Established as part of the 2022-2023 NYS Budget, the COVID-19 Capital Costs Tax Credit Program seeks to support small businesses that incurred additional costs and expenses as a result of the COVID-19 pandemic. This Program allows small businesses to receive a tax credit of 50% of qualifying expenses up to a maximum of $50,000, which would result in a maximum credit of $25,000.

For a small business to qualify for this credit, it must:

Do you own a small business? If so, taking action now to identify possible tax benefits will be helpful. There are several tax advantages and incentives for business owners.  The following are just a few:

Enhanced Business Meal Deduction: