N.Y. Tax Law § 210-b: Credits

§ 210-B. Credits. 1. Investment tax credit (ITC). (a) A taxpayer

shall be allowed a credit, to be computed as hereinafter provided,

against the tax imposed by this article. The amount of the credit shall

be the percent provided for hereinbelow of the investment credit base.

The investment credit base is the cost or other basis for federal income

tax purposes of tangible personal property and other tangible property,

including buildings and structural components of buildings, described in

paragraph (b) of this subdivision, less the amount of the nonqualified

nonrecourse financing with respect to such property to the extent such

financing would be excludible from the credit base pursuant to section

46(c)(8) of the internal revenue code (treating such property as section

thirty-eight property irrespective of whether or not it in fact

constitutes section thirty-eight property). If, at the close of a

taxable year following the taxable year in which such property was

placed in service, there is a net decrease in the amount of nonqualified

nonrecourse financing with respect to such property, such net decrease

shall be treated as if it were the cost or other basis of property

described in paragraph (b) of this subdivision acquired, constructed,

reconstructed or erected during the year of the decrease in the amount

of nonqualified nonrecourse financing. In the case of a combined report

the term investment credit base shall mean the sum of the investment

credit base of each corporation included on such report. The percentage

to be used to compute the credit allowed pursuant to this subdivision

shall be five percent with respect to the first three hundred fifty

million dollars of the investment credit base, and four percent with

respect to the investment credit base in excess of three hundred fifty

million dollars, except that in the case of research and development

property at the option of the taxpayer the applicable percentage shall

be nine.

(a-1) For a taxpayer that is an eligible farmer, as defined in

subdivision eleven of this section, the percentage to be used to compute

the credit allowed under this subdivision shall be twenty percent for

property described in subparagraph (i) of paragraph (b) of this

subdivision that is principally used by the taxpayer in the production

of goods by farming, agriculture, horticulture, floriculture or

viticulture.

(b) (i) A credit shall be allowed under this subdivision with respect

to tangible personal property and other tangible property, including

buildings and structural components of buildings, which are: depreciable

pursuant to section one hundred sixty-seven of the internal revenue

code, have a useful life of four years or more, are acquired by purchase

as defined in section one hundred seventy-nine (d) of the internal

revenue code, have a situs in this state and are (A) principally used by

the taxpayer in the production of goods by manufacturing, processing,

assembling, refining, mining, extracting, farming, agriculture,

horticulture, floriculture, viticulture or commercial fishing, (B)

industrial waste treatment facilities or air pollution control

facilities, used in the taxpayer's trade or business, (C) research and

development property, or (D) principally used in the ordinary course of

the taxpayer's trade or business as a broker or dealer in connection

with the purchase or sale (which shall include but not be limited to the

issuance, entering into, assumption, offset, assignment, termination, or

transfer) of stocks, bonds or other securities as defined in section

four hundred seventy-five (c)(2) of the Internal Revenue Code, or of

commodities as defined in section four hundred seventy-five (e) of the

Internal Revenue Code, (E) principally used in the ordinary course of

the taxpayer's trade or business of providing investment advisory

services for a regulated investment company as defined in section eight

hundred fifty-one of the Internal Revenue Code, or lending, loan

arrangement or loan origination services to customers in connection with

the purchase or sale (which shall include but not be limited to the

issuance, entering into, assumption, offset, assignment, termination, or

transfer) of securities as defined in section four hundred seventy-five

(c)(2) of the Internal Revenue Code, (F) principally used in the

ordinary course of the taxpayer's business as an exchange registered as

a national securities exchange within the meaning of sections 3(a)(1)

and 6(a) of the Securities Exchange Act of 1934 or a board of trade as

defined in subparagraph one of paragraph (a) of section fourteen hundred

ten of the not-for-profit corporation law or as an entity that is wholly

owned by one or more such national securities exchanges or boards of

trade and that provides automation or technical services thereto, or (G)

principally used as a qualified film production facility including

qualified film production facilities having a situs in an empire zone

designated as such pursuant to article eighteen-B of the general

municipal law, where the taxpayer is providing three or more services to

any qualified film production company using the facility, including such

services as a studio lighting grid, lighting and grip equipment,

multi-line phone service, broadband information technology access,

industrial scale electrical capacity, food services, security services,

and heating, ventilation and air conditioning. For purposes of clauses

(D), (E) and (F) of this subparagraph, property purchased by a taxpayer

affiliated with a regulated broker, dealer, registered investment

advisor, national securities exchange or board of trade, is allowed a

credit under this subdivision if the property is used by its affiliated

regulated broker, dealer, registered investment advisor, national

securities exchange or board of trade in accordance with this

subdivision. For purposes of determining if the property is principally

used in qualifying uses, the uses by the taxpayer described in clauses

(D) and (E) of this subparagraph may be aggregated. In addition, the

uses by the taxpayer, its affiliated regulated broker, dealer and

registered investment advisor under either or both of those clauses may

be aggregated. Provided, however, a taxpayer shall not be allowed the

credit provided by clauses (D), (E) and (F) of this subparagraph unless

the property is first placed in service before October first, two

thousand fifteen and (i) eighty percent or more of the employees

performing the administrative and support functions resulting from or

related to the qualifying uses of such equipment are located in this

state or (ii) the average number of employees that perform the

administrative and support functions resulting from or related to the

qualifying uses of such equipment and are located in this state during

the taxable year for which the credit is claimed is equal to or greater

than ninety-five percent of the average number of employees that perform

these functions and are located in this state during the thirty-six

months immediately preceding the year for which the credit is claimed,

or (iii) the number of employees located in this state during the

taxable year for which the credit is claimed is equal to or greater than

ninety percent of the number of employees located in this state on

December thirty-first, nineteen hundred ninety-eight or, if the taxpayer

was not a calendar year taxpayer in nineteen hundred ninety-eight, the

last day of its first taxable year ending after December thirty-first,

nineteen hundred ninety-eight. If the taxpayer becomes subject to tax in

this state after the taxable year beginning in nineteen hundred

ninety-eight, then the taxpayer is not required to satisfy the

employment test provided in the preceding sentence of this subparagraph

for its first taxable year. For purposes of clause (iii) of this

subparagraph the employment test will be based on the number of

employees located in this state on the last day of the first taxable

year the taxpayer is subject to tax in this state. If the uses of the

property must be aggregated to determine whether the property is

principally used in qualifying uses, then either each affiliate using

the property must satisfy this employment test or this employment test

must be satisfied through the aggregation of the employees of the

taxpayer, its affiliated regulated broker, dealer, and registered

investment adviser using the property. For purposes of clause (A) of

this subparagraph, tangible personal property and other tangible

property shall not include property principally used by the taxpayer in

the production or distribution of electricity, natural gas after

extraction from wells, steam, or water delivered through pipes and

mains.

(ii) For purposes of this paragraph, the following definitions shall

apply--

(A) Manufacturing shall mean the process of working raw materials into

wares suitable for use or which gives new shapes, new quality or new

combinations to matter which already has gone through some artificial

process by the use of machinery, tools, appliances and other similar

equipment. Property used in the production of goods shall include

machinery, equipment or other tangible property which is principally

used in the repair and service of other machinery, equipment or other

tangible property used principally in the production of goods and shall

include all facilities used in the production operation, including

storage of material to be used in production and of the products that

are produced.

(B) Research and development property shall mean property which is

used for purposes of research and development in the experimental or

laboratory sense. Such purposes shall not be deemed to include the

ordinary testing or inspection of materials or products for quality

control, efficiency surveys, management studies, consumer surveys,

advertising, promotions, or research in connection with literary,

historical or similar projects.

(C) Industrial waste treatment facilities shall mean property

constituting facilities for the treatment, neutralization or

stabilization of industrial waste and other wastes (as the terms

"industrial waste" and "other wastes" are defined in section 17-0105 of

the environmental conservation law) from a point immediately preceding

the point of such treatment, neutralization or stabilization to the

point of disposal, including the necessary pumping and transmitting

facilities, but excluding such facilities installed for the primary

purpose of salvaging materials which are usable in the manufacturing

process or are marketable.

(D) Air pollution control facilities shall mean property constituting

facilities which remove, reduce, or render less noxious air contaminants

emitted from an air contamination source (as the terms "air contaminant"

and "air contamination source" are defined in section 19-0107 of the

environmental conservation law) from a point immediately preceding the

point of such removal, reduction or rendering to the point of discharge

of air, meeting emission standards as established by the department of

environmental conservation, but excluding such facilities installed for

the primary purpose of salvaging materials which are usable in the

manufacturing process or are marketable and excluding those facilities

which rely for their efficacy on dilution, dispersion or assimilation of

air contaminants in the ambient air after emission. Such term shall

further include flue gas desulfurization equipment and attendant sludge

disposal facilities, fluidized bed boilers, precombustion coal cleaning

facilities or other facilities that conform with this subdivision and

which comply with the provisions of the state acid deposition control

act set forth in title nine of article nineteen of the environmental

conservation law.

(E) The terms "qualified film production facility" and "qualified film

production company" shall have the same meaning as in section

twenty-four of this chapter.

(iii) However, such credit shall be allowed with respect to industrial

waste treatment facilities and air pollution control facilities only on

condition that such facilities have been certified by the state

commissioner of environmental conservation or his designated

representative, pursuant to subdivision one of section 17-0707 or

subdivision one of section 19-0309 of the environmental conservation

law, as complying with applicable provisions of the environmental

conservation law, the public health law, the state sanitary code and

codes, rules, regulations, permits or orders issued pursuant thereto.

(c) A taxpayer shall not be allowed a credit under this subdivision

with respect to tangible personal property and other tangible property,

including buildings and structural components of buildings, which it

leases to any other person or corporation except where a taxpayer leases

property to an affiliated regulated broker, dealer, registered

investment adviser, national securities exchange or board of trade (or

other entity described in clause (F) of subparagraph (i) of paragraph

(b) of this subdivision) that uses such property in accordance with

clause (D), (E) or (F) of subparagraph (i) of paragraph (b) of this

subdivision. For purposes of the preceding sentence, any contract or

agreement to lease or rent or for a license to use such property shall

be considered a lease. Provided, however, in determining whether a

taxpayer shall be allowed a credit under this subdivision with respect

to such property, any election made with respect to such property

pursuant to the provisions of paragraph eight of subsection (f) of

section one hundred sixty-eight of the internal revenue code, as such

paragraph was in effect for agreements entered into prior to January

first, nineteen hundred eighty-four, shall be disregarded. For purposes

of this paragraph, the use of a qualified film production facility by a

qualified film production company shall not be considered a lease of

such facility to such company.

(d) Except as otherwise provided in this paragraph, the credit allowed

under this subdivision for any taxable year shall not reduce the tax due

for such year to less than the fixed dollar minimum amount prescribed in

paragraph (d) of subdivision one of section two hundred ten of this

article. However, if the amount of credit allowable under this

subdivision for any taxable year reduces the tax to such amount or if

the taxpayer otherwise pays tax based on the fixed dollar minimum

amount, any amount of credit allowed for a taxable year commencing prior

to January first, nineteen hundred eighty-seven and not deductible in

such taxable year may be carried over to the following year or years and

may be deducted from the taxpayer's tax for such year or years but in no

event shall such credit be carried over to taxable years commencing on

or after January first, two thousand two, and any amount of credit

allowed for a taxable year commencing on or after January first,

nineteen hundred eighty-seven and not deductible in such year may be

carried over to the fifteen taxable years next following such taxable

year and may be deducted from the taxpayer's tax for such year or years.

