Categories: Construction, Design & Real EstateEmployee Benefits & Human ResourcesLaw, Accounting & TaxesNew York NewsSubscriber Only

Firms can apply for COVID capital costs tax-credit program until Sept. 30

Hope Knight, president, CEO, and commissioner of Empire State Development (ESD), speaks to gathering at Syracuse University on April 10. ESD on June 5 extended the application deadline to Sept. 30 for its COVID-19 capital costs tax-credit program for eligible small businesses. (ERIC REINHARDT / CNYBJ)

Business owners interested in Empire State Development’s (ESD) $250 million COVID-19 capital costs tax-credit program have until the end of September to submit an application. ESD on June 5 announced that it had extended the application deadline. To apply, visit the ESD website (esd.ny.gov) Under the program, New York small businesses that made investments to […]

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

Business owners interested in Empire State Development’s (ESD) $250 million COVID-19 capital costs tax-credit program have until the end of September to submit an application.

ESD on June 5 announced that it had extended the application deadline. To apply, visit the ESD website (esd.ny.gov)

Under the program, New York 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.

Gov. Kathy Hochul announced the launch of the program back on Oct. 25, 2022 and secured an extension of the program’s application deadline through September as part of the new state budget, ESD said.

“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 New York small businesses receive the financial relief they need to bounce back and thrive once again,” Hope Knight, president, CEO, and commissioner of ESD, contended in a news release.

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.

Businesses independently owned and operated in the state of New York with fewer than 100 full-time employees and gross receipts of less than $2.5 million are eligible. Small businesses are encouraged to apply through the pre-screening tool.

If businesses receive a tax-credit certificate in 2023, they can claim the credit on their 2023 tax return.

Eric Reinhardt