§ 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.