EMPIRE STATE DEVELOPMENT
COVID-19 CAPITAL COSTS TAX CREDIT
Contact First Name:
Contact Last Name:
Location Zip Code:
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New York City
BUSINESS INFORMATION - CONTINUED
Date Business Established:
NAICS Code on 2021 Tax Return:
Gross Receipts on 2021 Federal Tax Return:
Number of Employees as of 12/31/21:
PRELIMINARY EXPENDITURE REPORT - INSTRUCTIONS
On the next page, you will be asked to complete a chart with your preliminary estimates of qualified expenses using the categories and descriptions in the Chart. These are only preliminary estimates and you will, at a later time, have to determine the actual expenses and provide documentation as evidence that the expense was incurred between 1/1/2021 and 12/31/2022 and paid by 3/31/23.
There are a few key points to keep in mind when completing the Chart.
The maximum tax credit you can receive is $25,000 (50% of qualified expenses up to $50,000). Nonetheless, if you have more than $50,000 in qualified expenses, you can include them but ultimately must provide proof of expense for at least $50,000 to receive the maximum credit of $25,000. Also note that the tax credit amount is auto-calculated and limited to $25,000 even if you input qualified expenses of more than $50,000.
The minimum tax credit you can receive is $1,000 based on qualified expenses of at least $2,000. If you don’t have at least $2,000 of qualified expenses, you are not eligible to participate in the Program.
Did you receive a grant from the New York State COVID-19 Pandemic Small Business Recovery Grant Program? If yes, do not include any of the following expenses that were incurred between 1/1/21 and 4/1/21 and were paid with proceeds from that Program:
Costs of personal protection equipment (PPE) necessary to protect worker and consumer health and safety
Heating, ventilation, and air conditioning (HVAC) costs specifically related to air purification
Other machinery or equipment costs specifically purchased and installed to address COVID-19 related issues, such as to accommodate contactless sales, software to enable delivery or contactless purchases, or to implement new product lines.
Supplies and materials necessary for compliance with COVID-19 health and safety protocols
Other documented COVID-19 costs as approved by Empire State Development
PRELIMINARY EXPENDITURE REPORT
Qualified Expense Category
Estimated Total $$ expended in Category
Value of Tax Credit
Supplies to disinfect and/or protect against COVID-19 transmission
Restocking of perishable goods to replace those lost during the COVID-19 pandemic
Physical barriers and Sneeze Guards
Hand sanitizer stations
Respiratory devices such as air purifier systems installed at the business entity's location
Signage related to the COVID-19 pandemic including, but not limited to, signage detailing vaccine and masking requirements, and social distancing;
Materials required to define and/or protect space such as barriers;
Materials needed to block off certain seats to allow for social distancing;
Certain point of sale payment equipment to allow for contactless payment;
Equipment and/or materials and supplies for new product lines in response to the COVID-19 pandemic;
Software for online payment platforms to enable delivery or contactless purchases;
Building construction and retrofits to accommodate social distancing and installation of air purifying equipment but not for costs for non-COVID-19 pandemic related capital renovations or general "closed for renovations" upgrades;
Machinery and equipment to accommodate contactless sales;
Materials to accommodate increased outdoor activity such as heat lamps, outdoor lighting, and materials related to outdoor space expansions.
The business is operating at the time of application.
The business is incorporated in New York State or licensed or registered to do business in New York State.
The business is substantially in compliance with applicable federal, state and local laws, regulations, codes and requirements.
The business does not owe past due state taxes or local property taxes unless the business is making payments and complying with an approved binding agreement with the appropriate taxing authority.
The business is not more than 5% owned, directly or indirectly, by a publicly traded company.
The business agrees to allow the department of taxation and finance to share the business entity’s tax information with the department. However, any information shared as a result of this program shall not be available for disclosure or inspection under the state freedom of information law.
The business agrees to provide any additional information required by the department or its designee.