N.Y. General City Model 772/66 § 4-i: Lower Manhattan relocation and employment assistance credit

§ 4-i. 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 section 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 taxable year during which such eligible

aggregate employment shares are maintained with respect to such

premises.

(3) 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.

(4) The credits allowed under this section, 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 allowed under this section shall be deducted after the

credits allowed by section four-h of this part, but prior to the

deduction of any other credit allowed by this part.