N.Y. General City Model 772/66 § 4-c: Credit relating to certain expenses involved in the cost of relocating industrial and commercial employment opportunities

§ 4-c. 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, without interest, 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 which relocates a

minimum of ten employment opportunities. The credit shall be allowed

against employment opportunity relocation costs incurred by the

taxpayer. Such credit shall be allowed only to the extent that the

taxpayer has not claimed a deduction for allowable employment

opportunity relocation costs. 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 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 and installation of machinery and equipment

into the city 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 to the extent that they do

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

seventy-seven 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 three, and such amount shall be subtracted in

computing entire net income for the taxable year.