N.Y. General City Model 772/66 § 101: Imposition of tax

§ 101. Imposition of tax. (a) General.--A tax at the rate of four

percent is hereby imposed for each taxable year, beginning with taxable

years ending after January first, nineteen hundred sixty-six, on the

unincorporated business taxable income of every unincorporated business

wholly or partly carried on within the city. This tax shall be in

addition to any other taxes imposed.

(b) Credit against tax.--If the tax computed under subdivision (a) is

six hundred dollars or less, a credit shall be allowed for the entire

amount of such tax. If the tax computed under subdivision (a) exceeds

six hundred dollars but is less than eight hundred dollars, a credit

shall be allowed in the amount determined by multiplying such tax by a

fraction the numerator of which is eight hundred dollars minus the

amount of such tax and the denominator of which is two hundred dollars.

If the tax computed under subdivision (a) is eight hundred dollars or

more, no credit shall be allowed. If separate partnerships, joint

ventures or other unincorporated entities have substantially the same

partners or members, each of such partners or members has substantially

the same interest in each of such partnerships, joint ventures or other

unincorporated entities, and such partnerships, joint ventures or other

unincorporated entities are engaged in substantially the same business

or businesses or in substantially related businesses, all of such

partnerships, joint ventures or other unincorporated entities shall be

treated as one unincorporated business for purposes of this subdivision.

The preceding sentence shall not be construed to limit or affect the

meaning or application of any other provision of this title.

(c) Credit relating to stock transfer tax.

(1) In addition to any other credit permitted under this section, a

taxpayer shall be allowed a credit, to be credited or refunded in the

manner hereinafter provided in this subdivision, against the tax imposed

by this title after the allowance of any other credit under this

section. The amount of such credit shall be fifty percent of the tax

incurred in market making transactions under the provisions of article

twelve of the tax law on such transactions subject to such tax occurring

on and after August first, nineteen hundred seventy-six and paid by such

taxpayer (except when such tax shall have been paid pursuant to section

two hundred seventy-nine-a of such tax law).

2. For purposes of this subdivision:

(a) the term "taxpayer" shall mean any unincorporated business subject

to tax under this section registered with the United States securities

and exchange commission in accordance with subsection (b) of section

fifteen of the securities exchange act of nineteen hundred thirty-four,

as amended, and acting as a dealer in a transaction described in

subparagraph (b) of this paragraph, and

(b) the term "market making transaction" shall mean any transaction

involving a sale (including a short sale) by a dealer of shares or

certificates subject to the tax imposed by article twelve of the tax

law, provided such shares or certificates are sold:

(i) as stock in trade or inventory or as property held for sale in the

ordinary course of such dealer's trade or business (including transfers

which are part of an underwriting),

(ii) in (a) a bona fide arbitrage transaction; (b) a bona fide hedge

transaction involving a long or short position in any equity security

and a long or short position in a security entitling the holder to

acquire or sell such equity security; or (c) a risk arbitrage

transaction in connection with a merger, acquisition, tender offer,

recapitalization, reorganization, or similar transaction, or

(iii) to offset a transaction made in error.

Provided, however, that, except as to clause (ii) (c) of this

paragraph, the term "market making transaction" shall not include any

sale of shares or certificates identified in such dealer's records as a

security held for investment within the meaning of section twelve

hundred thirty-six of the internal revenue code.

(3) The credit allowed under this subdivision for any taxable year

shall be deemed to be an overpayment of tax by the taxpayer to be

credited or refunded in accordance with the provisions of section one

hundred thirty-four of this chapter, except as otherwise provided in

subdivision (g) of section one hundred sixteen of this chapter and

subdivision (g) of section one hundred twenty-two of this chapter;

provided, however, that the provisions of this title notwithstanding,

the amount to be refunded pursuant to this subdivision shall not be paid

prior to the first day of the eighth month following the close of the

taxable year, and the provisions of subdivision (c) of section one

hundred thirty-six of this chapter notwithstanding, interest shall be

allowed and paid on the overpayment of the credit under this subdivision

from the first day of the eleventh month following the close of the

taxable year, or three months after a claim for the credit or refund

provided for in this subdivision has been filed, whichever is later.

