July 15, 2022
The $250 million COVID-19 Capital Costs Tax Credit Program provides financial assistance to New York State small businesses burdened with a range of operational costs stemming from the COVID-19 pandemic. The Program offers qualifying businesses relief from the added economic burden by providing tax credits to help reduce the pandemic-related financial impact.
Small businesses can receive a tax credit of 50% of qualifying expenses up to a maximum of $25,000 in tax credits based on qualifying expenses of $50,000.
The list of eligible expenses is far reaching, including:
- Hand sanitizer
- COVID tests,
- Heaters, outdoor lighting, and materials related to outdoor space expansions
- Restocking of perishable goods to replace those lost during the COVID-19 pandemic
- Physical barriers and sneeze guards
- Respiratory devices such as air purifier systems
This tax credit is open to all businesses, not just storefront or retail.
Proof of expenses is still being determined, but will involve providing receipts or other evidence that a qualifying expense was incurred between January 1, 2021 and December 31, 2022, and paid for on or before March 31, 2023.