COVID-19 Small Business Tax Credit Program

December 06, 2022

COVID-19 Capital Costs Tax Credit Program

The $250 million COVID-19 Capital Costs Tax Credit Program provides financial assistance to New York State small businesses burdened with a range of operational costs stemming from the COVID-19 pandemic, from structural changes and building upgrades to health-related supplies and materials.  The Program offers qualifying businesses relief from the added economic burden by providing tax credits to help reduce the pandemic-related financial impact.   

Small businesses can receive a tax credit of 50% of qualifying expenses up to a maximum of $25,000 in tax credits based on qualifying expenses of $50,000. 

The program is open to all small independently owned and operated businesses operating in New York State with 100 employees or less and gross receipts of less than $2.5 million.  In addition, a small business must have incurred at least $2,000 of qualifying expenses between January 1, 2021 and December 31, 2022. 

Information on how to apply can be found here: https://esd.ny.gov/covid-19-capital-costs-tax-credit