COVID-19 Capital Costs Tax Credit Program

The Governor’s website today announced applications are now being accepted from small businesses that have successfully completed the pre-screening process to become certified for the COVID-19 Capital Costs Tax Credit Program, which supports companies that made investments to comply with emergency orders and regulations or to increase public safety in response to COVID-19.

Tax credits will cover 50 percent 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.

Applications will be accepted through March 31, 2023.  To claim a tax credit for their 2022 tax return, businesses must apply soon to receive a tax credit certificate from Empire State Development (ESD) on or before December 31, 2022.  Tax credits issued on or after January 1, 2023 can be claimed on a business’s 2023 tax return. To learn more about eligibility and qualifying expenses, visit www.esd.ny.gov/covid-19-capital-costs-tax-credit. ESD has contracted with the FORWARD Platform to screen business applications, validate expenses and distribute credits for the program.

NYSHFA|NYSCAL Contacts:

Carl Pucci
Chief Financial Officer
(518) 462-4800, extension 36

Linda O’Connell
Coordinator, NYSCAL Member Support
(518) 462-4800, extension 13