Empire State Development Announces $250 Million COVID-19 Capital Costs Tax Credit Program Applications Extended to Sept 30th
Small Businesses with 100 or Fewer Employees May Receive Tax Credits for COVID-19-Related Costs
Empire State Development today announced that the application deadline for Empire State Development’s (ESD) $250M COVID-19 Capital Costs Tax Credit Program has been extended to September 30, 2023. New York State small businesses that made investments to comply with emergency orders and regulations in response to COVID-19 can apply for a refundable tax credit of up to $25,000. Governor Hochul announced the launch of the program on October 25, 2022 and secured an extension of the program’s application deadline through September as part of the FY 2024 Budget.
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.
Contact:
Kristin Devoe: Kristin.Devoe@esd.ny.gov | (518) 414-1087