N.Y. Economic Development Law § 475-a: Additional restaurant return-to-work tax credit

§ 475-a. Additional restaurant return-to-work tax credit. 1. A

business entity in the restaurant return-to-work tax credit program that

applies for the additional restaurant return-to-work credit pursuant to

section four hundred seventy-four of this article may be eligible to

claim a credit equal to five thousand dollars per each full-time

equivalent net employee increase above ten, not to exceed twenty, as

defined in subdivision eight of section four hundred seventy-two of this

article. The amount of the business entity's additional restaurant

return-to-work tax credit shall be calculated by using the date the

business entity chose to calculate its average ending full-time

employment as described in subdivision three of section four hundred

seventy-two of this article. Provided, however, that in calculating the

full-time equivalent net employee increase above ten, the jobs must

continue to exist as of March thirty-first, two thousand twenty-two. A

business entity in the restaurant return-to-work program that ceased

operations on or before March thirty-first, two thousand twenty-two, is

not eligible for the credit provided by this section.

2. A business entity, including a partnership, limited liability

company and subchapter S corporation, may not receive in excess of fifty

thousand dollars in tax credits under this program.

3. The credit shall be allowed as provided in section forty-six-a,

subdivision fifty-six-a of section two hundred ten-B and subsection

(nnn) of section six hundred six of the tax law.