In lieu of such carryover, (i) any such taxpayer which qualifies as a

new business under paragraph (f) of this subdivision may elect to treat

the amount of such carryover as an overpayment of tax to be credited or

refunded in accordance with the provisions of section ten hundred

eighty-six of this chapter, and (ii) any such taxpayer that is an

eligible farmer, as defined in subdivision eleven of this section, may

for taxable years beginning before January first, two thousand

thirty-three, elect to treat the amount of such carryover as an

overpayment of tax to be credited or refunded in accordance with the

provisions of section one thousand eighty-six of this chapter, provided,

however, the provisions of subsection (c) of section ten hundred

eighty-eight of this chapter notwithstanding, no interest shall be paid

thereon.

(e) (1) With respect to property which is depreciable pursuant to

section one hundred sixty-seven of the internal revenue code but is not

subject to the provisions of section one hundred sixty-eight of such

code and which is disposed of or ceases to be in qualified use prior to

the end of the taxable year in which the credit is to be taken, the

amount of the credit shall be that portion of the credit provided for in

this subdivision which represents the ratio which the months of

qualified use bear to the months of useful life. If property on which

credit has been taken is disposed of or ceases to be in qualified use

prior to the end of its useful life, the difference between the credit

taken and the credit allowed for actual use must be added back in the

year of disposition. Provided, however, if such property is disposed of

or ceases to be in qualified use after it has been in qualified use for

more than twelve consecutive years, it shall not be necessary to add

back the credit as provided in this subparagraph. The amount of credit

allowed for actual use shall be determined by multiplying the original

credit by the ratio which the months of qualified use bear to the months

of useful life. For purposes of this subparagraph, useful life of

property shall be the same as the taxpayer uses for depreciation

purposes when computing his federal income tax liability.

(2) Except with respect to that property to which subparagraph four of

this paragraph applies, with respect to three-year property, as defined

in subsection (e) of section one hundred sixty-eight of the internal

revenue code, which is disposed of or ceases to be in qualified use

prior to the end of the taxable year in which the credit is to be taken,

the amount of the credit shall be that portion of the credit provided

for in this subdivision which represents the ratio which the months of

qualified use bear to thirty-six. If property on which credit has been

taken is disposed of or ceases to be in qualified use prior to the end

of thirty-six months, the difference between the credit taken and the

credit allowed for actual use must be added back in the year of

disposition. The amount of credit allowed for actual use shall be

determined by multiplying the original credit by the ratio which the

months of qualified use bear to thirty-six.

(3) Except with respect to that property to which subparagraph four of

this paragraph applies, with respect to property subject to the

provisions of section one hundred sixty-eight of the internal revenue

code, other than three-year property as defined in subsection (e) of

such section one hundred sixty-eight which is disposed of or ceases to

be in qualified use prior to the end of the taxable year in which the

credit is to be taken, the amount of the credit shall be that portion of

the credit provided for in this subdivision which represents the ratio

which the months of qualified use bear to sixty. If property on which

credit has been taken is disposed of or ceases to be in qualified use

prior to the end of sixty months, the difference between the credit

taken and the credit allowed for actual use must be added back in the

year of disposition. The amount of credit allowed for actual use shall

be determined by multiplying the original credit by the ratio which the

months of qualified use bear to sixty.

(4) With respect to any property to which section one hundred

sixty-eight of the internal revenue code applies, which is a building or

a structural component of a building and which is disposed of or ceases

to be in qualified use prior to the end of the taxable year in which the

credit is to be taken, the amount of the credit shall be that portion of

the credit provided for in this subdivision which represents the ratio

which the months of qualified use bear to the total number of months

over which the taxpayer chooses to deduct the property under the

internal revenue code. If property on which credit has been taken is

disposed of or ceases to be in qualified use prior to the end of the

period over which the taxpayer chooses to deduct the property under the

internal revenue code, the difference between the credit taken and the

credit allowed for actual use must be added back in the year of

disposition. Provided, however, if such property is disposed of or

ceases to be in qualified use after it has been in qualified use for

more than twelve consecutive years, it shall not be necessary to add

back the credit as provided in this subparagraph. The amount of credit

allowed for actual use shall be determined by multiplying the original

credit by the ratio which the months of qualified use bear to the total

number of months over which the taxpayer chooses to deduct the property

under the internal revenue code.

(5) For purposes of this paragraph, property (i) which is described in

subparagraph two, three or four of this paragraph, and (ii) which is

subject to subparagraph eleven of paragraph (a) of subdivision nine and

subparagraph ten of paragraph (b) of subdivision nine of section two

hundred eight of this chapter, shall be treated as property which is

depreciable pursuant to section one hundred sixty-seven of the internal

revenue code but is not subject to section one hundred sixty-eight of

such code.

(6) For purposes of this paragraph, where a credit is allowed with

respect to an air pollution control facility on the basis of a

certificate of compliance issued pursuant to the environmental

conservation law and the certificate is revoked pursuant to subdivision

three of section 19-0309 of the environmental conservation law, such

revocation shall constitute a disposal or cessation of qualified use,

unless such facility is described in clause (A) or (C) of subparagraph

(ii) of paragraph (b) of this subdivision. Also for purposes of this

subparagraph, the use of an air pollution control facility or an

industrial waste treatment facility for the primary purpose of salvaging

materials which are usable in the manufacturing process or are

marketable shall constitute a cessation of qualified use, unless such

facility is described in clause (A) or (C) of subparagraph (ii) of

paragraph (b) of this subdivision.

(7) For taxable years commencing on or after January first, nineteen

hundred eighty-seven, the amount required to be added back pursuant to

this paragraph shall be augmented by an amount equal to the product of

such amount and the underpayment rate of interest (without regard to

compounding), set by the commissioner of taxation and finance pursuant

to subsection (e) of section one thousand ninety-six, in effect on the

last day of the taxable year.

(8) If, as of the close of the taxable year, there is a net increase

with respect to the taxpayer in the amount of nonqualified nonrecourse

financing (within the meaning of section 46(c) (8) of the internal

revenue code) with respect to any property with respect to which the

credit under this subdivision was limited based on attributable

nonqualified nonrecourse financing, then an amount equal to the decrease

in such credit which would have resulted from reducing, by the amount of

such net increase, the cost or other basis taken into account with

respect to such property must be added back in such taxable year. The

amount of nonqualified nonrecourse financing shall not be treated as

increased by reason of a transfer of (or agreement to transfer) any

evidence of an indebtedness if such transfer occurs (or such agreement

is entered into) more than one year after the date such indebtedness was

incurred.

(f) For purposes of paragraph (d) of this subdivision, a new business

shall include any corporation, except a corporation which:

(1) over fifty percent of the number of shares of stock entitling the

holders thereof to vote for the election of directors or trustees is

owned or controlled, either directly or indirectly, by a taxpayer

subject to tax under this article; section one hundred eighty-three, one

hundred eighty-four or one hundred eighty-five of article nine; or

article thirty-three of this chapter; or

(2) is substantially similar in operation and in ownership to a

business entity (or entities) taxable, or previously taxable, under this

article; section one hundred eighty-three, one hundred eighty-four,

former section one hundred eighty-five or former section one hundred

eighty-six of article nine; article thirty-two of this chapter as such

article was in effect on December thirty-first, two thousand fourteen;

article thirty-three of this chapter; article twenty-three of this

chapter or which would have been subject to tax under such article

twenty-three (as such article was in effect on January first, nineteen

hundred eighty) or the income (or losses) of which is (or was)

includable under article twenty-two of this chapter whereby the intent

and purpose of this paragraph and paragraph (d) of this subdivision with

respect to refunding of credit to new business would be evaded; or

(3) has been subject to tax under this article or former article

thirty-two of this chapter for more than five taxable years (excluding

short taxable years).

2. Employment Incentive Credit (EIC). (a)(i) Application of credit.

Where a taxpayer is allowed a credit under subdivision one of this

section, other than at the optional rate applicable to research and

development property, the taxpayer shall be allowed a credit for each of

the two years next succeeding the taxable year for which the credit

under such subdivision one is allowed with respect to such property,

whether or not deductible in such taxable year or in subsequent taxable

years pursuant to paragraph (d) of such subdivision one. Provided,

however, that the credit allowable under this subdivision for any

taxable year shall be allowed only if the average number of employees

during such taxable year is at least one hundred one percent of the

average number of employees during the employment base year. The

employment base year shall be the taxable year immediately preceding the

taxable year for which the credit under such subdivision one is allowed

except that if the taxpayer was not subject to tax and did not have a

taxable year immediately preceding the taxable year for which the credit

under such subdivision one of this section is allowed, the employment

base year shall be the taxable year in which the credit under such

subdivision one is allowed.

(ii) Amount of credit. The amount of the credit allowed under this

subdivision shall be as set forth in the following table:

Average number of employees during the Credit allowed under this

taxable year expressed as a percentage subdivision expressed as a

of average employees in employment percentage of the applicable

base years investment credit basis

Less than 102% 1.5%

At least 102% and less than 103% 2%

At least 103% 2.5%

(b) Average number of employees. The average number of employees in a

taxable year shall be computed by ascertaining the number of employees

within the state, except general executive officers, employed by the

taxpayer on the thirty-first day of March, the thirtieth day of June,

the thirtieth day of September and the thirty-first day of December in

the taxable year, by adding together the number of employees ascertained

on each of such dates and dividing the sum so obtained by the number of

such above mentioned dates occurring within the taxable year. However,

with respect to the employment base year, there shall be excluded

therefrom any employee with respect to whom a credit provided for under

subdivision six of this section is claimed, for the taxable year, based

on employment within a zone equivalent area designated as such pursuant

to article eighteen-B of the general municipal law.

(c) Carryover. In no event shall the credit herein provided for be

allowed in an amount which will reduce the tax payable to less than the

fixed dollar minimum amount prescribed in paragraph (d) of subdivision

one of section two hundred ten of this article. However, if the amount

of credit allowable under this subdivision for any taxable year reduces

the tax to such amount or if the taxpayer otherwise pays tax based on

the fixed dollar minimum amount, any amount of credit not deductible in

such taxable year may be carried over to the fifteen taxable years

immediately following such taxable year and may be deducted from the

taxpayer's tax for such year or years.

3. Empire zone investment tax credit (EZ-ITC). (a) A taxpayer shall be

allowed a credit, to be computed as herein provided, against the tax

imposed by this article if the taxpayer has been certified pursuant to

article eighteen-B of the general municipal law. The amount of the

credit shall be ten percent of the cost or other basis for federal

income tax purposes of tangible personal property and other tangible

property, including buildings and structural components of buildings,

described in paragraph (b) of this subdivision, which is located within

an empire zone designated as such pursuant to article eighteen-B of such

law, but only if the acquisition, construction, reconstruction or

erection of such property occurred or was commenced on or after the date

of such designation and prior to the expiration thereof. Provided,

however, that in the case of an acquisition, construction,

reconstruction or erection which was commenced during such period and

continued or completed subsequently, such credit shall be ten percent of

the portion of the cost or other basis for federal income tax purposes

attributable to such period, which portion shall be ascertained by

multiplying such cost or basis by a fraction the numerator of which

shall be the expenditures paid or incurred during such period for such

purposes and the denominator of which shall be the total of all

expenditures paid or incurred for such acquisition, construction,

reconstruction or erection.

