480 – Short Title.
§ 480. Short title. This article shall be known and may be cited as the “COVID-19 capital costs tax credit program act”.
481 – Statement of Legislative Findings and Declaration.
§ 481. Statement of legislative findings and declaration. It is hereby found and declared that New York state needs, as a matter of public policy, to provide critical assistance to small businesses to comply with public health or other emergency orders or regulations, and to take infectious disease mitigation measures related to the COVID-19 pandemic. […]
482 – Definitions.
§ 482. Definitions. For the purposes of this article: 1. “Certificate of tax credit” means the document issued to a business entity by the department after the department has verified that the business entity has met all applicable eligibility criteria in this article. The certificate shall specify the exact amount of the tax credit under […]
483 – Eligibility Criteria.
§ 483. Eligibility criteria. 1. To be eligible for a tax credit under the COVID-19 capital costs tax credit program, a business entity must: (a) be a small business as defined in section one hundred thirty-one of this chapter and have two million five hundred thousand dollars or less of gross receipts in the taxable […]
484 – Application and Approval Process.
§ 484. Application and approval process. 1. A business entity must submit a complete application as prescribed by the commissioner. 2. The commissioner shall establish procedures and a timeframe for business entities to submit applications. As part of the application, each business entity must: (a) provide evidence in a form and manner prescribed by the […]
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 […]
486 – Powers and Duties of the Commissioner.
§ 486. Powers and duties of the commissioner. 1. The commissioner may promulgate regulations establishing an application process and eligibility criteria, that will be applied consistent with the purposes of this article, so as not to exceed the annual cap on tax credits set forth in section four hundred eighty-nine of this article which, notwithstanding […]
487 – Maintenance of Records.
§ 487. Maintenance of records. Each business entity participating in the program shall keep all relevant records for their duration of program participation for at least three years.
488 – Reporting.
§ 488. Reporting. Each business entity participating in this program shall submit a performance report to the department at a time prescribed in regulations by the commissioner. The commissioner shall on or before April first, two thousand twenty-three and every quarter thereafter until program funds are fully expended, submit a report to the governor, the […]
489 – Cap on Tax Credit.
§ 489. Cap on tax credit. The total amount of tax credits listed on certificates of tax credit issued by the commissioner pursuant to this article may not exceed two hundred fifty million dollars.