N.Y. Tax Law § 1201-a: Credits against taxes administered by cities of one million or more

§ 1201-a. Credits against taxes administered by cities of one million

or more. (a) Any utility company subject to the supervision of the

public service commission required to grant rebates or discounts on

bills for energy services or natural gas in accordance with a local law

adopted pursuant to article two-F of the general city law shall be

entitled to a credit for such rebates and discounts, as provided in such

article of the general city law, against the amount of tax to be paid

pursuant to any gross receipts tax imposed by a local law adopted

pursuant to subdivision (a) of section twelve hundred one of this

chapter. The amounts of such rebates and discounts shall not be treated

as affecting or reducing the gross receipts otherwise subject to tax

under such gross receipts tax or reducing the amount of tax imposed by

or pursuant to any authorization contained in this chapter.

(b) Empire state film production credit. Any city in this state having

a population of one million or more, acting through its local

legislative body, is hereby authorized to adopt and amend local laws to

allow a credit against the general corporation tax and the

unincorporated business tax imposed pursuant to the authority of chapter

seven hundred seventy-two of the laws of nineteen hundred sixty-six

which shall be substantially identical to the credit allowed under

section twenty-four of this chapter, except that (A) the percentage of

qualified production costs used to calculate such credit shall be five

percent, (B) whenever such section twenty-four references the state,

such words shall be read as referencing the city, (C) such credit shall

be allowed only to a taxpayer which is a qualified film production

company, and (D) the effective date of such credit shall be July first,

two thousand six. Such credit shall be applied in a manner consistent

with the credit allowed under subdivision twenty of section two hundred

ten-B of this chapter except as may be necessary to take into account

differences between the general corporation tax and the unincorporated

business tax.

(c) Empire state commercial production credit. Any city in this state

having a population of one million or more, acting through its local

legislative body, is hereby authorized to adopt and amend local laws to

allow a credit against the general corporation tax and the

unincorporated business tax imposed pursuant to the authority of chapter

seven hundred seventy-two of the laws of nineteen hundred sixty-six

which shall be substantially identical to the credit allowed under the

provisions of section twenty-eight of this chapter, except that (A) the

percentage of qualified production costs used to calculate such credit

shall be five percent, (B) whenever such section twenty-eight references

the state, such words shall be read as referencing the city, (C) such

credit shall be allowed only to a taxpayer that is a qualified

commercial production company, and (D) the effective date of such credit

shall be as provided in local laws. Such credit shall be applied in a

manner consistent with the credit allowed under subdivision twenty-three

of section two hundred ten-B of this chapter except as may be necessary

to take into account differences between the general corporation tax and

unincorporated business tax.

(d) Biotechnology credit. 1. Any city in this state having a

population of one million or more, acting through its local legislative

body, is hereby authorized to adopt and amend local laws to allow a

credit against the general corporation tax and the unincorporated

business tax imposed pursuant to the authority of chapter seven hundred

seventy-two of the laws of nineteen hundred sixty-six which shall be

substantially identical to the credit described in subdivision

twenty-one of section 11-654 of the administrative code of the city of

New York, against the business corporation tax imposed pursuant to

chapter sixty of the laws of two thousand fifteen, except that the

effective date of such credit against the general corporation tax and

the unincorporated business tax shall be as provided in such local laws.

2. The credit allowed by paragraph one of this subdivision shall be

applied in a manner consistent with the credit described in subdivision

twenty-one of section 11-654 of the administrative code of the city of

New York except as may be necessary to take into account differences

between such business corporation tax and such general corporation tax

and such unincorporated business tax.

3. The aggregate amount of tax credits allowed under this subdivision

in any calendar year shall be up to three million dollars. Such

aggregate amount of credits shall be allocated by the New York city

department of finance among eligible taxpayers on a pro rata basis.

Taxpayers eligible for such pro rata allocation shall be determined by

the New York city department of finance no later than February

twenty-eighth of the succeeding calendar year in which a credit provided

pursuant to this subdivision is applied.

4. The New York city department of finance shall establish by rule

procedures for the allocation of tax credits allowed by local laws

adopted pursuant to this subdivision. Such rules shall include

provisions describing the application process, the due dates for such

applications, the standards that shall be used to evaluate the

applications, the documentation that will be provided to taxpayers to

substantiate the amount of tax credits allocated to such taxpayers, and

such other provisions as deemed necessary and appropriate.

5. Any local law adopted pursuant to this subdivision may provide for

a credit as authorized by this subdivision for a maximum of three

consecutive calendar years, provided, however, that any such credit:

(A) may not apply to taxable years beginning before January first, two

thousand ten or beginning on or after January first, two thousand

nineteen; and

(B) may not apply to taxable years beginning before January first, two

thousand twenty-three or beginning on or after January first, two

thousand twenty-six.

6. Any city in this state having a population of one million or more,

acting through its local legislative body, is authorized to provide the

credit set forth in subdivision twenty-one of section 11-654 of the

administrative code of the city of New York, against the business

corporation tax imposed pursuant to chapter sixty of the laws of two

thousand fifteen, for a maximum of three consecutive calendar years,

provided, however, that such credit may not apply to taxable years

beginning before January first, two thousand twenty-three or beginning

on or after January first, two thousand twenty-six.