
Michael J. Sheppeard
Partner
212-784-6939 msheppeard@sh-law.comFirm Insights
Author: Michael J. Sheppeard
Date: February 24, 2021
Partner
212-784-6939 msheppeard@sh-law.comNew York Governor Andrew Cuomo is calling for new tax credits to help small businesses significantly impacted by COVID-19. Gov. Cuomo announced the $130 million tax credit program — the Pandemic Recovery and Restart Program — as part of his FY 2022 Executive Budget.
“As we embark on our post-COVID reconstruction, it’s critical that we not only jump-start our economic recovery, but also ensure we find ways to support highly impacted small businesses that have been among the hardest hit throughout this pandemic,” Governor Cuomo said in a press statement. “The Executive Budget was crafted to do just that. Through the creation and expansion of $130 million in tax credits, we are working to lessen the burden on critical sectors – restaurants, the arts, and so many others – so those funds can be redirected back to the businesses themselves and get them back up and running.”
The new tax credit program targets industries and businesses that have been particularly hard-hit by the pandemic, including hotels, restaurants, and theaters. Below is a brief summary of the proposal:
At this point, the new tax credit programs are only proposals. The New York Legislature must approve legislation establishing the Pandemic Recovery and Restart Program. Gov. Cuomo could then sign the new tax credits into law.
At Scarinci Hollenbeck, our experienced team of attorneys remains committed to helping New York businesses navigate these uncertain times and take advantage of all available tools to come out stronger on the other side of the pandemic.
If you have any questions or if you would like to discuss the matter further, please contact me, Michael Sheppeard, or the Scarinci Hollenbeck attorney with whom you work, at 201-896-4100.
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