Businesses May be Eligible for Up to $25,000 in
NYS Tax Credits for COVID Costs
New York State recently announced that small businesses could receive a state tax credit of up to $25,000 as reimbursement for expenses that they incurred in 2021 and this year for masks, cleaning supplies, outdoor seating and other purchases aimed at reducing the coronavirus’ spread.
Business owners can determine if they are eligible for the COVID-19 Capital Costs Tax Credit Program by answering questions via “a screening tool”
Click Here to Check your Business Eligibility
If the screening tool finds that a business is eligible for the refundable state tax credit, then a link to the application will be provided once the application process starts.
The tax credit program was established in the 2022-23 state budget and funded with $250 million. Credits will be distributed on a first-come, first-serve basis until the money runs out, according to state officials.
Businesses that used state COVID grant money to buy personal protection equipment, disinfectant, machinery and other goods in response to the pandemic in 2021-22 aren’t eligible for the tax credit, according to the officials.
More information is available at esd.ny.gov/covid-19-capital-cost-tax-credit
The information presented here should not be construed as legal, tax, accounting, or valuation advice. No one should act on such information without appropriate professional advice and after a thorough examination of the particular situation.