(4) Provided, however, that the credit provided under this subdivision

shall be allowed only to the extent that the amount of credit allowable

with respect to market making transactions under the provisions of this

subdivision (determined without regard to the provisions of this

paragraph) exceeds fifty percent of all rebates (provided under the

provisions of section two hundred eighty-a of article twelve of the tax

law) allowed for such taxes incurred in the same market making

transactions with respect to which the credit is determined. No credit

shall be allowed under this subdivision with respect to any tax incurred

in market making transactions occurring on or after October first,

nineteen hundred eighty-one.

(d) Credit relating to certain sales and compensating use taxes. (1)

In addition to the credits allowed by subdivisions (b) and (c) of this

section, a taxpayer shall be allowed a credit against the tax imposed by

this title to be credited or refunded in the manner hereinafter provided

in this section. The amount of such credit shall be the excess of (A)

the amount of sales and compensating use taxes imposed by section eleven

hundred seven of the tax law during the taxpayer's taxable year which

became legally due on or after and was paid on or after July first,

nineteen hundred seventy-seven, less any credit or refund of such taxes,

with respect to the purchase or use by the taxpayer of machinery or

equipment for use or consumption directly and predominantly in the

production of tangible personal property, gas, electricity,

refrigeration or steam for sale, by manufacturing, processing,

generating, assembling, refining, mining or extracting, or telephone

central office equipment or station apparatus or comparable telegraph

equipment for use directly and predominantly in receiving at destination

or initiating and switching telephone or telegraph communication, but

not including parts with a useful life of one year or less or tools or

supplies used in connection with such machinery, equipment or apparatus

over (B) the amount of any credit for such sales and compensating use

taxes allowed or allowable against the taxes imposed by any local law of

the city imposing a tax on utilities and vendors of utility services,

for any periods embraced within the taxable year of the taxpayer under

this part. (2) The credit allowed under this section for any taxable

year shall be deemed to be an overpayment of tax by the taxpayer to be

credited or refunded, without interest, in accordance with the

provisions of section one hundred thirty-four of this title. (3) Where

the taxpayer receives a refund or credit of any tax imposed under

section eleven hundred seven of the tax law for which the taxpayer had

claimed a credit under the provisions of this section in a prior taxable

year, the amount of such tax refund or credit shall be added to the tax

imposed by section one hundred one, and such amount shall be subtracted

in computing unincorporated business taxable income for the taxable

year.

(e) Credit relating to certain expenses involved in the cost of

relocating industrial and commercial employment opportunities. (1) In

addition to any other credit allowed by this section, a taxpayer shall

be allowed a credit against the tax imposed by this part to be credited

or refunded in the manner hereinafter provided in this section. The

amount of such credit shall be:

(A) A maximum of three hundred dollars for each commercial employment

opportunity and a maximum of five hundred dollars for each industrial

employment opportunity relocated to the city from an area outside the

state. Such credit shall be allowed to a taxpayer who relocates a

minimum of ten employment opportunities. The credit shall be allowed

against employment opportunity relocation costs incurred by the

taxpayer. The credit allowed hereunder may be taken by the taxpayer in

whole or in part in the year in which the employment opportunity is

relocated by such taxpayer or either of the two years succeeding such

event.

The director of finance is empowered to promulgate rules and

regulations and to prescribe the form of application to be used by a

taxpayer seeking the credit provided hereunder.

(B) Definitions: When used in this section, "Employment Opportunity"

means the creation of a full time position of gainful employment for an

industrial or commercial employee and the actual hiring of such employee

for the said position.

"Industrial Employee" means one engaged in the manufacture or

assembling of tangible goods or the processing of raw materials.

"Commercial Employee" means one engaged in the buying, selling or

otherwise providing of goods or services other than on a retail basis.

"Retail" means the selling or otherwise disposing of or furnishing of

tangible goods or services directly to the ultimate user or consumer.

"Full Time Position" means the hiring of an industrial or commercial

employee in a position of gainful employment where the number of hours

worked by such employee is not less than thirty hours during any given

work week.

"Employment Opportunity Relocation Costs" means the costs incurred by

the taxpayer in moving furniture, files, papers and office equipment

into the city from a location outside the state; the costs incurred by

the taxpayer in the moving from a location outside the state; the costs

of installation of telephones and other communications equipment

required as a result of the relocation to the city from a location

outside the state; the cost incurred in the purchase of office furniture

and fixtures required as a result of the relocation to the city from a

location outside the state; and the cost of renovation of the premises

to be occupied as a result of the relocation provided, however, that

such renovation costs shall be allowable only in an amount which does

not exceed seventy-five cents per square foot of the total area utilized

by the taxpayer in the occupied premises.

