COVID-19 Update for Local Businesses- NYS Tax Credit

A $250 million COVID-19 Capital Costs Tax Credit Program has been announced to support small businesses that made investments to comply with emergency orders and regulations or to increase public safety in response to COVID-19.

Tax credits will cover 50 percent of eligible costs, up to $50,000, for a maximum tax credit award of $25,000.  Credits will be awarded on a first come first serve basis until program funds are depleted.

For more detailed information visit the Empire State Development website.

Eligible COVID-19-related costs include, but are not limited to:

• Supplies to disinfect or protect against COVID-19 transmission
• Costs associated with expanding, or defining space to accommodate social distancing
• HVAC equipment
• Expenses related to increased outdoor activity and outdoor space expansions
• Machinery and equipment to facilitate contactless sales

A screening tool to determine eligibility is available here.

If we can be of assistance, please email us.

See earlier COVID-19 updates at www.schenectadymetroplex.org.