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COVID-19 tax breaks available for small businesses

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  • Staff Report 

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.

Categories: New York StateNews