(2) The credit allowed under this section for any taxable year shall

be deemed to be an overpayment of tax by the taxpayer to be credited or

refunded, without interest, in accordance with the provisions of section

one hundred thirty-four of this title.

(3) Where the taxpayer receives a refund or credit of any tax imposed

under section eleven hundred seven of the tax law for which the taxpayer

had claimed a credit under the provisions of this section in a prior

taxable year, the amount of such tax refund or credit shall be added to

the tax imposed by section one hundred one, and such amount shall be

subtracted in computing unincorporated business taxable income for the

taxable year.

(f) Credit relating to the annual increase in certain payments to a

landlord by a taxpayer relocating industrial and commercial employment

opportunities. (1) In addition to any other credit allowed by this

section, a taxpayer shall be allowed a credit against the tax imposed by

this part to be credited or refunded, without interest, in the manner

hereinafter provided in this section.

(A) Where a taxpayer shall have relocated to the city from a location

outside the state, and by such relocation shall have created a minimum

of one hundred industrial or commercial employment opportunities; and

where such taxpayer shall have entered into a written lease for the

relocation premises, the terms of which lease provide for increased

additional payments to the landlord which are based solely and directly

upon any increase or addition in real estate taxes imposed on the leased

premises, the taxpayer upon approval and certification by the industrial

and commercial incentive board as hereinafter provided, shall be

entitled to a credit against the tax imposed by this section. The amount

of such credit shall be: An amount equal to the annual increased

payments actually made by the taxpayer to the landlord which are solely

and directly attributable to an increase or addition to the real estate

tax imposed upon the leased premises. Such credit shall be allowed only

to the extent that the taxpayer has not otherwise claimed said amount as

a deduction against the tax imposed by this section, has met the

requirements of this section, and further, that the granting of the tax

credit to the applicant is in the "public interest." In determining that

the granting of the tax credit is in the public interest, the board

shall make affirmative findings that: the granting of the tax credit to

the applicant will not effect an undue hardship on similar taxpayers

already located within the city; the existence of this tax incentive has

been instrumental in bringing about the relocation of the applicant to

the city; and the granting of the tax credit will foster the economic

recovery and economic development of the city. The tax credit, if

approved and certified by the industrial and commercial incentive board,

shall be utilized annually on the filing of its tax return by the

taxpayer for the length of the term of the lease or for a period not to

exceed ten years from the date of relocation, whichever period is

shorter.

(B) Definitions. When used in this section, "employment opportunity"

means the creation of a full time position of gainful employment for an

industrial or commercial employee and the actual hiring of such employee

for the said position.

"Industrial employee" means one engaged in the manufacture or

assembling of tangible goods or the processing of raw materials.

"Commercial employee" means one engaged in the buying, selling or

otherwise providing of goods or services other than on a retail basis.

"Retail" means the selling or otherwise disposing or furnishing of

tangible goods or services directly to the ultimate user or consumer.

"Full time position" means the hiring of an industrial or commercial

employee in a position of gainful employment where the number of hours

worked by such employee is not less than thirty hours during any given

work week.

"Industrial and commercial incentive board" means the board created

pursuant to section four hundred eighty-nine-nn of the real property tax

law.

(2) The credit allowed under this section for any taxable year shall

be deemed to be an overpayment of tax by the taxpayer to be credited or

refunded, without interest, in accordance with the provisions of section

one hundred thirty-four of this title.

(3) Where the taxpayer receives a refund or credit of any tax imposed

under section eleven hundred seven of the tax law for which the taxpayer

had claimed a credit under the provisions of this section in a prior

taxable year, the amount of such tax refund or credit shall be added to

the tax imposed by section one hundred one of this title, and such

amount shall be subtracted in computing unincorporated business taxable

income for the taxable year.

(g) Credit relating to certain sales and compensating use taxes. (1)

In addition to any other credit allowed by this section, a taxpayer

shall be allowed a credit against the tax imposed by this title to be

credited or refunded in the manner hereinafter provided in this section.

