Governor Kathy Hochul announced applications are now being accepted for the COVID-19 Capital Costs Tax Credit Program which will support small businesses that made investments to comply with emergency orders and regulations or to increase public safety in response to COVID-19.
Applications will be accepted starting October 25 from small businesses to become certified for tax credits to help reduce the pandemic-related financial impact. Qualifying expenses are related to building upgrades, structural changes or supplies to comply with public health or other emergency-related orders and regulations to increase public safety through infectious disease mitigation during 2021 and 2022.
Businesses independently owned and operated in the State of New York with less than 100 full-time employees and gross receipts of less than $2.5M are eligible. Small businesses can receive a tax credit of 50% of qualifying expenses up to a maximum of $25,000 in tax credits based on qualifying expenses of $50,000.
ESD entered a partnership with the FORWARD Platform to screen business applications, validate expenses and distribute credits in a way that uses taxpayer dollars efficiently. Applicants and qualifying businesses can expect:
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To fill out a pre-screening questionnaire to confirm their eligibility
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An online application portal available in 68 languages
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Access to multilingual application assistance via phone, text, and email
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To present proof of expenses and other supporting documents
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A tax credit certificate to submit to the Department of Taxation and Finance when filing a tax return
“FORWARD is proud to provide end-to-end programming support to Empire State Development as the small business community continues to navigate the pandemic-related financial impact on their operations,” said Adnan Mahmud, CEO of FORWARD. “Working with community organizations and using our advanced application screening tools, our team is well equipped to ensure funding is dispersed equitably, targeting those that are eligible and need it the most.”
Small businesses are encouraged to apply through the pre-screening tool. To learn more about eligibility and qualifying expenses, visitwww.esd.ny.gov/covid-19-capital-costs-tax-credit.
ABOUT FORWARD PLATFORM
The FORWARD Platform is the leading comprehensive Integrated Program Administration (IPA) solution for state and local governments across America. FORWARD modernizes the government’s approach to administering programs by integrating all essential services, components, people, and technology into a single, streamlined, secure solution. From setting up the application back-end, community outreach, marketing, support in multiple languages, eligibility screening, fraud detection, and distribution, to reporting. FORWARD platform distributes resources faster than ever before while also cutting waste, fraud and administration costs. FORWARD has already helped governments administer dozens of programs to get resources to households and businesses quickly, cost-effectively, and securely. To learn more, visitwww.forwardplatform.com.
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