New York: 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 Kathy Hochul announced the launch of the program on October 25, 2022. After the New York state lawmakers finalized the passage of the state budget, the program was officially extended to September 30, 2023.
“The COVID-19 pandemic has taken a toll on our small businesses, and we remain committed to their recovery,” said Hope Knight, President, CEO and Commissioner of Empire State Development, “By extending the application deadline for the COVID-19 Capital Costs Tax Credit Program to September 30th, we are expanding the reach of our support, ensuring that more NY state small businesses receive the financial relief they need to bounce back and thrive once again.”
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.