The amount of such credit shall be equal to one-half the amount of sales

and compensating use taxes imposed by section eleven hundred seven of

the tax law during the taxpayer's taxable year which became legally due

on or after and was paid on or after July first, nineteen hundred

eighty-one, less one-half of any credit or refund of such taxes, with

respect to the purchase or use by the taxpayer of (i) parts with a

useful life of one year or less, tools and supplies for use or

consumption directly and predominantly in the production of tangible

personal property, gas, electricity, refrigeration or steam for sale by

manufacturing, processing, generating, assembling, refining, mining or

extracting or for use directly and predominantly in or on telephone

central office equipment or station apparatus or comparable telegraph

equipment where such equipment or apparatus is used directly and

predominantly in receiving at destination or initiating and switching

telephone or telegraph communication, and (ii) the services of

installing, repairing, maintaining or servicing the tangible personal

property described in subdivision (d) of this section, including the

parts with a useful life of one year or less, tools and supplies

described in clause (i) of this paragraph. The foregoing credit shall be

reduced by the amount of any credit for such sales and compensating use

taxes allowed or allowable against the taxes imposed by any local law of

the city imposing a tax on utilities and vendors of utility services,

for any periods embraced within the taxable year of the taxpayer under

this title.

(2) The credit allowed under this subdivision for any taxable year

shall be deemed to be an overpayment of tax by the taxpayer to be

credited or refunded in accordance with the provisions of section one

hundred thirty-four of this title.

(3) Where the taxpayer receives a refund or credit of any tax imposed

under section eleven hundred seven of the tax law for which the taxpayer

had claimed a credit under this subdivision in a prior taxable year, the

amount of such tax refund or credit shall be added to the tax imposed by

section one hundred one, and such amount shall be subtracted in

computing unincorporated business taxable income for the taxable year.

(h) Credit relating to certain sales and compensating use taxes on

electricity used in manufacturing, processing or assembling.

(1) (a) In addition to any other credit allowed by this section, a

taxpayer shall be allowed a credit against the tax imposed by this title

to be credited or refunded in the manner hereinafter provided in this

subdivision. The amount of such credit shall be equal to the amount of

sales and compensating use taxes imposed by section eleven hundred seven

of the tax law during the taxpayer's taxable year which became legally

due on or after and was paid on or after July first, nineteen hundred

eighty-four, less any credit or refund of such taxes, with respect to

the purchase or use by the taxpayer of electricity or electric service

of whatever nature for use or consumption directly and exclusively in

the production of tangible personal property for sale by manufacturing,

processing or assembling. Provided, however, the amount of the credit

allowed by this paragraph shall be reduced by the amount of any rebate

or rebates received during the taxpayer's taxable year pursuant to a

local law enacted in accordance with article two-G of the general city

law.

(b) In addition to any other credit allowed by this section, a

taxpayer shall be allowed a credit against the tax imposed by this title

to be credited or refunded in the manner hereinafter provided in this

subdivision. The amount of such credit shall be equal to the percentage

specified below of the amount of sales and compensating use taxes

imposed by section eleven hundred seven of the tax law during the

taxpayer's taxable year which became legally due on or after and was

paid on or after July first, nineteen hundred eighty-eight, less any

credit or refund of such taxes, with respect to the purchase or use by a

nonresidential energy user, as such term is defined in article two-G of

the general city law, of electricity or electric service purchased at

retail from the power authority of the state of New York or the port

authority of the state of New York and New Jersey, provided, however,

that no credit shall be allowed with respect to purchases from such port

authority unless it shall be an "eligible vendor of energy services", as

defined in paragraph one of subdivision (c) of section twenty-five-v of

the general city law, and shall have obtained a certification of

eligibility in accordance with subdivision (b) of section twenty-five-w

of such law; during the period commencing July first, nineteen hundred

eighty-eight and ending June thirtieth, nineteen hundred eighty-nine the

credit shall be in an amount equal to twenty-five per centum of such

sales and compensating use taxes imposed; during the period commencing

July first, nineteen hundred eighty-nine and ending June thirtieth,

nineteen hundred ninety the credit shall be in an amount equal to fifty

per centum of such taxes imposed; during the period commencing July

first, nineteen hundred ninety and ending June thirtieth, nineteen

hundred ninety-one the credit shall be in an amount equal to

seventy-five per centum of such taxes imposed; and during the period

commencing July first, nineteen hundred ninety-one and thereafter the

credit shall be in an amount equal to one hundred per centum of such

taxes imposed.

