State Considering Giving Struggling Restaurants Tax Credits

The New York State Legislature is considering offering financial relief to the struggling restaurant industry via tax credits.

“We all know that the restaurant and hospitality industry has been crippled by this pandemic and many of them are never going to recover,” said Senator Diane Savino. “They don’t need more loans. What they need are grants.”

Empire State Development will be releasing a database of all of the state’s economic stimulation plans in several weeks, Spectrum News reported.

Among them is a “Restaurant Return-to-Work” tax credit, which will be given to restaurants in orange or red zones with high positivity that were forced to close.

The current plan considers either providing tax credits worth up to $5,000 per employee or $50,000 per restaurant.

“Our heart goes out to these businesses, the workers,” said Acting Commissioner of Empire State Development Eric Gertler. “And as you know, restaurants are not just places of work, they also add to the culture, the life, the diversity of what we offer in New York State and what makes New York so special. So you’re right, we do need to help restaurants get back to work.”

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smarcus@hamodia.com