N.Y. General City Model 772/66 § 4-h: Relocation and employment assistance credit

§ 4-h. 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 section 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 section 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 subdivision four of this section, 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 part.

(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 section, 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 subdivision

one of this section, 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

seventy-seven 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 subdivision 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.