On October 16th, New York State Assemblyman and Chair of the State Aging Committee, Ron Kim, allocated $35,000 to the New York Public Safety Patrol (PSP) to support their strengthened patrols. Kim also announced that the New York State Business Security Tax Credit Program has been approved – small retail business owners investing in enhanced security equipment and measures can receive tax credits of $3,000 to $6,000 by applying before October 31st.
In the 2025 fiscal year budget of New York State, Kim successfully secured tax credits for small businesses to invest in strengthening security measures after a vigorous effort.
The specific tax credit reduction measures are as follows: for small retail businesses with a staff of no more than 50 people, operating physically in New York State and incurring related expenses due to retail theft prevention measures, tax credits will be provided. Specifically, retail businesses with fewer than 25 employees can receive a tax credit of $3,000, while businesses with 25-50 employees can receive a tax credit of up to $6,000 based on the scale and expenditure of the enterprise.
Qualified theft prevention measures include: hiring security guards in compliance with the New York State Security Guard Law, installing surveillance cameras, reinforcing indoor or outdoor door locks or other fortification measures, installing alarm systems (including emergency alarm systems), setting up access control systems, deploying external License Plate Recognition (LPR) technology, and other appropriate anti-theft devices (e.g. hook locks, spider web locks, rope locks, lockable glass or acrylic display cases, electronic item anti-theft tags, radio frequency identification systems, Bluetooth-enabled padlocks, shopping cart locks, visible anti-theft signs, infrared counterfeit money detectors, ultraviolet counterfeit detection devices).
In addition, Kim allocated funds to the PSP patrol team, thanking them for their work in community safety, helping to increase patrols, protect small businesses, and collaborate with law enforcement agencies. The funds will also be used for self-defense courses for the PSP patrol team, instructing residents on how to protect themselves and their loved ones. Kim demonstrated effective self-defense techniques on the spot.
Captain Lee Ki-ki of the New York Public Safety Patrol expressed gratitude for Kim’s support, stating that Kim has always been a staunch supporter of public safety. The funding will help the patrol team expand their coverage, increase patrol frequency, and educate and empower residents to protect themselves.
The deadline for applying for the Business Security Theft Tax Credit is October 31st. For details and application, visit the website: https://www.criminaljustice.ny.gov/nys%20cstc.html. Consult with an accountant and seek their assistance in applying.