The COVID-19 Capital Costs Tax Credit Program aims to provide financial assistance to New York State small businesses burdened with a range of operational costs stemming from the COVID-19 pandemic from structural changes and building upgrades to health-related supplies and materials. $250 million allocated to the program will support small businesses that made investments to comply with emergency orders and regulations or to increase public safety in response to COVID-19.

If deemed eligible by the screening tool provided by NYS, your business is then qualified to apply for the program when NYS begins accepting applications.

Eligible COVID-19 related costs include, but are not limited to:

-         Supplies to disinfect or protect against COVID-19 transmission

-         Costs associated with expanding, or defining space to accommodate social distancing

-         HVAC equipment

-         Expenses related to increased outdoor activity and outdoor space expansions

-         Machinery and equipment to facilitate contactless sales

Tax Credits will cover 50% of eligible costs, up to $50,000, for a maximum tax credit award of $25,000, and credits will be awarded on a first come first serve basis until program funds are depleted.

Eligible businesses must operate a location in New York State, have 100 or fewer employees, 2.5 million or less of gross receipts in the 2021 tax year, and at least $2,000 in eligible costs between January 1, 2021 and December 31, 2022. Click here to find out if your business is eligible to apply for this program.

New York State, for those applying for this tax relief program, has a very high standard concerning documentation provided to support your application for tax relief related to COVID-19 operational costs incurred.

Our firm is prepared to assist our clients in pursuing the application for this tax relief. Again, there is only $250 million available for this program and many will seek tax relief for COVID-19 challenged businesses throughout New York State. Click here to find out if your business is eligible to apply for this program.