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ALBANY — The Covid-era tax credit program is still available and the application deadline for small businesses up to $25,000 in credits has been extended to Sept. 30.
The credits are part of a $250 million capital expenditures tax credit program administered by the Empire State Development Agency to offset investment costs businesses have made to comply with emergency orders and regulations in response to COVID-19. The program began on October 25 and the extension was part of the recently approved 2023-24 state budget.
Capital investments eligible for the tax credit include hand sanitizing stations, supplies to help prevent the spread of Covid-19, social distancing equipment, air purifiers and contactless point of sale.
Extending the loan program’s application deadline to Sept. 30 will expand access to aid, “ensuring that more New York small businesses get the financial relief they need to get back on track.” ESD Commissioner Hope Knight said in a prepared statement.
The credits are for $50,000 of qualified expenses.
Certain building improvements and structural changes will be eligible in 2021 and 2022 if they are used to increase public safety.
New York State independent businesses with fewer than 100 full-time employees and gross receipts of at least $2.5 million are eligible.
Applications will be open until September 30. Small businesses are encouraged to apply through the pre-screening tool. If businesses receive a 2023 tax credit certificate, they can claim the credit on their 2023 tax return.
To learn more, visit www.esd.ny.gov/covid-19-capital-costs-tax-credit.
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