2025 New York Laws
COM - Economic Development Law
Article 26 - Covid-19 Capital Costs Tax Credit Program
485 - Covid-19 Capital Costs Tax Credit.

§  485. COVID-19 capital costs tax credit. 1. A business entity in the
  COVID-19 capital costs tax credit program  that  meets  the  eligibility
  requirements of section four hundred eighty-three of this article may be
  eligible  to  claim  a  credit  equal  to fifty percent of its qualified
  COVID-19 capital costs as defined in subdivision four  of  section  four
  hundred  eighty-two of this article. Provided, however, that such credit
  shall not be less than one thousand dollars.
2. A business  entity,  including  a  partnership,  limited  liability
  company  and  subchapter  S  corporation,  may  not receive in excess of
  twenty-five thousand dollars under this program.
3. The credit shall be allowed as  provided  in  section  forty-seven,
  subdivision  fifty-eight  of  section  two  hundred ten-B and subsection
  (nnn) of section six hundred six of the tax law.
4. A business entity may claim the tax credit in the taxable year that
  includes the date the certificate  of  tax  credit  was  issued  by  the
  department  pursuant  to  subdivision  three  of  section  four  hundred
  eighty-four of this article.