Deadline for COVID-19 relief for firms extended to Sept. 30
Tax credits are still available to businesses that spent money on equipment to stop the spread of COVID, such as these partitions between tables at Kitty O'Hara's restaurant and bar in Baldwin. Credit: Newsday/Steve Pfost
The state has extended to Sept. 30 the deadline for businesses seeking reimbursement for their coronavirus-related expenses via state tax credits, officials said.
The COVID-19 Capital Costs Tax Credit Program was established with $250 million in the 2022-23 state budget. Applications opened last fall and about $25 million has been awarded so far, said Emily Mijatovic, a spokeswoman for Empire State Development, which oversees the program as the state’s primary business-aid agency.
The application deadline expired on March 31, but with the passage last month of the 2023-24 budget the deadline is now Sept. 30.
Mijatovic said 284 applications for state tax credits have been received from Long Island and $3.5 million has been approved locally.
Applicants must have spent at least $2,000 on eligible COVID-related purchases between 2021 and last year. The expenses must have been paid on or before March 31, 2023.
To qualify for the maximum $25,000 tax credit, businesses must have spent $50,000.
Applicants must complete a pre-screening process to determine eligibility before filing an application. The screening tool may be found at bit.ly/43N1Ngk . Upon certification of eligibility, the business will be sent a link to apply for the tax credit.
More information is available at esd.ny.gov/covid-19-capital-costs-tax-credit.
Hope Knight, ESD president and CEO, said the deadline extension will ensure “that more New York small businesses receive the financial relief they need to bounce back and thrive once again."
James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.
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