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COVID-19 capital costs credit

The COVID-19 capital costs credit was available for tax years 2022, 2023 and 2024. For tax year 2024, you can only claim this credit if you received a share of the credit from an entity that was issued a certificate from Empire State Development (ESD) in 2023.

Who is eligible?

You are entitled to claim this refundable tax credit if your small business received a certificate of tax credit from Empire State Development (ESD) for the tax year in which you are claiming the credit.

 For more information on the program, visit the Empire State Development website.

How much is the credit?

The credit is equal to 50% of the qualified COVID-19 capital costs incurred.  The minimum amount of tax credit is $1,000, and the maximum amount of credit is $25,000 per business.

How do I claim the credit?

  • The tax credit can be claimed in the taxable year that includes the date that the certificate of tax credit was issued by ESD to your business.
  • Claim the amount of credit listed on the certificate of tax credit by completing Form IT-657 or CT-657, COVID-19 Capital Costs Credit, as applicable, and filing it with your tax return. 

Additional information

Updated: