NYSDA Publications

Small Business COVID-19 Capital Costs Tax Credit Program

Small Business COVID-19 Capital Costs Tax Credit Program

The NYS Department of Economic Development has issued emergency regulations implementing the Small Business COVID-19 Capital Costs Tax Credit Program. Small businesses may be able to receive tax credits for costs incurred to increase COVID-19 safety.

Tax credits will cover 50% of eligible costs, up to $50,000, for a maximum tax credit award of $25,000. 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, 2021. 

Applicants must first complete an "eligibility screening tool" to determine if their business qualifies for the program. Once qualified, a link will be emailed to complete the application process. Although the program has not yet launched, applicants are strongly urged to complete the "eligibility screening tool" as a first step. 

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