(b) Qualified property. A credit shall be allowed under this

subdivision with respect to tangible personal property and other

tangible property, including buildings and structural components of

buildings, which

(i) are depreciable pursuant to section one hundred sixty-seven of the

internal revenue code,

(ii) have a useful life of four years or more,

(iii) are acquired by purchase as defined in section one hundred

seventy-nine (d) of the internal revenue code,

(iv) have a situs in an empire zone designated as such pursuant to

article eighteen-B of the general municipal law, and

(v) are (A) principally used by the taxpayer in the production of

goods by manufacturing, processing, assembling, refining, mining,

extracting, farming, agriculture, horticulture, floriculture,

viticulture or commercial fishing,

(B) industrial waste treatment facilities or air pollution control

facilities used in the taxpayer's trade or business,

(C) research and development property,

(D) principally used in the ordinary course of the taxpayer's trade or

business as a broker or dealer in connection with the purchase or sale

(which shall include but not be limited to the issuance, entering into,

assumption, offset, assignment, termination, or transfer) of stocks,

bonds or other securities as defined in section four hundred

seventy-five (c)(2) of the Internal Revenue Code, or of commodities as

defined in section four hundred seventy-five (e) of the Internal Revenue

Code,

(E) principally used in the ordinary course of the taxpayer's trade or

business of providing investment advisory services for a regulated

investment company as defined in section eight hundred fifty-one of the

Internal Revenue Code, or lending, loan arrangement, or loan origination

services to customers in connection with the purchase or sale (which

shall include but not be limited to the issuance, entering into,

assumption, offset, assignment, termination or transfer) of securities

as defined in section four hundred seventy-five (c)(2) of the Internal

Revenue Code,

(E-1) principally used in the ordinary course of the taxpayer's trade

or business of providing investment advisory services or the service of

managing investment portfolios to achieve specific investment objectives

for accounts over one million dollars of accredited investors (as that

term is defined in rule 501 of regulation D of the Securities Act of

1933), if the taxpayer satisfies the following criteria:

(I) the taxpayer is a regulated broker or dealer or an affiliate of a

regulated broker or dealer,

(II) the taxpayer is registered as an investment adviser under section

two hundred three of the Investment Advisers Act of 1940, as amended,

and

(III) at least one client of the taxpayer is a regulated investment

company as defined in section eight hundred fifty-one of the internal

revenue code that has assets of one hundred million dollars, or

(F) principally used in the ordinary course of the taxpayer's business

as an exchange registered as a national securities exchange within the

meaning of sections 3(a)(1) and 6(a) of the Securities Exchange Act of

1934 or a board of trade as defined in subdivision one of paragraph (a)

of section fourteen hundred ten of the not-for-profit corporation law or

as an entity that is wholly owned by one or more such national

securities exchanges or boards or trade and that provides automation or

technical services thereto.

(vi) For purposes of clauses (D), (E), (E-1) and (F) of subparagraph

(v) of this paragraph, property purchased by a taxpayer affiliated with

a regulated broker, dealer, registered investment adviser, national

securities exchange or board of trade is allowed a credit under this

subdivision if the property is used by its affiliated regulated broker,

dealer, registered investment adviser or national securities exchange or

board of trade in accordance with this subdivision. For purposes of

determining if the property is principally used in qualifying uses, the

uses by the taxpayer described in clauses (D), (E) and (E-1) of

subparagraph (v) of this paragraph may be aggregated. In addition, the

uses by the taxpayer, its affiliated regulated broker, dealer and

registered investment adviser under any of those clauses may be

aggregated. Provided, however, a taxpayer shall not be allowed the

credit provided by clauses (D), (E), (E-1) and (F) of subparagraph (v)

of this paragraph unless

(I) eighty percent or more of the employees performing the

administrative and support functions resulting from or related to the

qualifying uses of such equipment are located in this state, or

(II) the average number of employees that perform the administrative

and support functions resulting from or related to the qualifying uses

of such equipment and are located in this state during the taxable year

for which the credit is claimed is equal to or greater than ninety-five

percent of the average number of employees that perform these functions

and are located in this state during the thirty-six months immediately

preceding the year for which the credit is claimed, or

(III) the number of employees located in this state during the taxable

year for which the credit is claimed is equal to or greater than ninety

percent of the number of employees located in this state on December

thirty-first, nineteen hundred ninety-eight or, if the taxpayer was not

a calendar year taxpayer in nineteen hundred ninety-eight, the last day

of its first taxable year ending after December thirty-first, nineteen

hundred ninety-eight. If the taxpayer becomes subject to tax in this

state after the taxable year beginning in nineteen hundred ninety-eight,

then the taxpayer is not required to satisfy the employment test

provided in the preceding sentence of this subparagraph for its first

taxable year.

(vii) For the purposes of clause (III) of subparagraph (vi) of this

paragraph the employment test will be based on the number of employees

located in this state on the last day of the first taxable year the

taxpayer is subject to tax in this state. If the uses of the property

must be aggregated to determine whether the property is principally used

in qualifying uses, then either each affiliate using the property must

satisfy this employment test or this employment test must be satisfied

through the aggregation of the employees of the taxpayer, its affiliated

regulated broker, dealer, and registered investment adviser using the

property.

(viii) For the purpose of this subdivision, the term "goods" shall not

include electricity.

(ix) For purposes of this subdivision, "manufacturing" shall mean the

process of working raw materials into wares suitable for use or which

gives new shapes, new quality or new combinations to matter which

already has gone through some artificial process by the use of

machinery, tools, appliances and other similar equipment. Property used

in the production of goods shall include machinery, equipment or other

tangible property which is principally used in the repair and service of

other machinery, equipment or other tangible property used principally

in the production of goods and shall include all facilities used in the

production operation, including storage of material to be used in

production and of the products that are produced. For purposes of this

subdivision, the terms "research and development property", "industrial

waste treatment facilities", and "air pollution control facilities"

shall have the meanings ascribed thereto by clauses (B), (C) and (D),

respectively, of subparagraph (iv) of paragraph (b) of subdivision one

of this section, and the provisions of subparagraph (v) of such

paragraph (b) shall apply.

(c) Nonqualified property. A taxpayer shall not be allowed a credit

under this subdivision with respect to any tangible personal property

and other tangible property, including buildings and structural

components of buildings, which it leases to any other person or

corporation except where a taxpayer leases property to an affiliated

regulated broker, dealer, registered investment adviser, national

securities exchange or board of trade or other entity described in

clause (F) of subparagraph (v) of paragraph (b) of this subdivision that

uses such property in accordance with clause (D), (E), (E-1) or (F) of

subparagraph (v) of paragraph (b) of this subdivision. For purposes of

the preceding sentence, any contract or agreement to lease or rent or

for a license to use such property shall be considered a lease.

Provided, however, in determining whether a taxpayer shall be allowed a

credit under this subdivision with respect to such property, any

election made with respect to such property pursuant to the provisions

of paragraph eight of subsection (f) of section one hundred sixty-eight

of the internal revenue code, as such paragraph was in effect for

agreements entered into prior to January first, nineteen hundred

eighty-four, shall be disregarded.

(d) Carryover. The credit allowed under this subdivision for any

taxable year shall not reduce the tax due for such year to less than the

fixed dollar minimum amount prescribed in paragraph (d) of subdivision

one of section two hundred ten of this article. Provided, however, that

if the amount of credit allowed under this subdivision for any taxable

year reduces the tax to such amount or if the taxpayer otherwise pays

tax based on the fixed dollar minimum amount, any amount of credit not

deductible in such taxable year may be carried over to the following

year or years and may be deducted from the taxpayer's tax for such year

or years. In lieu of such carryover, any such taxpayer which qualifies

as a new business under paragraph (f) of subdivision one of this section

may elect, on its report for its taxable year with respect to which such

credit is allowed, to treat fifty percent of the amount of such

carryover as an overpayment of tax to be credited or refunded in

accordance with the provisions of section one thousand eighty-six of

this chapter. In addition, any taxpayer which is approved as the owner

of a qualified investment project or a significant capital investment

project pursuant to subdivision (w) of section nine hundred fifty-nine

of the general municipal law, on its report for its taxable year with

respect to which such credit is allowed, in lieu of such carryover, may

elect to treat fifty percent of the amount of such carryover which is

attributable to the credit allowed under this subdivision for property

which is part of such project as an overpayment of tax to be credited or

refunded in accordance with the provisions of section one thousand

eighty-six of this chapter. Provided, however, such owner shall be

allowed such refund for a maximum of ten taxable years with respect to

such qualified investment project and each significant capital

investment project, starting with the first taxable year in which

property comprising such project is placed in service. Provided,

further, however, the provisions of subsection (c) of section one

thousand eighty-eight of this chapter notwithstanding, no interest shall

be paid thereon.

(d-1) Any carryover of a credit from prior taxable years will not be

allowed if an empire zone retention certificate is not issued pursuant

to subdivision (w) of section nine hundred fifty-nine of the general

municipal law to the empire zone enterprise which is the basis of the

credit.

(e) At the option of the taxpayer, the taxpayer may choose to claim

the credit described in paragraph (a) of this subdivision for property

which also qualifies for the credit provided under subdivision one of

this section. A taxpayer shall not be allowed a credit under this

subdivision with respect to any property described in paragraph (a) of

this subdivision if a credit is taken pursuant to subdivision one of

this section.

(f) Recapture. (i) With respect to property which is depreciable

pursuant to section one hundred sixty-seven of the internal revenue code

but is not subject to the provisions of section one hundred sixty-eight

of such code and which is disposed of or ceases to be in qualified use

prior to the end of the taxable year in which the credit is to be taken,

the amount of the credit shall be that portion of the credit provided

for in this subdivision which represents the ratio which the months of

qualified use bear to the months of useful life. If property on which

credit has been taken is disposed of or ceases to be in qualified use

prior to the end of its useful life, the difference between the credit

taken and the credit allowed for actual use must be added back in the

year of disposition. Provided, however, if such property is disposed of

or ceases to be in qualified use after it has been in qualified use for

more than twelve consecutive years, it shall not be necessary to add

back the credit as provided in this subparagraph. The amount of credit

allowed for actual use shall be determined by multiplying the original

credit by the ratio which the months of qualified use bear to the months

of useful life. For purposes of this subparagraph, useful life of

property shall be the same as the taxpayer uses for depreciation

purposes when computing his federal income tax liability.

(ii) Except with respect to that property to which subparagraph (iv)

of this paragraph applies, with respect to three-year property, as

defined in subsection (e) of section one hundred sixty-eight of the

internal revenue code, which is disposed of or ceases to be in qualified

use prior to the end of the taxable year in which the credit is to be

taken, the amount of the credit shall be that portion of the credit

provided for in this subdivision which represents the ratio which the

months of qualified use bear to thirty-six. If property on which credit

has been taken is disposed of or ceases to be in qualified use prior to

the end of thirty-six months, the difference between the credit taken

and the credit allowed for actual use must be added back in the year of

disposition. The amount of credit allowed for actual use shall be

determined by multiplying the original credit by the ratio which the

months of qualified use bear to thirty-six.

