Rob Coppola Senior Account Executive – Construction Insurance Practice Group View Bio

Governor Hochul recently announced additional relief for small businesses who incurred financial difficulty while implementing COVID-19 safety protocols. Small businesses with fewer than 100 employees are eligible for tax credits to help recover from these costs.

The $250 million capital costs tax credit program is meant for those small businesses who were forced to comply with emergency orders as a response to the pandemic in order to remain open. Some of these requirements include:

  • Costs related to disinfectant supplies
  • Social distancing expansion projects
  • HVAC equipment
  • Outdoor space expansion
  • Purchases of contactless points of sale

In order to fulfill these requirements many of these businesses suffered great financial loss which in turn negatively impacted their business operations. This tax credit is meant to help cover up to 50% of eligible costs, up to $50,000 for a maximum tax credit of $25,000; which can help alleviate some of the debt incurred.

Keep in mind that eligible businesses must have less than 100 employees and must have had less than $2.5 million gross revenues in the 2021 tax year. The program will operate on a first come, first served basis and the application window will close on March 31, 2023.

For more information, visit https://esd.ny.gov/covid-19-capital-costs-tax-credit