NYS Provides an Additional Restaurant Return-to-Work Credit

Industry Insights

Jack Pulvirenti

4.19.22 | Industry Insights

The just-passed New York State fiscal 2022-2023 budget [analysis to follow] creates an additional restaurant return-to-work tax credit. The credit amount is equal to $5,000 per each full-time equivalent net employee increase above 10, not to exceed 20 (i.e., the maximum credit is $50,000). The application for the additional credit must be submitted by July 1, 2022. Note, that the due date for the original restaurant return to work credit is extended to May 1, 2022.

For more detail on the original return-to-work restaurant credit, click here.

The Department of Economic Development will issue a certificate of additional tax credit specifying the exact amount of the credit after the Department has verified that the applicant’s business entity has met all eligibility criteria. A taxpayer that is an owner of a pass-through entity that has received a certificate of an additional tax credit is allowed its pro-rata share of the credit earned by the pass-through entity, provided that the taxpayer was an owner of the pass-through entity as of April 1, 2022.

If you have questions contact Jack Pulvirenti at 212.331.7514 | jpulvirenti@berdon.com or reach out to your Berdon advisor.