25,000 in tax credit primarily based on qualifying bills of $50,000. This system is meant to assist companies burdened with operational prices similar to structural modifications, constructing upgrades, and health-related provides and supplies stemming from the COVID-19 pandemic.

Capital Prices Tax Credit score Program Eligibility

Small companies qualify for the tax credit score program if through the 2021 tax 12 months:

  • They have been working in New York State
  • Had 100 or fewer workers
  • Had $2.5 million or much less of gross receipts, and
  • Had at the very least $2,000 in COVID-19-related bills

Eligible COVID-19-related bills will need to have been incurred between Jan. 1, 2021, and Dec. 31, 2022, and embrace however should not restricted to:

  • Disinfecting provides, together with hand sanitizing stations
  • Supplies required to accommodate social distancing and outline obstacles
  • Equipment and tools to facilitate contactless gross sales
  • Air purifying tools, or
  • Outside area expansions or upgrades (similar to patios, warmth lamps, obstacles, and many others.).

Tips on how to Apply for the Capital Prices Tax Credit score Program

Step one is to see in case your small enterprise qualifies for this system by filling out the required eligibility screening instrument. For those who do qualify, a hyperlink to the appliance will probably be emailed to you to finish. Additionally, you will must submit documentation to point out proof of your bills.

Notice: this tax credit score program will probably be awarded on a first-come, first-served foundation till the funds are exhausted. 

For extra data, together with the total record of qualifying bills, see the program’s FAQs. When you have any questions, electronic mail Empire State Growth at [email protected].



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