COVID-19 Capital Costs Tax Credit Program
Recognizing that the COVID-19 pandemic has required businesses to make significant investments in health and safety upgrades, this tax credit is calculated as 50% of qualifying expenses up to a maximum of $25,000.
The $250 million COVID-19 Capital Costs Tax Credit Program provides a tax credit of of up to $25,000 to eligible NYS businesses that made investments to comply with pandemic-related emergency orders and regulations, or to increase public safety. Application for this program closes September 30, 2023
The tax credit is calculated as 50% of qualifying expenses up to a maximum of $25,000 in tax credits based on qualifying expenses of $50,000 and is open to all small independently owned and operated NYS businesses with 100 employees or less and gross receipts of less than $2.5 million. In addition, a small business must have incurred at least $2,000 of qualifying expenses between January 1, 2021 and December 31, 2022.
Qualifying expenses include costs such as:
structural changes and building upgrades (eg. retrofits to accommodate social distancing and installation of air purifying equipment).
health-related supplies and materials (eg. supplies to disinfect and physical barriers and sneeze guards to protect against COVID-19 transmission).
machinery and equipment to accommodate contactless sales and increased outdoor activity.
For a full list, check out the COVID-19 Capital Costs Tax Credit Program website.
To get started and see whether your business qualifies, complete NYS' required eligibility screening tool.