N.Y. Economic Development Law § 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 year that includes December

thirty-first, two thousand twenty-one;

(b) operate a business location in New York state; and

(c) have at least two thousand dollars in qualifying COVID-19 capital

costs.

2. A business entity must be in substantial compliance with any public

health or other emergency orders or regulations related to the entity's

business sector or other laws and regulations as determined by the

commissioner. In addition, a business entity may not owe past due state

taxes or local property taxes unless the business entity is making

payments and complying with an approved binding payment agreement

entered into with the taxing authority.