Tax Tip #239

New York is providing business owners with a commercial security tax credit. For taxable years between January 1, 2024 and January 1, 2026, qualified taxpayers may claim a credit of $3,000 for each retail location located in New York State. To be eligible for the credit, a business must:

• Have 50 or fewer employees
• Operate one or more physical retail locations open to the public.
• Incur costs related to protection against retail theft of goods through retail theft prevention measures such as security officers, cameras, lighting, locks and alarms. Costs must exceed $4,000 for businesses with 25 or fewer employees or $6,000 for businesses with more than 25 employees.
• Obtain a certificate of tax credit from the Division of Criminal Justice Services and attach proof of receipt to the tax return.