(c) In addition to any other credit allowed by this section, a

taxpayer shall be allowed a credit against the tax imposed by this title

to be credited or refunded in the manner hereinafter provided in this

subdivision. The amount of such credit shall be equal to the percentage

specified below of the amount of sales and compensating use taxes

imposed by section eleven hundred seven of the tax law during the

taxpayer's taxable year which became legally due on or after and was

paid on or after July first, nineteen hundred eighty-eight, less any

credit or refund of such taxes, with respect to the purchase or use by a

non-residential fuel user of fuel or fuel service except fuel used to

operate motor vehicles: during the period commencing July first,

nineteen hundred eighty-eight and ending June thirtieth, nineteen

hundred eighty-nine the credit shall be in an amount equal to

twenty-five per centum of such sales and compensating use taxes imposed;

during the period commencing July first, nineteen hundred eighty-nine

and ending June thirtieth, nineteen hundred ninety the credit shall be

in an amount equal to fifty per centum of such taxes; during the period

commencing July first, nineteen hundred ninety and ending June

thirtieth, nineteen hundred ninety-one the credit shall be in an amount

equal to seventy-five per centum of such taxes; and during the period

commencing July first, nineteen hundred ninety-one and thereafter the

credit shall be in an amount equal to one hundred per centum of such

taxes imposed. For purposes of this subparagraph, the term

"non-residential fuel user" shall mean any non-residential user of fuel,

except a government agency or instrumentality thereof, public benefit

corporation, or any entity that is exempt from the sales tax imposed

pursuant to section eleven hundred seven of the tax law, provided that

the term "non-residential fuel user" shall not include an owner or

operator of residential income producing property, except a hotel.

(2) The credit allowed under this subdivision for any taxable year

shall be deemed to be an overpayment of tax by the taxpayer to be

credited or refunded, without interest, in accordance with the

provisions of section one hundred thirty-four of this title.

(3) Where the taxpayer receives a refund or credit of any tax imposed

under section eleven hundred seven of the tax law for which the taxpayer

had claimed a credit under this subdivision in a prior taxable year, the

amount of such tax refund or credit shall be added to the tax imposed by

this section and such amount shall be subtracted in computing

unincorporated business taxable income for the taxable year.

(j) Relocation and employment assistance credit. (1) In addition to

any other credit allowed by this part, a taxpayer that has obtained the

certifications in accordance with subdivision (b) of section

twenty-five-z of the general city law shall be allowed a credit against

the tax imposed by this part. The amount of the credit shall be the

amount determined by multiplying five hundred dollars or, in the case of

a taxpayer that has obtained pursuant to subdivision (b) of such section

twenty-five-z a certification of eligibility dated on or after July

first, nineteen hundred ninety-five, one thousand dollars or, in the

case of an eligible business that has obtained pursuant to subdivision

(b) of such section twenty-five-z a certification of eligibility dated

on or after July first, two thousand, for a relocation to eligible

premises located within a revitalization area defined in subdivision (n)

of section twenty-five-y of the general city law, three thousand

dollars, by the number of eligible aggregate employment shares

maintained by the taxpayer during the taxable year with respect to

particular premises to which the taxpayer has relocated; provided,

however, with respect to a relocation for which no application for a

certificate of eligibility is submitted prior to July first, two

thousand three, to eligible premises that are not within a

revitalization area, if the date of such relocation as determined

pursuant to subdivision (j) of section twenty-five-y of the general city

law is before July first, nineteen hundred ninety-five, the amount to be

multiplied by the number of eligible aggregate employment shares shall

be five hundred dollars, and with respect to a relocation for which no

application for a certificate of eligibility is submitted prior to July

first, two thousand three, to eligible premises that are within a

revitalization area, if the date of such relocation as determined

pursuant to subdivision (j) of such section is before July first,

nineteen hundred ninety-five, the amount to be multiplied by the number

of eligible aggregate employment shares shall be five hundred dollars,

and if the date of such relocation as determined pursuant to subdivision

(j) of such section is on or after July first, nineteen hundred

ninety-five, and before July first, two thousand, one thousand dollars;

