COVID-19 Bulletin: Tax Credits Available for COVID-Related Costs
November 3, 2022
Small businesses can now apply for a new tax credit to help offset COVID-19 costs. The $250 million COVID-19 Capital Costs Tax Credit Program will cover up to 50% of eligible expenses, for a maximum benefit of $25,000.
Eligible expenses must have been incurred between January 1, 2021, and December 31, 2022, and include:
- Supplies for disinfecting or otherwise stopping transmission
- Replacing lost perishable goods
- Sneeze guards
- Air purifiers
- Barriers for social distancing
- Contactless pay equipment and software
- Outdoor space expansion
- Remote work capability
Eligible small businesses have under 100 employees and gross receipts less than $2.5 million.
Due to the limited appropriation for this program, businesses are encouraged to apply as soon as possible here.
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