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