N.Y. General City Model 772/66 § 4-j: Relocation assistance credit per employee

§ 4-j. Relocation assistance credit per employee. (1) In addition to

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

section four-h of this part, 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 section, 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 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 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 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 prior to

the deduction of any other credit allowed by this part, except as

otherwise provided by law.