New York State Tax Credits

Various business tax credits and incentives are provided by the World Economic State for manufacturing, hiring New York State workers, and operating tax-free for ten years as a qualifying startup. Discover how to use the New York State tax credits to save money.

Restaurant Return to work tax credit

The $35 million Restaurant Return-to-Work Tax Credit Program, run by Empire State Development (ESD), offers small businesses who operate restaurants that are affected by COVID an incentive to increase hiring at New York State eateries and to rehire their personnel.

To support reopening of the restaurants within the state, ESD is offering a refundable tax credit upto $50,000 per business. The credit amount is based on demonstrating a net employee increase in New York State. Experts at Incencred tax credit team can guide you through the application procedure and secure a life sciences research and development tax credit for your company to reduce your tax obligations.

Eligibility

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A restaurant in New York State that experienced financial loss as a result of the COVID-19 outbreak

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Able to demonstrate a net increase in employees in the business

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Received a certificate of tax credit, issued by Empire State Development (ESD).

New York City musical and theatrical production tax credit

To promote musical and theatrical entertainment productions, ESD is offering a refundable tax credit equal to 25% of qualified production expenditures paid during the credit period. Experts at Incencred tax credit team can guide you through the application procedure and secure a musical tax credit for your entertainment company to reduce your tax obligations.

Eligibility

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The business is a certified musical and theatrical production firm in New York City

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A certificate of tax credit has been received from Empire State Development (ESD)

Empire State film production credit

To promote film productions within the state, NY Governor's Office of Motion Picture & Television Development is offering a refundable tax credit equal to qualified production expenditures paid during the credit period. The credit amount is based on the qualified production costs. The amount is allocated by the NY Governor's Office of Motion Picture & Television Development and is indicated on the certificate. Experts at Incencred tax credit team can guide you through the application procedure and secure a film production tax credit for your entertainment company to reduce your tax obligations.

Eligibility

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Paid or incurred qualified production costs in producing a qualified film or television show in New York State,

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Received an allocation certificate issued by Motion Picture & Television Development under the the office of New York State Governor

Life sciences Research and development tax credit

The development of New York State's economy and communities depends on research and development. Therefore, to promote research activities within the state, ESD is offering a refundable tax credit upto $500,000 per year for three consecutive years. The credit amount is based on qualified life sciences company’s research and development expenditures in New York State. Experts at Incencred tax credit team can guide you through the application procedure and secure a life sciences research and development tax credit for your company to reduce your tax obligations.

Eligibility

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Should be a new business certified by Economic Development as a qualified life sciences company

Either paid for or incurred eligible research and development expenses in New York State

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Received a certificate of tax credit, issued by Empire State Development (ESD).

START-UP New York Program

The START-UP NY program offers tax advantages to authorized businesses that establish a location at authorized New York State public and private colleges and universities, authorized strategic state assets, and authorized New York State incubators connected to authorized private universities or colleges that are designated as Tax-Free NY areas. By establishing tax-free communities around the state, this scheme encourages entrepreneurship and employment growth ithin the New York State. The Empire State Development of New York State oversees START-UP NY Program

Tax Benefits

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Exemptions from Metropolitan commuter transportation mobility tax (MCTMT) for employers & self-employed individuals (including partners)

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Exemption from Organization tax and license and maintenance fees

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Claim Sales tax credit or refund of any sales or use tax paid on their purchases.

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Exemption for leases from Real estate transfer tax

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Tax Elimination Refundable Credit for corporations and other tax taxpayers

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Telecommunication Services Excise Tax Credit

Case Study

Dream. Innovate. Implement.

Our extensive tax credit team is the finest in the industry. We cultivate smart ideas for start-ups and successful businesses in the industry. By adhering to the best practices, we provide next generation tax credit consultancy.

  • We provide free initial consultation to explore the tax credits eligibility.
  • We work with some of the most successful businesses in the industry and start-ups

Work Process

Submit a simple application
with details about your business.
Choose a company type and a state.

The first step is to decide in which state you want your business to incorporate in. Next, the legal entity type within that state. There are benefits to each choice and we've laid out some information below to help you decide. The most common option is an LLC incorporated in Delaware.

  • LLC. A limited liability company is an organizational business structures in the United States that helps business owners separate their personal liabilities from the business liabilities.
  • Delaware. The gold standard for startups planning to raise funding from angel investors and venture capital firms. Most Fortune 500 companies are incorporated in Delaware.
  • Wyoming. Great state for smaller, privately controlled companies. Extremely low cost, very manageable, and flexible as your company grows.
Submit a simple application
with details about your business.
Choose a company type and a state.

The first step is to decide in which state you want your business to incorporate in. Next, the legal entity type within that state. There are benefits to each choice and we've laid out some information below to help you decide. The most common option is an LLC incorporated in Delaware.

  • LLC. A limited liability company is an organizational business structures in the United States that helps business owners separate their personal liabilities from the business liabilities.
  • Delaware. The gold standard for startups planning to raise funding from angel investors and venture capital firms. Most Fortune 500 companies are incorporated in Delaware.
  • Wyoming. Great state for smaller, privately controlled companies. Extremely low cost, very manageable, and flexible as your company grows.
Submit a simple application
with details about your business.
Choose a company type and a state.

The first step is to decide in which state you want your business to incorporate in. Next, the legal entity type within that state. There are benefits to each choice and we've laid out some information below to help you decide. The most common option is an LLC incorporated in Delaware.

  • LLC. A limited liability company is an organizational business structures in the United States that helps business owners separate their personal liabilities from the business liabilities.
  • Delaware. The gold standard for startups planning to raise funding from angel investors and venture capital firms. Most Fortune 500 companies are incorporated in Delaware.
  • Wyoming. Great state for smaller, privately controlled companies. Extremely low cost, very manageable, and flexible as your company grows.
Testimonials
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FAQ

Employee retention tax credit abbreviated as “ERC” is a retroactive refundable tax credit provided by the CARES Act in 2020 for supporting businesses to retain employees in  2020 & 2021.

Employers who were impacted as follows are eligible for ERTC:

1. full or partial suspension orders by the Government, or

2. Had significant decline in sales, or

3. Started business operations after 02/15/2020, or

4. Severely financially distressed employer

Employee retention tax credit (ERC) are not taxable but the employers are required to reduce wages declared on income tax returns for respective years for which Employee retention tax credit have been approved by the IRS. You will have to file an amended income tax return in most cases.

Employee retention tax credit (ERC) can be claimed until Q3 2021 for businesses other than recovery startups & severely financially distressed employer. If your business qualifies as recovery startups or severely financially distressed employer , then you can be eligible for Q3 2021 & Q4 2021 Employee retention tax credit (ERC).

The lawmakers passed Infrastructure Act (Bipartisan Law) to restrict the businesses from claiming Employee retention tax credit (ERC) beyond Q4 2021. There are no signs for ERC to be extended for 2022 despite businesses are still struggling to get back with normal operations.

Yes, Non profit organizaions are equally eligible as other for profit businesses to claim Employee retention tax credit (ERC).

Yes, even if you incorporated or started your business operations in 2020, you are still eligible for Employee retention tax credit (ERC) under normal eligibility route or recovery startup business.

Yes, employers who have availed PPP loan forgiveness are still eligible for Employee retention tax credit (ERC). However, no double dipping of payroll costs as declared on PPP loan forgiveness applications.

As per Constructive ownership rules, owners having more than 50% interest in the business are not eligible for Employee retention tax credit (ERC). However, other non related employees can still be eligible for Employee retention tax credit (ERC)

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