(iii) Except with respect to that property to which subparagraph (iv)

of this paragraph applies, with respect to property subject to the

provisions of section one hundred sixty-eight of the internal revenue

code other than three-year property as defined in subsection (e) of such

section one hundred sixty-eight which is disposed of or ceases to be in

qualified use prior to the end of the taxable year in which the credit

is to be taken, the amount of the credit shall be that portion of the

credit provided for in this subdivision which represents the ratio which

the months of qualified use bear to sixty. If property on which credit

has been taken is disposed of or ceases to be in qualified use prior to

the end of sixty months, the difference between the credit taken and the

credit allowed for actual use must be added back in the year of

disposition. The amount of credit allowed for actual use shall be

determined by multiplying the original credit by the ratio which the

months of qualified use bear to sixty.

(iv) With respect to any property to which section one hundred

sixty-eight of the internal revenue code applies, which is a building or

a structural component of a building and which is disposed of or ceases

to be in qualified use prior to the end of the taxable year in which the

credit is to be taken, the amount of the credit shall be that portion of

the credit provided for in this subdivision which represents the ratio

which the months of qualified use bear to the total number of months

over which the taxpayer chooses to deduct the property under the

internal revenue code. If property on which credit has been taken is

disposed of or ceases to be in qualified use prior to the end of the

period over which the taxpayer chooses to deduct the property under the

internal revenue code, the difference between the credit taken and the

credit allowed for actual use must be added back in the year of

disposition. Provided, however, if such property is disposed of or

ceases to be in qualified use after it has been in qualified use for

more than twelve consecutive years, it shall not be necessary to add

back the credit as provided in this subparagraph. The amount of credit

allowed for actual use shall be determined by multiplying the original

credit by the ratio which the months of qualified use bear to the total

number of months over which the taxpayer chooses to deduct the property

under the internal revenue code.

(v) For purposes of this paragraph, disposal or cessation of qualified

use shall not be deemed to have occurred solely by reason of the

termination or expiration of an empire zone's designation as such.

(vi)(A) For purposes of this paragraph, the decertification of a

business enterprise with respect to an empire zone shall constitute a

disposal or cessation of qualified use of the property on which the

credit was taken which is located in the zone to which the

decertification applies, on the effective date of such decertification.

(B) Where a business enterprise has been decertified based on a

finding pursuant to clause one, two, or five of subdivision (a) of

section nine hundred fifty-nine of the general municipal law, the amount

required to be added back by reason of this paragraph shall be (I) the

amount of credit, with respect to the property which is disposed of or

ceases to be in qualified use, which was deducted from the taxpayer's

tax otherwise due under this article for all prior taxable years,

reduced (but not below zero) by (II) the credit allowed for actual use.

For purposes of this subparagraph, the attribution to specific property

of credit amounts deducted from tax shall be established in accordance

with the date of placement in service of such property in the empire

zone.

(C) In no event shall the amount of the credit allowed pursuant to

this subdivision be rendered, solely by reason of clause (A) of this

subparagraph, less than the amount of the credit to which the taxpayer

would otherwise be entitled under subdivision one of this section.

(D) Notwithstanding any other provision of this subdivision, in the

case of a business enterprise which has been decertified, any amount of

credit allowed with respect to the property of such business enterprise

located in the zone to which the decertification applies which is

carried over pursuant to paragraph (d) of this subdivision shall not be

carried over beyond the seventh taxable year next following the taxable

year with respect to which the credit provided for in this subdivision

was allowed.

(vii) For purposes of this paragraph, where a credit is allowed with

respect to an air pollution control facility on the basis of a

certificate of compliance issued pursuant to the environmental

conservation law and the certificate is revoked pursuant to subdivision

three of section 19-0309 of the environmental conservation law, such

revocation shall constitute a disposal or cessation of qualified use,

except with respect to property contained in or comprising such facility

which is described in clause (A), (B), or (C) of subparagraph (v) of

paragraph (b) of this subdivision other than as part of or comprising an

air pollution control facility. Also for purposes of this paragraph, the

use of an air pollution control facility or an industrial waste

treatment facility for the primary purpose of salvaging materials which

are usable in the manufacturing process or are marketable shall

constitute a cessation of qualified use, except with respect to property

contained in or comprising such facility which is described in clause

(A) or (C) of subparagraph (v) of paragraph (b) of this subdivision.

(viii) Except as provided in this subparagraph, this paragraph shall

not apply to a credit allowed by this subdivision to a taxpayer that is

a partner in a partnership in the case of manufacturing property;

provided, at the time such property was placed in service by such

partnership in an empire zone the basis for federal income tax purposes

for such property (or a project that includes such property) equaled or

exceeded three hundred million dollars and such partner owned its

partnership interest for at least three years from the date such

property was placed in service. If such property ceases to be in

qualified use after it is placed in service, this paragraph shall apply

to such partner in the year such property ceases to be in qualifying

use.

(ix) If a taxpayer, which is approved by the commissioner of economic

development as the owner of a qualified investment project or a

significant capital investment project pursuant to subdivision (w) of

section nine hundred fifty-nine of the general municipal law, fails to

(A) create at least the minimum number of jobs at such project as

required by the provisions of subdivision (s) or (t) of section nine

hundred fifty-seven and subdivision (w) of section nine hundred

fifty-nine of the general municipal law or (B) place in service property

comprising such qualified investment project or significant capital

investment project with a basis for federal income tax purposes equaling

or exceeding the applicable minimum required basis as provided in such

subdivision (s) or (t), whichever is relevant, by the last day of the

fifth taxable year following the taxable year in which a credit is first

allowed under this subdivision for the property which comprises such

qualified investment project or such significant capital investment

project, the total amount of the credit allowed under this subdivision

for all taxable years with respect to the property which comprises such

project which has been refunded to such taxpayer shall be added back in

such taxable year.

(g) Notwithstanding the expiration of the empire zones program under

article eighteen-B of the general municipal law, a taxpayer that is

certified as a qualified investment project pursuant to such article

eight-B on the day immediately preceding the day the empire zones

program expired shall continue to be deemed certified under such article

eighteen-B for purposes of this subdivision for the remainder of the

taxable year in which the expiration occurred and for the next

succeeding nine taxable years. In addition, the areas designated as

empire zones in which the taxpayer is certified as a qualified

investment project on the day immediately preceding the day the empire

zones program expired shall continue to be deemed empire zones for

purposes of this subdivision for the remainder of the taxable year in

which the expiration occurred and for the next succeeding nine taxable

years.

(h) Notwithstanding the expiration of the empire zones program under

article eighteen-B of the general municipal law and except as provided

in paragraph (g) of this subdivision, a taxpayer that is certified as an

empire zone business pursuant to such article eighteen-B on the day

immediately preceding the day the empire zone program expired shall

continue to be deemed certified under such article eighteen-B for

purposes of this subdivision until April first, two thousand fourteen.

In addition, the areas designated as empire zones in which the taxpayer

is certified as an empire zone business on the day immediately preceding

the day the empire zones program expired shall continue to be deemed

empire zones for purposes of this subdivisions until April first, two

thousand fourteen.

4. Empire zone employment incentive credit (EZ-EIC). (a) Application

of credit. Where a taxpayer is allowed a credit under subdivision three

of this section, the taxpayer shall be allowed a credit for each of the

three years next succeeding the taxable year for which the credit under

such subdivision three is allowed, with respect to such property,

whether or not deductible in such taxable year or in subsequent taxable

years pursuant to paragraph (d) of such subdivision three, of thirty

percent of the credit allowable under such subdivision three; provided,

however, that the credit allowable under this subdivision for any

taxable year shall only be allowed if the average number of employees

employed by the taxpayer in the empire zone, designated pursuant to

article eighteen-B of the general municipal law, in which such property

is located during such taxable year is at least one hundred one percent

of the average number of employees employed by the taxpayer in such

empire zone, during the taxable year immediately preceding the taxable

year for which the credit under such subdivision three is allowed and

provided, further, that if the taxpayer was not subject to tax and did

not have a taxable year immediately preceding the taxable year for which

the credit under subdivision three of this section is allowed, the

credit allowable under this subdivision for any taxable year shall be

allowed if the average number of employees employed in such empire zone

in such taxable year is at least one hundred one percent of the average

number of such employees during the taxable year in which the credit

under such subdivision three is allowed.

(b) Average number of employees. The average number of employees

employed in an empire zone in a taxable year shall be computed by

ascertaining the number of such employees within such zone except

general executive officers, employed by the taxpayer on the thirty-first

day of March, the thirtieth day of June, the thirtieth day of September

and the thirty-first day of December in the taxable year, by adding

together the number of employees ascertained on each of such dates and

dividing the sum so obtained by the number of such above-mentioned dates

occurring within the taxable year.

(c) Carryover. In no event shall the credit herein provided for be

allowed in an amount which will reduce the tax payable to less than the

fixed dollar minimum amount prescribed in paragraph (d) of subdivision

one of section two hundred ten of this article. Provided, however, that

if the amount of credit allowable under this subdivision for any taxable

year reduces the tax to such amount or if the taxpayer otherwise pays

tax based on the fixed dollar minimum amount, any amount of credit not

deductible in such taxable year may be carried over to the following

year or years and may be deducted from the taxpayer's tax for such year

or years. In lieu of such carryover, any such taxpayer, which is

approved as the owner of a qualified investment project or a significant

capital investment project pursuant to subdivision (v) of section nine

hundred fifty-nine of the general municipal law, may elect, on its

report for its taxable year with respect to which such credit is

allowed, to treat fifty percent of the amount of such carryover as an

overpayment of tax to be credited or refunded in accordance with the

provisions of section one thousand eighty-six of this chapter. Provided,

however, in the case of such owner of a qualified investment project or

a significant capital investment project, only fifty percent of the

amount of such carryover which is attributable to the credit allowed

under this subdivision with respect to property which is part of such

project shall be allowed to be credited or refunded and such owner shall

be allowed such credit or refund only for those taxable years in which

such owner would be allowed a credit or refund of the empire zone

investment tax credit pursuant to paragraph (d) of subdivision three of

this section. Provided, further, however, the provisions of subsection

(c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest shall be paid thereon.

(c-1) Any carryover of a credit from prior taxable years will not be

allowed if an empire zone retention certificate is not issued pursuant

to subdivision (w) of section nine hundred fifty-nine of the general

municipal law to the empire zone enterprise which is the basis of the

credit.

(d) Notwithstanding the expiration of the empire zones program under

article eighteen-B of the general municipal law, a taxpayer that is

certified as a qualified investment project pursuant to such article

eighteen-B on the day immediately preceding the day the empire zones

program expired shall continue to be deemed certified under such article

eighteen-B for purposes of this subdivision for the remainder of the

taxable year in which the expiration occurred and for the next

succeeding nine taxable years. In addition, the areas designated as

empire zones in which the taxpayer is certified as a qualified

investment project on the day immediately preceding the day the empire

zones program expired shall continue to be deemed empire zones for

purposes of this subdivision for the remainder of the taxable year in

which the expiration occurred and for the next succeeding nine taxable

years.

