$25000 Tax Credit For Covid Capital Costs: Applications Open

Governor Kathy Hochul announced that pre-screened small businesses can now apply for the COVID-19 Capital Costs Tax Credit Program.

which assists businesses that made investments in response to COVID-19 to comply with urgent orders and regulations or to increase public safety.

"When the pandemic devastated small businesses across New York State, I pledged to help from day one," said Governor Hochul.

The new refundable tax relief programme targets COVID-19 expenses in 2021 and 2022. First-term Governor Hochul's budget increased state support for small businesses.

Tax credits cover 50% of eligible costs up to $50,000, with a maximum award of $25,000. Credits are awarded first come, first served until program funds are depleted.

Eligible businesses must have a New York location, 100 or fewer employees, $2.5 million in gross receipts in 2021, and $2,000 in eligible costs between Jan. 1, 2021, and Dec. 31, 2022.

Apply by March 31, 2023. To receive a tax credit certificate from Empire State Development (ESD) by December 31, 2022, businesses must apply soon.

The COVID-19 Capital Costs Tax Credit supports small businesses affected by the pandemic. Governor Hochul's first budget allocates $1 billion to small business recovery.

Recovery Grant Program and $200 million Seed Funding Grant Program to support micro and small companies that opened before or during COVID-19 pandemic.

Empire State Development is New York's economic development organization. ESD facilitates a strong and increasing economy, new job and economic opportunities, and increased state revenues.