provided, however, that no credit shall be allowed for the relocation of

any retail activity or hotel services; provided, further, that no credit

shall be allowed under this paragraph to any taxpayer that has elected

pursuant to subdivision (d) of section twenty-five-z of the general city

law to take such credit against a gross receipts tax imposed under a

local law enacted pursuant to subdivision (a) of section twelve hundred

one of the tax law; and provided that in the case of an eligible

business that has obtained pursuant to subdivision (b) of such section

twenty-five-z certifications of eligibility for more than one

relocation, the portion of the total amount of eligible aggregate

employment shares to be multiplied by the dollar amount specified in

this subdivision for each such certification of a relocation shall be

the number of total attributed eligible aggregate employment shares

determined with respect to such relocation pursuant to subdivision (o)

of section twenty-five-y of the general city law. For purposes of this

section, the terms "eligible aggregate employment shares", "relocate",

"retail activity" and "hotel services" shall have the meanings ascribed

by section twenty-five-y of the general city law.

(2) The credit allowed under this subdivision with respect to eligible

aggregate employment shares maintained with respect to particular

premises to which the taxpayer has relocated shall be allowed for the

first taxable year during which such eligible aggregate employment

shares are maintained with respect to such premises and for any of the

twelve succeeding taxable years during which eligible aggregate

employment shares are maintained with respect to such premises; provided

that the credit allowed for the twelfth succeeding taxable year shall be

calculated by multiplying the number of eligible aggregate employment

shares maintained with respect to such premises in the twelfth

succeeding taxable year by the lesser of one and a fraction the

numerator of which is such number of days in the taxable year of

relocation less the number of days the eligible business maintained

employment shares in the eligible premises in the taxable year of

relocation and the denominator of which is the number of days in such

twelfth succeeding taxable year during which such eligible aggregate

employment shares are maintained with respect to such premises. Except

as provided in paragraph four of this subdivision, if the amount of the

credit allowable under this section for any taxable year exceeds the tax

imposed for such year, the excess may be carried over, in order, to the

five immediately succeeding taxable years and, to the extent not

previously deductible, may be deducted from the taxpayer's tax for such

years.

(3) The credit allowable under this section shall be deducted prior to

the deduction of any other credit allowed by this title.

(4) In the case of a taxpayer that has obtained a certification of

eligibility pursuant to subdivision (b) of section twenty-five-z of the

general city law dated on or after July first, two thousand for a

relocation to eligible premises located within the revitalization area

defined in subdivision (n) of section twenty-five-y of the general city

law, the credits allowed under this subdivision, or in the case of a

taxpayer that has relocated more than once, the portion of such credits

attributed to such certification of eligibility pursuant to paragraph

one of this subdivision, against the tax imposed by this chapter for the

taxable year of such relocation and for the four taxable years

immediately succeeding the taxable year of such relocation, shall be

deemed to be overpayments of tax by the taxpayer to be credited or

refunded, without interest, in accordance with the provisions of section

one hundred thirty-four of this title. For such taxable years, such

credits or portions thereof may not be carried over to any succeeding

taxable year; provided, however, that this paragraph shall not apply to

any relocation for which an application for a certification of

eligibility was not submitted prior to July first, two thousand three,

unless the date of such relocation is on or after July first, two

thousand.

(k) Lower Manhattan relocation and employment assistance credit. (1)

In addition to any other credit allowed by this part, a taxpayer that

has obtained the certifications in accordance with subdivision (b) of

section twenty-five-ee of the general city law shall be allowed a credit

against the tax imposed by this part. The amount of the credit shall be

the amount determined by multiplying three thousand dollars by the

number of eligible aggregate employment shares maintained by the

taxpayer during the taxable year with respect to eligible premises to

which the taxpayer has relocated; provided, however, that no credit

shall be allowed for the relocation of any retail activity or hotel

services; provided, further, that no credit shall be allowed under this

subdivision to any taxpayer that has elected pursuant to subdivision (d)

of section twenty-five-ee of the general city law to take such credit

against a gross receipts tax imposed under a local law enacted pursuant

to subdivision (a) of section twelve hundred one of the tax law. For

purposes of this subdivision, the terms "eligible aggregate employment

shares," "eligible premises," "relocate," "retail activity" and "hotel

services" shall have the meanings ascribed by section twenty-five-dd of

the general city law.