(e) Notwithstanding the expiration of the empire zones program under

article eighteen-B of the general municipal law and except as provided

in paragraph (d) of this subdivision, a taxpayer that is certified as an

empire zone business pursuant to such article eighteen-B on the day

immediately preceding the day the empire zones program expired shall

continue to be deemed in the empire zone in which the taxpayer was

certified as an empire zone business on the day immediately preceding

the day the empire zones program expired for each of the three years

next succeeding the taxable year for which the credit under subdivision

three of this section is allowed.

5. QEZE credit for real property taxes. (a) Allowance of credit. A

taxpayer which is a qualified empire zone enterprise shall be allowed a

credit for eligible real property taxes, to be computed as provided in

section fifteen of this chapter, against the tax imposed by this

article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the fixed dollar minimum amount prescribed in paragraph (d) of

subdivision one of section two hundred ten of this article. However, if

the amount of credit allowed under this subdivision for any taxable year

reduces the tax to such amount or if the taxpayer otherwise pays tax

based on the fixed dollar minimum amount, any amount of credit thus not

deductible in such taxable year shall be treated as an overpayment of

tax to be credited or refunded in accordance with the provisions of

section one thousand eighty-six of this chapter. Provided, however, the

provisions of subsection (c) of section one thousand eighty-eight of

this chapter notwithstanding, no interest shall be paid thereon.

6. QEZE tax reduction credit. (a) Allowance of credit. A taxpayer

which is a qualified empire zone enterprise shall be allowed a QEZE tax

reduction credit, to be computed as provided in section sixteen of this

chapter, against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the fixed dollar minimum amount prescribed in paragraph (d) of

subdivision one of section two hundred ten of this article. Provided,

however, this paragraph shall not apply to a taxpayer with a zone

allocation factor of one hundred percent.

7. Qualified emerging technology company employment credit. (a)

Application of credit. A taxpayer shall be allowed a credit, to be

computed as hereinafter provided, against the tax imposed by this

article, provided:

(i) the taxpayer is a qualified emerging technology company pursuant

to the provisions of section thirty-one hundred two-e of the public

authorities law; and

(ii) the average number of individuals employed full time by the

taxpayer in New York state during the taxable year is at least one

hundred one percent of the taxpayer's base year employment. For the

purposes of this subdivision, "base year employment" means the average

number of individuals employed full-time by the taxpayer in the state

during the three taxable years immediately preceding the first taxable

year in which the credit is claimed. Where the taxpayer provided

full-time employment within the state during only a portion of such

three-year period, then the first effective date for the company to take

advantage of this credit shall be the next year following the first full

taxable year that the company had full-time employment in New York

state. For the purposes of this paragraph the term "three years" shall

be deemed to refer instead to the prior year's full-time employment

after the first year and the average of the first eight quarters of

employment after the first two taxable years in New York state.

(b) Credit limitation. The credit shall be allowed only in the first

taxable year in which the credit is claimed and in each of the next two

taxable years, provided that the conditions of paragraph (a) of this

subdivision are satisfied in each taxable year.

(c) Average number of individuals employed full-time. For the purposes

of this subdivision, average number of individuals employed full-time

shall be computed by adding the number of such individuals employed by

the taxpayer at the end of each quarter during each taxable year or

other applicable period and dividing the sum so obtained by the number

of such quarters occurring within such taxable year or other applicable

period; provided however, except that in computing base year employment,

there shall be excluded therefrom any employee with respect to whom a

credit provided for under subdivision nineteen of section two hundred

ten of this article, as such subdivision was in effect on December

thirty-first, two thousand fourteen, was claimed for the taxable year.

(d) Amount of credit. The amount of the credit shall equal the product

of one thousand dollars times the number of individuals employed

full-time by the taxpayer in the taxable year that are in excess of one

hundred percent of the taxpayer's base year employment.

(e) Carryover. The credit allowed under this subdivision for any

taxable year shall not reduce the tax due for such year to less than the

fixed dollar minimum amount prescribed in paragraph (d) of subdivision

one of section two hundred ten of this article. However, if the amount

of credit allowed under this subdivision for any taxable year reduces

the tax to such amount or if the taxpayer otherwise pays tax based on

the fixed dollar minimum amount, any amount of credit thus not

deductible in such taxable year shall be treated as an overpayment of

tax to be credited or refunded in accordance with the provisions of

section one thousand eighty-six of this chapter. Provided, however, the

provisions of subsection (c) of section one thousand eighty-eight of

this chapter notwithstanding, no interest shall be paid thereon.

8. Qualified emerging technology company capital tax credit. (a)

Amount of credit. A taxpayer shall be allowed a credit against the tax

imposed by this article. The amount of the credit shall be equal to one

of the following percentages, per each qualified investment in a

qualified emerging technology company as defined in section thirty-one

hundred two-e of the public authorities law, made during the taxable

year, and certified by the commissioner, either:

(1) ten percent of qualified investments in qualified emerging

technology companies, except for investments made by or on behalf of an

owner of the business, including, but not limited to, a stockholder,

partner or sole proprietor, or any related person, as defined in

subparagraph (C) of paragraph three of subsection (b) of section four

hundred sixty-five of the internal revenue code, and provided, however,

that the taxpayer certifies to the commissioner that the qualified

investment will not be sold, transferred, traded, or disposed of during

the four years following the year in which the credit is first claimed;

or

(2) twenty percent of qualified investments in qualified emerging

technology companies, except for investments made by or on behalf of an

owner of the business, including, but not limited to, a stockholder,

partner or sole proprietor, or any related person, as defined in

subparagraph (C) of paragraph three of subsection (b) of section four

hundred sixty-five of the internal revenue code, and provided, however,

that the taxpayer certifies to the commissioner that the qualified

investment will not be sold, transferred, traded, or disposed of during

the nine years following the year in which the credit is first claimed.

(b) Qualified investment. "Qualified investment" means the

contribution of property to a corporation in exchange for original issue

capital stock or other ownership interest, the contribution of property

to a partnership in exchange for an interest in the partnership, and

similar contributions in the case of a business entity not in corporate

or partnership form in exchange for an ownership interest in such

entity. The total amount of credit allowable to a taxpayer under this

provision for all years, taken in the aggregate, shall not exceed one

hundred fifty thousand dollars in the case of investments made pursuant

to subparagraph one of paragraph (a) of this subdivision and shall not

exceed three hundred thousand dollars in the case of investments made

pursuant to subparagraph two of paragraph (a) of this subdivision.

(c) Carryover. In no event shall the credit and carryover of such

credit allowed under this subdivision for any taxable year, in the

aggregate, reduce the tax due for such year to less than the fixed

dollar minimum amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this chapter. However, if the amount of

credit or carryovers of such credit, or both, allowed under this

subdivision for any taxable year reduces the tax to such amount or if

the taxpayer otherwise pays tax based on the fixed dollar minimum

amount, or if any part of the credit or carryovers of such credit may

not be deducted from the tax otherwise due by reason of the final

sentence of this paragraph, any amount of credit or carryovers of such

credit thus not deductible in such taxable year may be carried over to

the following year or years and may be deducted from the tax for such

year or years. In addition, the amount of such credit, and carryovers of

such credit to the taxable year, deducted from the tax otherwise due may

not, in the aggregate, exceed fifty percent of the tax imposed under

section two hundred nine of this article computed without regard to any

credit provided for by this section.

(d) Recapture. (1) Where a taxpayer sells, transfers or otherwise

disposes of corporate stock, a partnership interest or other ownership

interest arising from the making of a qualified investment which was the

basis, in whole or in part, for the allowance of the credit provided for

under subparagraph one of paragraph (a) of this subdivision, or where an

investment which was the basis for such allowance is, in whole or in

part, recovered by such taxpayer, and such disposition or recovery

occurs during the taxable year or within forty-eight months from the

close of the taxable year with respect to which such credit is allowed,

the taxpayer shall add back, with respect to the taxable year in which

the disposition or recovery described above occurred, the required

portion of the credit originally allowed.

(2) Where a taxpayer sells, transfers or otherwise disposes of

corporate stock, a partnership interest or other ownership interest

arising from the making of a qualified investment which was the basis,

in whole or in part, for the allowance of the credit provided for under

subparagraph two of paragraph (a) of this subdivision, or where an

investment which was the basis for such allowance is in any manner, in

whole or in part, recovered by such taxpayer, and such disposition or

recovery occurs during the taxable year or within one hundred eight

months from the close of the taxable year with respect to which such

credit is allowed, the taxpayer shall add back, with respect to the

taxable year in which the disposition or recovery described in

subparagraph one of this paragraph occurred the required portion of the

credit originally allowed.

(3) The required portion of the credit originally allowed shall be the

product of (A) the portion of such credit attributable to the property

disposed of and (B) the applicable percentage.

(4) The applicable percentage shall be:

(A) for credits allowed pursuant to subparagraph one of paragraph (a)

of this subdivision:

(i) one hundred percent, if the disposition or recovery occurs within

the taxable year with respect to which the credit is allowed or within

twelve months of the end of such taxable year,

(ii) seventy-five percent, if the disposition or recovery occurs more

than twelve but not more than twenty-four months after the end of the

taxable year with respect to which the credit is allowed,

(iii) fifty percent, if the disposition or recovery occurs more than

twenty-four months but not more than thirty-six months after the end of

the taxable year with respect to which the credit is allowed, or

(iv) twenty-five percent, if the disposition or recovery occurs more

than thirty-six months but not more than forty-eight months after the

end of the taxable year with respect to which the credit is allowed; or

(B) for credits allowed pursuant to subparagraph two of paragraph (a)

of this subdivision:

(i) one hundred percent, if the disposition or recovery occurs within

the taxable year with respect to which the credit is allowed or within

twelve months of the end of such taxable year,

(ii) eighty percent, if the disposition or recovery occurs more than

twelve but not more than forty-eight months after the end of the taxable

year with respect to which the credit is allowed,

(iii) sixty percent, if the disposition or recovery occurs more than

forty-eight months but not more than seventy-two months after the end of

the taxable year with respect to which the credit is allowed,

(iv) forty percent, if the disposition or recovery occurs more than

seventy-two months but not more than ninety-six months after the end of

the taxable year with respect to which the credit is allowed, or

(v) twenty percent, if the disposition or recovery occurs more than

ninety-six months but not more than one hundred eight months after the

end of the taxable year with respect to which the credit is allowed.

9. Credit for the special additional mortgage recording tax. (a)

Application of credit. A taxpayer shall be allowed a credit, to be

credited against the tax imposed by this article, equal to the amount of

the special additional mortgage recording tax paid by the taxpayer

pursuant to the provisions of subdivision one-a of section two hundred

fifty-three of this chapter on mortgages recorded. Provided, however, no

credit shall be allowed with respect to a mortgage of real property

principally improved or to be improved by one or more structures

containing in the aggregate not more than six residential dwelling

units, each dwelling unit having its own separate cooking facilities,

where the real property is located in one or more of the counties

comprising the metropolitan commuter transportation area. Provided

further, however, no credit shall be allowed with respect to a mortgage

of real property principally improved or to be improved by one or more

structures containing in the aggregate not more than six residential

dwelling units, each dwelling unit having its own separate cooking

facilities, where the real property is located in the county of Erie.

