§ 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.