(2) The credit allowed under this subdivision with respect to eligible

aggregate employment shares maintained with respect to eligible premises

to which the taxpayer has relocated shall be allowed for the taxable

year of the relocation and for any of the twelve succeeding taxable

years during which eligible aggregate employment shares are maintained

with respect to eligible premises; provided that the credit allowed for

the twelfth succeeding taxable year shall be calculated by multiplying

the number of eligible aggregate employment shares maintained with

respect to eligible premises in the twelfth succeeding taxable year by

the lesser of one and a fraction the numerator of which is such number

of days in the taxable year of relocation less the number of days the

eligible business maintained employment shares in eligible premises in

the taxable year of relocation and the denominator of which is the

number of days in such twelfth succeeding taxable year during which such

eligible aggregate employment shares are maintained with respect to such

premises.

(3) Except as provided in paragraph four of this subdivision, if the

amount of the credit allowable under this subdivision for any taxable

year exceeds the tax imposed for such year, the excess may be carried

over, in order, to the five immediately succeeding taxable years and, to

the extent not previously deductible, may be deducted from the

taxpayer's tax for such years.

(4) The credits allowed under this subdivision, against the tax

imposed by this chapter for the taxable year of the relocation and for

the four taxable years immediately succeeding the taxable year of such

relocation, shall be deemed to be overpayments of tax by the taxpayer to

be credited or refunded, without interest, in accordance with the

provisions of section seventy-seven of this title. For such taxable

years, such credits or portions thereof may not be carried over to any

succeeding taxable year.

(5) The credit allowable under this subdivision shall be deducted

after the credits allowed by subdivisions (b) and (j) of this section,

but prior to the deduction of any other credit allowed by this section.

(l) Relocation assistance credit per employee. (1) In addition to any

other credit allowed by this part other than a credit allowed by

subdivision (j) of this section, a taxpayer that has obtained the

certifications in accordance with subdivision (b) of section

twenty-five-gg of the general city law shall be allowed a credit against

the tax imposed by this part. The amount of the credit shall be the

amount determined by multiplying five thousand dollars by the number of

eligible aggregate employment shares maintained by the taxpayer during

the taxable year with respect to eligible premises to which the taxpayer

has relocated; provided, however, that no credit shall be allowed for

the relocation of any retail activity or hotel services. For purposes of

this subdivision, the terms "eligible aggregate employment shares",

"eligible premises", "relocate", "retail activity" and "hotel services"

shall have the meanings ascribed by section twenty-five-ff of the

general city law.

(2) The credit allowed under this subdivision with respect to eligible

aggregate employment shares maintained with respect to eligible premises

to which the taxpayer has relocated shall be allowed for the taxable

year of the relocation and for any of the ten succeeding taxable years

during which eligible aggregate employment shares are maintained with

respect to eligible premises; provided that the credit allowed for the

tenth succeeding taxable year shall be calculated by multiplying the

number of eligible aggregate employment shares maintained with respect

to eligible premises in the tenth succeeding taxable year by the lesser

of one and a fraction the numerator of which is such number of days in

the taxable year of relocation less the number of days the eligible

business maintained employment shares in eligible premises in the

taxable year of relocation and the denominator of which is the number of

days in such tenth succeeding taxable year during which such eligible

aggregate employment shares are maintained with respect to such

premises.

(3) Except as provided in paragraph four of this subdivision, if the

amount of the credit allowable under this subdivision for any taxable

year exceeds the tax imposed for such year, the excess may be carried

over, in order, to the five immediately succeeding taxable years and, to

the extent not previously deductible, may be deducted from the

taxpayer's tax for such years.

(4) The credits allowed under this subdivision, against the tax

imposed by this chapter for the taxable year of the relocation and for

the four taxable years immediately succeeding the taxable year of such

relocation, shall be deemed to be overpayments of tax by the taxpayer to

be credited or refunded, without interest, in accordance with the

provisions of section seventy-seven of this title. For such taxable

years, such credits or portions thereof may not be carried over to any

succeeding taxable year.

(5) The credit allowable under this subdivision shall be deducted

after the credits allowed by subdivision (b) of this section, but prior

to the deduction of any other credit allowed by this section.