(b) Carryover or refund. In no event shall the credit herein provided

for be allowed in an amount which will reduce the tax payable to less

than the fixed dollar minimum amount prescribed in paragraph (d) of

subdivision one of section two hundred ten of this article. If, however,

the amount of credit allowable under this subdivision for any taxable

year, including any credit carried over from a prior taxable year,

reduces the tax to such amount or if the taxpayer otherwise pays tax

based on the fixed dollar minimum amount, any amount of credit not

deductible in such taxable year may be carried over to the following

year or years and may be deducted from the taxpayer's tax for such year

or years. In lieu of carrying over to the following year or years, the

unused portion of credits attributable to the special additional

mortgage recording tax paid by the taxpayer as mortgagee with respect to

mortgages of real property principally improved or to be improved by one

or more structures containing in the aggregate not more than six

residential dwelling units, each dwelling unit having its own separate

cooking facilities, such taxpayer may elect to treat such unused portion

as an overpayment of tax to be credited or refunded in accordance with

the provisions of section ten hundred eighty-six of this chapter, except

that no interest shall be paid on such overpayment.

10. Credit for servicing certain mortgages. (a) General. Every

taxpayer meeting the requirements of the state of New York mortgage

agency applicable to the servicing of mortgages acquired by such agency

pursuant to the state of New York mortgage agency act, which shall have

entered into a contract with the state of New York mortgage agency to

service mortgages acquired by such agency pursuant to the state of New

York mortgage agency act, shall have credited to it annually an amount

equal to two and ninety-three one hundredths per centum of the total

principal and interest collected by the taxpayer during its taxable year

on each such mortgage secured by a lien on real estate improved by a

one-family to four-family residential structure and an amount equal to

the interest collected by the taxpayer during its taxable year on each

such mortgage secured by a lien on real property improved by a structure

occupied as the residence of five or more families living independently

of each other, multiplied by a fraction the denominator of which shall

be the interest rate payable on the mortgage (computed to five decimal

places) and the numerator of which shall be .00125 in the case of such a

mortgage acquired by such agency for less than one million dollars, and

..00100 in the case of such a mortgage acquired by such agency for one

million dollars or more. In no event shall the credit allowed under this

subdivision reduce the tax to less than the fixed dollar minimum amount

prescribed in paragraph (d) of subdivision one of section two hundred

ten of this article. In computing such tax credit for the servicing of

mortgages on one-family to four-family residential structures, the

taxpayer shall not be entitled to credit for the collection of

curtailment or payments in discharge of any such mortgage. For the

purposes of this subdivision,

(b)(i) a "curtailment" shall mean amounts paid by mortgagors

(A) in excess of the monthly constant due during the month of

collection and

(B) in reduction of the unpaid principal balance of the mortgage; in

the absence of clear evidence to the contrary, amounts paid in excess of

the monthly constant due during the month of collection shall be deemed

to be in reduction of the unpaid principal balance of the mortgage; and

(ii) "monthly constant" shall mean the amount of principal and

interest which is due and payable according to the mortgage documents on

each periodic payment date.

11. Agricultural property tax credit. (a) General. In the case of a

taxpayer which is an eligible farmer or an eligible farmer who has paid

taxes pursuant to a land contract, there shall be allowed a credit for

the allowable school district property taxes. The term "allowable school

district property taxes" means the school district property taxes paid

during the taxable year on qualified agricultural property, subject to

the acreage limitation provided in paragraph (e) of this subdivision and

the income limitation provided in paragraph (f) of this subdivision.

(a-1) New York gross income from farming. For purposes of this

subdivision, the term "New York gross income from farming" means a

taxpayer's federal gross income from farming, plus payments from the

state's farmland protection program, administered by the department of

agriculture and markets, income from a commercial horse boarding

operation as defined by subdivision thirteen of section three hundred

one of the agriculture and markets law, and income from the production

or sale of maple syrup, Christmas trees, and cider or wine from a

licensed New York state farm cidery or winery, as provided for in

section fifty-eight-c and article six of the alcoholic beverage control

law.

(b) Eligible farmer. For purposes of this subdivision, the term

"eligible farmer" means a taxpayer whose New York gross income from

farming for the taxable year, or whose average New York gross income

from farming for the current year and two prior taxable years, is at

least two-thirds of such taxpayer's federal gross income from all

sources less thirty thousand dollars. The term "eligible farmer" also

includes a corporation other than the taxpayer of record for qualified

agricultural land which has paid the school district property taxes on

such land pursuant to a contract for the future purchase of such land;

provided that such corporation meets the definition of eligible farmer

pursuant to this paragraph.

(c) School district property taxes. For purposes of this subdivision,

the term "school district property taxes" means all property taxes,

special ad valorem levies and special assessments, exclusive of

penalties and interest, levied for school district purposes on the

qualified agricultural property owned by the taxpayer.

(d) Qualified agricultural property. For purposes of this subdivision,

the term "qualified agricultural property" means land located in this

state which is used in agricultural production, and land improvements,

structures and buildings (excluding buildings used for the taxpayer's

residential purpose) located on such land which are used or occupied to

carry out such production. Qualified agricultural property also includes

land set aside or retired under a federal supply management or soil

conservation program or land that at the time it becomes subject to a

conservation easement met the requirements under this paragraph.

(e) Acreage limitation. (i) Eligible taxes. In the event that the

qualified agricultural property owned by the taxpayer includes land in

excess of the base acreage as provided in this paragraph, the amount of

school district property taxes eligible for credit under this

subdivision shall be that portion of the school district property taxes

which bears the same ratio to the total school district property taxes

paid during the taxable year, as the acreage allowable under this

paragraph bears to the entire acreage of such land.

(ii) Allowable acreage. The allowable acreage is the sum of the base

acreage set forth below and fifty percent of the incremental acreage.

The incremental acreage is the excess of the entire acreage of qualified

agricultural land owned by the taxpayer over the base acreage. Except as

provided in subparagraph (iii) of this paragraph, the base acreage is

three hundred fifty acres.

The total base acreage may be increased by any acreage enrolled or

participating during the taxable year in a federal environmental

conservation acreage reserve program pursuant to title three of the

federal agriculture improvement and reform act of nineteen hundred

ninety-six.

(iii) Base acreage of related persons. Where the taxpayer and one or

more related persons each own qualified agricultural property on the

first day of March of any year, the base acreage under subparagraph (ii)

of this paragraph shall be divided equally and allotted among the

taxpayer and such related persons, and the taxpayer's base acreage for

the taxable year which includes such March first shall be limited to its

allotted share. Provided, however, if the taxpayer and all such related

persons consent (at such time and in such manner as the commissioner may

prescribe) to an unequal division, the taxpayer's base acreage for such

taxable year shall be limited to its allotted share under such unequal

division.

(iv) Related persons. (A) For purposes of subparagraph (iii) of this

paragraph, the term "related person" means:

(I) a corporation subject to tax under this article, where the

taxpayer and the corporation are members of the same controlled group,

as defined in section 267(f) of the internal revenue code;

(II) an individual, partnership, estate or trust, where more than

fifty percent in value of the outstanding stock of the taxpayer is

owned, directly or indirectly, by or for such individual, partnership,

estate or trust or by or for the grantor of such trust;

(III) a corporation subject to tax under this article, or a

partnership, estate or trust, if the same person owns more than fifty

percent in value of the outstanding stock of the taxpayer and more than

fifty percent in value of the outstanding stock of the corporation, or

more than fifty percent of the capital or profits interest in the

partnership, or more than fifty percent of the beneficial interest in

the estate or trust;

(IV) a partnership, estate or trust of which the taxpayer owns,

directly or indirectly, more than fifty percent of the capital, profits

or beneficial interest.

(B) In determining whether a person is a related person within the

meaning of this subparagraph:

(I) stock owned, directly or indirectly, by or for a corporation,

partnership, estate or trust shall be considered as being owned

proportionately by or for its shareholders, partners or beneficiaries;

(II) an individual shall be considered as owning the stock owned,

directly or indirectly, by or for his spouse;

(III) stock constructively owned by a person by reason of the

application of item (I) of this clause shall, for the purpose of

applying item (I) or (II) of this clause, be treated as actually owned

by such person.

(f) Income limitation. (i) In the event that the modified entire net

income of the taxpayer exceeds two hundred thousand dollars, the

allowable school district property taxes under paragraph (a) of this

subdivision shall be the eligible taxes under subparagraph (i) of

paragraph (e) of this subdivision reduced by the product of the amount

of such eligible taxes and a percentage, such percentage to be

determined by multiplying one hundred percent by a fraction, the

numerator of which is the lesser of one hundred thousand dollars or the

excess of the taxpayer's modified entire net income over two hundred

thousand dollars and the denominator of which is one hundred thousand

dollars. For purposes of the preceding sentence, the term "eligible

taxes", where the acreage limitation of paragraph (e) of this

subdivision does not apply, shall mean the total school district

property taxes paid during the taxable year.

(ii) The term "modified entire net income" means the entire net income

for the taxable year reduced by the amount of principal paid on farm

indebtedness during the taxable year. The term "farm indebtedness" means

debt incurred or refinanced which is secured by farm property, where the

proceeds of the debt are disbursed for expenditures incurred in the

business of farming.

(g) Carryover. In no event shall the credit provided herein be allowed

in an amount which will reduce the tax payable to less than the fixed

dollar minimum amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. If, however, the amount of

credit allowable under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit not deductible in such

taxable year may be carried over to the following year or years and may

be deducted from the taxpayer's tax for such year or years. Provided,

however, in lieu of carrying over the unused portion of such credit, the

taxpayer may elect to treat such unused portion as an overpayment of tax

to be credited or refunded in accordance with the provisions of section

one thousand eighty-six of this chapter except that no interest shall be

paid on such overpayment.

(h) Nonqualified use. (i) No credit in conversion year. In the event

that qualified agricultural property is converted by the taxpayer to

nonqualified use, credit under this subdivision shall not be allowed

with respect to such property for the taxable year of conversion (the

conversion year).

(ii) Credit recapture. If the conversion by the taxpayer of qualified

agricultural property to nonqualified use occurs during the period of

the two taxable years following the taxable year for which the credit

under this subdivision was first claimed with respect to such property,

the credit allowed with respect to such property for the taxable years

prior to the conversion year must be added back in the conversion year.

Where the property converted includes land, and where the conversion is

of only a portion of such land, the credit allowed with respect to the

property converted shall be determined by multiplying the entire credit

under this subdivision for the taxable years prior to the conversion

year by a fraction, the numerator of which is the acreage converted and

the denominator of which is the entire acreage of such land owned by the

taxpayer immediately prior to the conversion.

(iii) Exception to recapture. Subparagraph (ii) of this paragraph

shall not apply to the conversion of property where the conversion is by

reason of involuntary conversion, within the meaning of section one

thousand thirty-three of the internal revenue code.

(iv) Conversion to nonqualified use. For purposes of this paragraph, a

sale or other disposition of qualified agricultural property alone shall

not constitute a conversion to a nonqualified use.

(j) Election to deem gross income of New York C corporation to

shareholders. For purposes of this subdivision, federal gross income

from farming shall be zero for any taxable year of a New York C

corporation for which the election under paragraph nine of subsection

(n) of section six hundred six of this chapter is in effect.

