If your business incurred additional expenses due to the pandemic, you could receive thousands in tax credits. The $250 million COVID-19 Capital Costs Tax Credit Program offers financial support to New York State small businesses with extraordinary expenses stemming from the COVID-19 pandemic.
Small businesses that spent money to comply with emergency orders and regulations or to increase public safety in response to COVID-19 are eligible for up to $25,000 in tax credits. Some examples of incurred costs include structural changes, building upgrades, or health-related supplies and materials.
The COVID-19 Capital Costs Tax Credit Program provides economic relief to reduce the financial impact of the pandemic for eligible businesses. Small businesses can receive a 50% tax credit towards qualifying expenses (up to a maximum of $25,000 in tax credits) based on qualifying expenses of $50,000.
To qualify for this tax credit, businesses must:
- Operate in New York State
- Have 2021 gross receipts of $2.5M or less
- Employ 100 persons or less
- Have incurred at least $2,000 of qualifying expenses between January 1, 2021, and December 31, 2022.
As a small bank in NY, we know how the pandemic impacted us and our small business account clients. This is an excellent opportunity and we encourage you to check your eligibility as soon as possible. This program is capped at $250 million.
Learn more about the COVID-19 Capital Costs Tax Credit Program. To confirm your eligibility, fill out the required online screening tool. Then, for assistance with the application, contact our trusted partners at BOC Women’s Business Center via email: [email protected], or call 718-576-2237 (English) or 718-766-9263 (Spanish). Tell them Spring Bank sent you!
