N.Y. Economic Development Law Section 485
COVID-19 capital costs tax credit


A business entity in the COVID-19 capital costs tax credit program that meets the eligibility requirements of § 483 (Eligibility criteria)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 § 482 (Definitions)section four hundred eighty-two of this article. Provided, however, that such credit shall not be less than one thousand dollars.


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.


The credit shall be allowed as provided in section forty-seven, subdivision fifty-eight of section two hundred ten-B and subsection (nnn) of Tax Law § 606 (Credits against tax)section six hundred six of the tax law.


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 § 484 (Application and approval process)section four hundred eighty-four of this article.

Source: Section 485 — COVID-19 capital costs tax credit, https://www.­nysenate.­gov/legislation/laws/COM/485 (updated Apr. 22, 2022; accessed Jun. 15, 2024).

Jun. 15, 2024

Last modified:
Apr. 22, 2022

§ 485’s source at nysenate​.gov

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