Empire State Development President, CEO and Commissioner Hope Knight said. “By extending the application deadline for the COVID-19 Capital Costs Tax Credit Program to September 30th, we are expanding the reach of our support, ensuring that more New York small businesses receive the financial relief they need to bounce back and thrive once again”.
Small businesses with qualifying COVID-19-related expenses are eligible for a refundable tax credit of up to $25,000 based on qualifying expenses of $50,000. Qualifying expenses are related to building upgrades, structural changes, or supplies to comply with public health or other emergency-related orders and regulations to increase public safety through infectious disease mitigation during 2021 and 2022. Expenses can also include hand sanitizer stations, supplies to disinfect against COVID-19 transmission, equipment for social distancing, air purifiers, contactless point of sale equipment and more.
Businesses independently owned and operated in the State of New York with less than 100 full-time employees and gross receipts of less than $2.5 million are eligible.
Applicants and qualifying businesses can expect the following:
To fill out a pre-screening questionnaire to confirm their eligibility
An online application portal available in 68 languages
Access to multilingual application assistance via phone, text, and email
To present proof of expenses and other supporting documents
A tax credit certificate to submit to the Department of Taxation and Finance when filing a tax return
Applications will be open until September 30, 2023. Small businesses are encouraged to apply through the pre-screening tool. If businesses receive a tax credit certificate in 2023, they can claim the credit on their 2023 tax return.
To learn more about eligibility and qualifying expenses, visit www.esd.ny.gov/covid-19-capital-costs-tax-credit.