{"id":12861,"date":"2022-09-21T10:22:28","date_gmt":"2022-09-21T14:22:28","guid":{"rendered":"https:\/\/gtm.com\/business\/?p=12861"},"modified":"2022-09-23T14:14:29","modified_gmt":"2022-09-23T18:14:29","slug":"capital-costs-tax-credit","status":"publish","type":"post","link":"https:\/\/gtm.com\/business\/capital-costs-tax-credit\/","title":{"rendered":"The New York COVID-19 Capital Costs Tax Credit Program"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-12863 size-full\" src=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/2022\/09\/pexels-mart-production-8872372.jpg\" alt=\"capital costs tax credit program\" width=\"1024\" height=\"683\" srcset=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/2022\/09\/pexels-mart-production-8872372.jpg 1024w, https:\/\/gtm.com\/business\/wp-content\/uploads\/2022\/09\/pexels-mart-production-8872372-980x654.jpg 980w, https:\/\/gtm.com\/business\/wp-content\/uploads\/2022\/09\/pexels-mart-production-8872372-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/>Relief is coming for qualifying small businesses in New York State through tax credits to help reduce pandemic-related financial impact. The <a href=\"https:\/\/esd.ny.gov\/covid-19-capital-costs-tax-credit\" target=\"_blank\" rel=\"noopener\">COVID-19 Capital Costs Tax Credit Program<\/a> provides a tax credit of 50 percent of qualifying expenses up to a maximum of $25,000 in tax credits based on qualifying expenses of $50,000. The program is intended to help businesses burdened with operational costs such as structural changes, building upgrades, and health-related supplies and materials stemming from the COVID-19 pandemic.<\/p>\n<h2>Capital Costs Tax Credit Program Eligibility<\/h2>\n<p>Small businesses qualify for the tax credit program if during the 2021 tax year:<\/p>\n<ul>\n<li>They were operating in New York State<\/li>\n<li>Had 100 or fewer employees<\/li>\n<li>Had $2.5 million or less of gross receipts, and<\/li>\n<li>Had at least $2,000 in COVID-19-related expenses<\/li>\n<\/ul>\n<p>Eligible COVID-19-related expenses must have been incurred between Jan. 1, 2021, and Dec. 31, 2022, and include but are not limited to:<\/p>\n<ul>\n<li>Disinfecting supplies, including hand sanitizing stations<\/li>\n<li>Materials required to accommodate social distancing and define barriers<\/li>\n<li>Machinery and equipment to facilitate contactless sales<\/li>\n<li>Air purifying equipment, or<\/li>\n<li>Outdoor space expansions or upgrades (such as patios, heat lamps, barriers, etc.).<\/li>\n<\/ul>\n<h2>How to Apply for the Capital Costs Tax Credit Program<\/h2>\n<p>The first step is to see if your small business qualifies for the program by filling out the\u202f<a href=\"https:\/\/formrouter.apps.esd.ny.gov\/ccs@ESD\/covid_cost_screening.html\">required eligibility screening tool<\/a>. If you do qualify, a link to the application will be emailed to you to complete. You will also need to submit documentation to show proof of your expenses.<\/p>\n<p><em>Note: this tax credit program will be awarded on a first-come, first-served basis until the funds are exhausted.\u00a0<\/em><\/p>\n<p>For more information, including the full list of qualifying expenses, see the <a href=\"https:\/\/esd.ny.gov\/covid-19-capital-costs-tax-credit-program-faq\" target=\"_blank\" rel=\"noopener\">program&#8217;s FAQs<\/a>. If you have any questions, email Empire State Development at <a href=\"mailto:COVID19CapitalCostTaxCredit@esd.ny.gov\">COVID19CapitalCostTaxCredit@esd.ny.gov<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Capital Costs Tax Credit Program is intended to help small businesses with operational costs stemming from the COVID-19 pandemic.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[232],"tags":[],"post_folder":[],"class_list":["post-12861","post","type-post","status-publish","format-standard","hentry","category-gtm-biz-blog-isolved"],"_links":{"self":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/12861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/comments?post=12861"}],"version-history":[{"count":5,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/12861\/revisions"}],"predecessor-version":[{"id":12885,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/12861\/revisions\/12885"}],"wp:attachment":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/media?parent=12861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/categories?post=12861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/tags?post=12861"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/post_folder?post=12861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}