NY restaurants could get up to $50K in tax credits as part of new return-to-work program
ROCHESTER, N.Y. (WHEC) — New York restaurants could make up $50,000 in tax credit as part of a new program announced by the state on Thursday.
The "Restaurant Return-to-Work Tax Credit" program will give a credit for the "rapid" hiring of workers. Qualifying restaurants could get $5,000 in credits per new hire.
The $35 million program was baked into NY’s 2022 fiscal year budget.
To be eligible, a restaurant must be independently owned and has to be in New York City, or in areas that were designated as an Orange Zone or Red Zone for at least 30 consecutive days when the zones were in place.
Eligible restaurants will also need to show COVID-19-related losses and show proof of hiring at least one full-time worker at the restaurant. A "fast track" option will be available for a restaurant to claim the credit ahead of filing next year’s tax returns.
More information on the program can be found here.