Aid is coming for qualifying small companies in New York State by means of tax credit to assist cut back pandemic-related monetary influence. The COVID-19 Capital Prices Tax Credit score Program offers a tax credit score of fifty p.c of qualifying bills as much as a most of $25,000 in tax credit primarily based on qualifying bills of $50,000. This system is meant to assist companies burdened with operational prices resembling structural adjustments, constructing upgrades, and health-related provides and supplies stemming from the COVID-19 pandemic.
Capital Prices Tax Credit score Program Eligibility
Small companies qualify for the tax credit score program if through the 2021 tax 12 months:
- They had been working in New York State
- Had 100 or fewer workers
- Had $2.5 million or much less of gross receipts, and
- Had a minimum of $2,000 in COVID-19-related bills
Eligible COVID-19-related bills should have been incurred between Jan. 1, 2021, and Dec. 31, 2022, and embody however usually are not restricted to:
- Disinfecting provides, together with hand sanitizing stations
- Supplies required to accommodate social distancing and outline boundaries
- Equipment and gear to facilitate contactless gross sales
- Air purifying gear, or
- Outside house expansions or upgrades (resembling patios, warmth lamps, boundaries, and so on.).
How you can Apply for the Capital Prices Tax Credit score Program
Step one is to see in case your small enterprise qualifies for this system by filling out the required eligibility screening software. When you do qualify, a hyperlink to the appliance shall be emailed to you to finish. Additionally, you will have to submit documentation to point out proof of your bills.
Be aware: this tax credit score program shall be awarded on a first-come, first-served foundation till the funds are exhausted.
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