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December 14, 2022

New York’s COVID-19 Capital Costs Tax Credit Program


On October 26, 2022, the State of New York announced a new tax credit program. The COVID-19 Capital Costs Tax Credit Program will subsidize small businesses for COVID-19-related expenses incurred between January 1, 2021, and December 31, 2022. 

Eligible businesses must: 

  • Operate in New York
  • Have 100 or fewer employees
  • Have $2.5 million or less of gross receipts for the 2021 tax year
  • Have at least $2,000 in qualifying expenses

Qualifying expenses include disinfecting supplies, physical barriers, hand sanitizing stations, respiratory devices (such as air purifying systems), signage related to COVID-19, contactless payment equipment, and more. Please visit the New York website for a complete listing of qualifying expenses.

What this means for you

If you own and operate a small business in New York, you can receive 50% of qualifying expenses up to $50,000, for a maximum tax credit of $25,000. 

This program is awarded on a first-come, first-served basis until the funds—$250 million—are depleted. 

Contact us for more information

Not sure if you qualify for the COVID-19 Capital Costs Tax Credit Program, or need help with compiling documentation for your application? The CPAs at Smolin are here to help. Please reach out if you have any questions about your eligibility, application, or otherwise.

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