N.Y. Economic Development Law § 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.