Employers that own businesses with 100 employees or less can apply for tax breaks that give them up to $25,000 in tax credits.
In order to qualify for the tax credit, the business must first go through a pre-screening process, according to the Times Union.
The credit is under the COVID-19 Capital Costs Tax Credit Program and supports purchases made by small businesses for things that kept the business safe during COVID-19 safety mandates.
The money for this program is through the 2022-2023 state budget in New York. The tax credit is refundable and can be claimed by showing expenses paid for during the pandemic that were COVID-19 related.
Purchases that qualify
- Supplies to disinfect against COVID-19
- Costs for expanding for social distancing
- HVAC equipment
- Expenses related to increased outdoor activity or expansions
- Machines and equipment to help have sales with no contact
The tax credits are being given on a first come first serve basis until all funds are gone. To be eligible, businesses must have an operating location in New York State, have 100 or less employees, and $2.5 million or less of gross receipts for the 2021 tax year.
Applications can be submitted until March 31, 2023.
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