12. Credit for employment of persons with disabilities. (a) Allowance

of credit. A taxpayer shall be allowed a credit, to be computed as

hereinafter provided, against the tax imposed by this article, for

employing within the state a qualified employee.

(b) Qualified employee. A qualified employee is an individual:

(1) who is certified by the education department, or in the case of an

individual who is blind or visually handicapped, by the state agency

responsible for provision of vocational rehabilitation services to the

blind and visually handicapped: (i) as a person with a disability which

constitutes or results in a substantial handicap to employment and (ii)

as having completed or as receiving services under an individualized

written rehabilitation plan approved by the education department or

other state agency responsible for providing vocational rehabilitation

services to such individual; and

(2) who has worked on a full-time basis for the employer who is

claiming the credit for at least one hundred eighty days or four hundred

hours.

(c) Amount of credit. Except as provided in paragraph (d) of this

subdivision, the amount of credit for taxable years beginning before

January first, two thousand twenty-five shall be thirty-five percent of

the first six thousand dollars in qualified first-year wages earned by

each qualified employee and for taxable years beginning on or after

January first, two thousand twenty-five shall be the first five thousand

dollars in qualified first-year wages earned by each qualified employee.

"Qualified first-year wages" means wages paid or incurred by the

taxpayer during the taxable year to qualified employees which are

attributable, with respect to any such employee, to services rendered

during the one-year period beginning with the day the employee begins

work for the taxpayer.

(d) Credit where federal work opportunity tax credit applies. With

respect to any qualified employee whose qualified first-year wages under

paragraph (c) of this subdivision also constitute qualified first-year

wages for purposes of the work opportunity tax credit for vocational

rehabilitation referrals under section fifty-one of the internal revenue

code, the amount of credit under this subdivision for taxable years

beginning before January first, two thousand twenty-five shall be

thirty-five percent of the first six thousand dollars in qualified

second-year wages earned by each such employee and for taxable years

beginning on or after January first, two thousand twenty-five shall be

the first five thousand dollars in qualified second-year wages earned by

each qualified employee. "Qualified second-year wages" means wages paid

or incurred by the taxpayer during the taxable year to qualified

employees which are attributable, with respect to any such employee, to

services rendered during the one-year period beginning one year after

the employee begins work for the taxpayer.

(e) Carryover. The credit allowed under this subdivision for any

taxable year shall not reduce the tax due for such year to less than the

fixed dollar minimum amount prescribed in paragraph (d) of subdivision

one of section two hundred ten of this chapter. However, if the amount

of credit allowable under this subdivision for any taxable year reduces

the tax to such amount or if the taxpayer otherwise pays tax based on

the fixed dollar minimum amount, any amount of credit not deductible in

such taxable year may be carried over to the following year or years,

and may be deducted from the taxpayer's tax for such year or years.

(f) Coordination with federal work opportunity tax credit. The

provisions of section fifty-one and fifty-two of the internal revenue

code, as such sections applied on October first, nineteen hundred

ninety-six, that apply to the federal work opportunity tax credit for

vocational rehabilitation referrals shall apply to the credit under this

subdivision to the extent that such sections are consistent with the

specific provisions of this subdivision, provided that in the event of a

conflict the provisions of this subdivision shall control.

13. Credit for purchase of an automated external defibrillator. A

taxpayer shall be allowed a credit, to be computed as hereinafter

provided, against the tax imposed by this article, for the purchase,

other than for resale, of an automated external defibrillator, as such

term is defined in section three thousand-b of the public health law.

The amount of credit shall be the cost to the taxpayer of automated

external defibrillators purchased during the taxable year, such credit

not to exceed five hundred dollars with respect to each unit purchased.

The credit allowed under this subdivision for any taxable year shall not

reduce the tax due for such year to less than the fixed dollar minimum

amount prescribed in paragraph (d) of subdivision one of section two

hundred ten of this chapter.

14. Credit for purchase of long-term care insurance. (a) General. A

taxpayer shall be allowed a credit against the tax imposed by this

article equal to twenty percent of the premium paid during the taxable

year for long-term care insurance. In order to qualify for such credit,

the taxpayer's premium payment must be for the purchase of or for

continuing coverage under a long-term care insurance policy that

qualifies for such credit pursuant to section one thousand one hundred

seventeen of the insurance law.

(b) Carryover. The credit allowed under this subdivision for any year

shall not reduce the tax due for such year to less than the fixed dollar

minimum amount prescribed in paragraph (d) of subdivision one of section

two hundred ten of this article. If, however, the amount of credit

allowable under this subdivision for any taxable year reduces the tax to

such amount or if the taxpayer otherwise pays tax based on the fixed

dollar minimum amount, any amount of credit not deductible in such

taxable year may be carried over to the following year or years and may

be deducted from the taxpayer's tax for such year or years.

15. Low-income housing credit. (a) Allowance of credit. A taxpayer

shall be allowed a credit against the tax imposed by this article with

respect to the ownership of eligible low-income buildings, computed as

provided in section eighteen of this chapter.

(b) Application of credit. The credit and carryovers of such credit

allowed under this subdivision for any taxable year shall not, in the

aggregate, reduce the tax due for such year to less than the fixed

dollar minimum amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit or carryovers of such credit, or both, allowed under this

subdivision for any taxable year reduces the tax to such amount or if

the taxpayer otherwise pays tax based on the fixed dollar minimum

amount, any amount of credit or carryovers of such credit thus not

deductible in such taxable year may be carried over to the following

year or years and may be deducted from the tax for such year or years.

(c) Credit recapture. For provisions requiring recapture of credit,

see subdivision (b) of section eighteen of this chapter.

16. Green building credit. (a) Allowance of credit. A taxpayer shall

be allowed a credit, to be computed as provided in section nineteen of

this chapter, against the tax imposed by this article.

(b) Carryovers. The credit and carryovers of such credit allowed under

this subdivision for any taxable year shall not, in the aggregate,

reduce the tax due for such year to less than the fixed dollar minimum

amount prescribed in paragraph (d) of subdivision one of section two

hundred ten of this article. However, if the amount of credit or

carryovers of such credit, or both, allowed under this subdivision for

any taxable year reduces the tax to such amount or if the taxpayer

otherwise pays tax based on the fixed dollar minimum amount, any amount

of credit or carryovers of such credit thus not deductible in such

taxable year may be carried over to the following year or years and may

be deducted from the tax for such year or years.

17. Brownfield redevelopment tax credit. (a) Allowance of credit. A

taxpayer shall be allowed a credit, to be computed as provided in

section twenty-one of this chapter, against the tax imposed by this

article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the fixed dollar minimum amount prescribed in paragraph (d) of

subdivision one of section two hundred ten of this article. However, if

the amount of credits allowed under this subdivision for any taxable

year reduces the tax to such amount or if the taxpayer otherwise pays

tax based on the fixed dollar minimum amount, any amount of credit thus

not deductible in such taxable year shall be treated as an overpayment

of tax to be credited or refunded in accordance with the provisions of

section one thousand eighty-six of this chapter. Provided, however, the

provisions of subsection (c) of section one thousand eighty-eight of

this chapter notwithstanding, no interest shall be paid thereon.

18. Remediated brownfield credit for real property taxes for qualified

sites. (a) Allowance of credit. A taxpayer which is a developer of a

qualified site shall be allowed a credit for eligible real property

taxes, to be computed as provided in subdivision (b) of section

twenty-two of this chapter, against the tax imposed by this article. For

purposes of this subdivision, the terms "qualified site" and "developer"

shall have the same meaning as set forth in paragraphs two and three,

respectively, of subdivision (a) of section twenty-two of this chapter.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the fixed dollar minimum amount prescribed in paragraph (d) of

subdivision one of section two hundred ten of this article. However, if

the amount of credit allowed under this subdivision for any taxable year

reduces the tax to such amount or if the taxpayer otherwise pays tax

based on the fixed dollar minimum amount, any amount of credit thus not

deductible in such taxable year shall be treated as an overpayment of

tax to be credited or refunded in accordance with the provisions of

section one thousand eighty-six of this chapter. Provided, however, the

provisions of subsection (c) of section one thousand eighty-eight of

this chapter notwithstanding, no interest shall be paid thereon.

19. Environmental remediation insurance credit. (a) Allowance of

credit. A taxpayer shall be allowed a credit, to be computed as

provided in section twenty-three of this chapter, against the tax

imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the fixed dollar minimum amount prescribed in paragraph (d) of

subdivision one of section two hundred ten of this article. However, if

the amount of credits allowed under this subdivision for any taxable

year reduces the tax to such amount or if the taxpayer otherwise pays

tax based on the fixed dollar minimum amount, any amount of credit thus

not deductible in such taxable year shall be treated as an overpayment

of tax to be credited or refunded in accordance with the provisions of

section one thousand eighty-six of this chapter. Provided, however, the

provisions of subsection (c) of section one thousand eighty-eight of

this chapter notwithstanding, no interest shall be paid thereon.

20. Empire state film production credit. (a) Allowance of credit. A

taxpayer who is eligible pursuant to section twenty-four of this chapter

shall be allowed a credit to be computed as provided in such section

twenty-four against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the fixed dollar minimum amount prescribed in paragraph (d) of

subdivision one of section two hundred ten of this article. Provided,

however, that if the amount of the credit allowable under this

subdivision for any taxable year reduces the tax to such amount or if

the taxpayer otherwise pays tax based on the fixed dollar minimum

amount, the excess shall be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest shall be paid thereon.

20-a. Empire state independent film production credit. (a) Allowance

of credit. A taxpayer who is eligible pursuant to section twenty-four-d

of this chapter shall be allowed a credit to be computed as provided in

such section twenty-four-d against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the fixed dollar minimum amount prescribed in paragraph (d) of

subdivision one of section two hundred ten of this article. Provided,

however, that if the amount of the credit allowable under this

subdivision for any taxable year reduces the tax to such amount or if

the taxpayer otherwise pays tax based on the fixed dollar minimum

amount, the excess shall be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest shall be paid thereon.

21. Security training tax credit. (a) Allowance of credit. A taxpayer

shall be allowed a credit, to be computed as provided in section

twenty-six of this chapter, against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the fixed dollar minimum amount prescribed in paragraph (d) of

subdivision one of section two hundred ten of this chapter. However, if

the amount of credits allowed under this subdivision for any taxable

year reduces the tax to such amount or if the taxpayer otherwise pays

tax based on the fixed dollar minimum amount, any amount of credit thus

not deductible in such taxable year shall be treated as an overpayment

of tax to be credited or refunded in accordance with the provisions of

section one thousand eighty-six of this chapter. Provided, however, the

provisions of subsection (c) of section one thousand eighty-eight of

this chapter notwithstanding, no interest shall be paid thereon.

22. Conservation easement tax credit. (a) Credit allowed. In the case

of a taxpayer who owns land that is subject to a conservation easement

held by a public or private conservation agency, there shall be allowed

a credit for twenty-five percent of the allowable school district,

county and town real property taxes on such land. In no such case shall

the credit allowed under this subdivision in combination with any other

credit for such school district, county and town real property taxes

under this section exceed such taxes.

(b) Conservation easement. For purposes of this subdivision, the term

"conservation easement" means a perpetual and permanent conservation

easement as defined in article forty-nine of the environmental

conservation law that serves to protect open space, scenic, natural

resources, biodiversity, agricultural, watershed and/or historic

preservation resources. Any conservation easement for which a tax credit

is claimed under this subdivision shall be filed with the department of

environmental conservation, as provided for in article forty-nine of the

environmental conservation law and such conservation easement shall

comply with the provisions of title three of such article, and the

provisions of subdivision (h) of section 170 of the internal revenue

code. Dedications of land for open space through the execution of

conservation easements for the purpose of fulfilling density

requirements to obtain subdivision or building permits shall not be

considered a conservation easement under this subdivision.

(c) Land. For purposes of this subdivision, the term "land" means a

fee simple title to real property located in this state, with or without

improvements thereon; rights of way; water and riparian rights;

easements; privileges and all other rights or interests of any land or

description in, relating to or connected with real property, excluding

buildings, structures, or improvements.

(d) Public or private conservation agency. For purposes of this

subdivision, the term "public or private conservation agency" means any

state, local, or federal governmental body; or any private

not-for-profit charitable corporation or trust which is authorized to do

business in the state of New York, is organized and operated to protect

land for natural resources, conservation or historic preservation

purposes, is exempt from federal income taxation under section 501(c)(3)

of the internal revenue code, and has the power to acquire, hold and

maintain land and/or interests in land for such purposes.

(e) Credit limitation. The amount of the credit that may be claimed by

a taxpayer pursuant to this subsection shall not exceed five thousand

dollars in any given year.

(f) Application of the credit. The credit allowed under this

subdivision for any taxable year shall not reduce the tax due for such

year to less than the fixed dollar minimum amount prescribed in

paragraph (d) of subdivision one of section two hundred ten of this

article. However, if the amount of the credit allowed under this

subdivision for any taxable year reduces the tax to such amount or if

the taxpayer otherwise pays tax based on the fixed dollar minimum

amount, any amount of the credit thus not deductible in such taxable

year shall be treated as an overpayment of tax to be credited or

refunded in accordance with the provisions of subsection (c) of section

one thousand eighty-eight of this chapter, except that, no interest

shall be paid thereon.

23. Empire state commercial production credit. (a) Allowance of

credit. A taxpayer that is eligible pursuant to provisions of section

twenty-eight of this chapter shall be allowed a credit to be computed as

provided in such section against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the fixed dollar minimum amount prescribed in paragraph (d) of

subdivision one of section two hundred ten of this article. Provided,

however, that if the amount of the credit allowable under this

subdivision for any taxable year reduces the tax to such amount or if

the taxpayer otherwise pays tax based on the fixed dollar minimum

amount, fifty percent of the excess shall be treated as an overpayment

of tax to be credited or refunded in accordance with the provisions of

section one thousand eighty-six of this chapter. Provided, however, the

provisions of subsection (c) of section one thousand eighty-eight of

this chapter notwithstanding, no interest shall be paid thereon. The

balance of such credit not credited or refunded in such taxable year may

be carried over to the immediately succeeding taxable year and may be

deducted from the taxpayer's tax for such year. The excess, if any, of

the amount of credit over the tax for such succeeding year shall be

treated as an overpayment of tax to be credited or refunded in

accordance with the provisions of section one thousand eighty-six of

this chapter. Provided, however, the provisions of subsection (c) of

section one thousand eighty-eight of this chapter notwithstanding, no

interest shall be paid thereon.

(c) Expiration of credit. The credit allowed under this subdivision

shall not be applicable to taxable years beginning on or after January

first, two thousand twenty-nine.

24. Biofuel production credit. (a) General. A taxpayer shall be

allowed a credit, to be computed as provided in section twenty-eight of

this chapter added as part X of chapter sixty-two of the laws of two

thousand six, against the tax imposed by this article. The credit

allowed under this subdivision for any taxable year shall not reduce the

tax due for such year to less than the fixed dollar minimum amount

prescribed in paragraph (d) of subdivision one of section two hundred

ten of this article. However, if the amount of credit allowed under this

subdivision for any taxable year reduces the tax to such amount or if

the taxpayer otherwise pays tax based on the fixed dollar minimum

amount, any amount of credit thus not deductible in such taxable year

shall be treated as an overpayment of tax to be credited or refunded in

accordance with the provisions of section one thousand eighty-six of

this chapter. Provided, however, the provisions of subsection (c) of

section one thousand eighty-eight of this chapter notwithstanding, no

interest shall be paid thereon. The tax credit allowed pursuant to this

section shall apply to taxable years beginning before January first, two

thousand twenty.

25. Clean heating fuel credit. (a) General. A taxpayer shall be

allowed a credit against the tax imposed by this article. Such credit,

to be computed as hereinafter provided, shall be allowed for bioheating

fuel, used for space heating or hot water production for residential

purposes within this state purchased before January first, two thousand

twenty-nine. Such credit shall be $0.01 per percent of biodiesel per

gallon of bioheating fuel, not to exceed twenty cents per gallon,

purchased by such taxpayer. Provided, however, that on or after January

first, two thousand seventeen, this credit shall not apply to bioheating

fuel that is less than six percent biodiesel per gallon of bioheating

fuel.

(b) Definitions. For purposes of this subdivision, the following

definitions shall apply:

(i) "Biodiesel" shall mean a fuel comprised exclusively of mono-alkyl

esters of long chain fatty acids derived from vegetable oils or animal

fats, designated B100, which meets the specifications of American

Society of Testing and Materials designation D 6751.

(ii) "Bioheating fuel" shall mean a fuel comprised of biodiesel or

renewable hydrocarbon diesel blended with conventional home heating oil,

which meets the specifications of the American Society of Testing and

Materials designation D 396 or D 975.

(c) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the fixed dollar minimum amount prescribed in paragraph (d) of

subdivision one of section two hundred ten of this article. However, if

the amount of credit allowed under this subdivision for any taxable year

reduces the tax to such amount or if the taxpayer otherwise pays tax

based on the fixed dollar minimum amount, any amount of credit thus not

deductible in such taxable year shall be treated as an overpayment of

tax to be credited or refunded in accordance with the provisions of

section one thousand eighty-six of this chapter. Provided, however, the

provisions of subsection (c) of section one thousand eighty-eight of

this chapter notwithstanding, no interest shall be paid thereon.

26. Credit for rehabilitation of historic properties. (a) Application

of credit. (i) For taxable years beginning on or after January first,

two thousand ten, and before January first, two thousand thirty, a

taxpayer, or a transferee of such a taxpayer as described in paragraph

(g) of this subdivision, shall be allowed a credit as hereinafter

provided, against the tax imposed by this article, in an amount equal to

one hundred percent of the amount of credit allowed the taxpayer for the

same taxable year with respect to a certified historic structure, and

one hundred fifty percent of the amount of credit allowed the taxpayer

with respect to a certified historic structure that is a small project,

under internal revenue code section 47(c)(3), determined without regard

to ratably allocating the credit over a five year period as required by

subsection (a) of such section 47, with respect to a certified historic

structure located within the state. Provided, however, the credit shall

not exceed five million dollars.

(ii) For taxable years beginning on or after January first, two

thousand thirty, a taxpayer, or a transferee of such a taxpayer as

described in paragraph (g) of this subdivision, shall be allowed a

credit as hereinafter provided, against the tax imposed by this article,

in an amount equal to thirty percent of the amount of credit allowed the

taxpayer for the same taxable year determined without regard to ratably

allocating the credit over a five year period as required by subsection

(a) of section 47 of the internal revenue code, with respect to a

certified historic structure under subsection (c)(3) of section 47 of

the internal revenue code with respect to a certified historic structure

located within the state. Provided, however, the credit shall not exceed

one hundred thousand dollars.

(a-1) If the taxpayer or transferee is a partner in a partnership or a

shareholder in a New York S corporation, then the credit caps imposed in

paragraph (a) of this subdivision shall be applied at the entity level,

so that the aggregate credit allowed to all the partners or shareholders

of each such entity in the taxable year does not exceed the credit cap

that is applicable in that taxable year.

(b) Tax credits allowed pursuant to this subdivision shall be allowed

in the taxable year that the qualified rehabilitation is placed in

service under section 167 of the federal internal revenue code.

(c) If the taxpayer is allowed a credit pursuant to section 47 of the

internal revenue code with respect to a qualified rehabilitation that is

also the subject of the credit allowed by this subdivision and that

credit pursuant to such section 47 is recaptured pursuant to subsection

(a) of section 50 of the internal revenue code, a portion of the credit

allowed under this subdivision must be added back by the taxpayer or

transferee in the same taxable year and in the same proportion as the

federal credit.

(d) The credit allowed under this subdivision for any taxable year

shall not reduce the tax due for such year to less than the amount

prescribed in paragraph (d) of subdivision one of section two hundred

ten of this article. However, if the amount of the credit allowed under

this subdivision for any taxable year reduces the tax to such amount or

if the taxpayer otherwise pays tax based on the fixed dollar minimum

amount, any amount of credit thus not deductible in such taxable year

shall be treated as an overpayment of tax to be recredited or refunded

in accordance with the provisions of section one thousand eighty-six of

this chapter. Provided, however, the provisions of subsection (c) of

section one thousand eighty-eight of this chapter notwithstanding, no

interest shall be paid thereon.

(e) To be eligible for the credit allowable under this subdivision,

the rehabilitation project shall be in whole or in part located within a

census tract which is identified as being at or below one hundred

percent of the state median family income as calculated as of April

first of each year using the most recent five year estimate from the

American community survey published by the United States Census bureau.

If there is a change in the most recent five year estimate, a census

tract that qualified for eligibility under this program before

information about the change was released will remain eligible for a

credit under this subdivision for an additional two calendar years. The

eligibility restrictions set forth in this paragraph shall not be

applicable if:

(i) a qualified rehabilitation project is undertaken within a state

park, state historic site, or other land owned by the state, that is

under the jurisdiction of the office of parks, recreation and historic

preservation; or

(ii) a qualified rehabilitation project is undertaken for the

provision of affordable housing and the taxpayer has entered into a

regulatory agreement with any state or federal agency or authority, or

any other government entity that is authorized to engage in the

financing, construction or oversight of affordable housing within such

entity's jurisdiction, and where such regulatory agreement sets forth

affordability requirements applicable for a period of not less than

thirty years and that is binding on all successors of the taxpayer.

(f) For purposes of this subdivision "small project" means qualified

rehabilitation expenditures totaling two million five hundred thousand

dollars or less.

(g)(i) A taxpayer allowed a credit pursuant to this subdivision may

transfer the credit, in whole or in part, to another person or entity,

who shall be referred to as the transferee, without regard to how any

tax credit authorized pursuant to section forty-seven of the internal

revenue code with respect to a qualified rehabilitation project may be

allocated and notwithstanding that such other person or entity owns no

interest in the qualified rehabilitation project or in an entity with an

ownership interest in the qualified rehabilitation project. A transferee

may not transfer any credit, or portion thereof, acquired by transfer.

(ii) A taxpayer seeking to transfer a credit allowed pursuant to this

subdivision must enter into a transfer contract with the transferee. The

transfer contract must specify:

(A) the building identification numbers for all buildings in the

project;

(B) the date each building was placed into service;

(C) the schedule of years for which the transfer credit may be claimed

and the amount of credit previously claimed;

(D) the amount of consideration received by the taxpayer for the

transfer credit; and

(E) the amount of credit being transferred.

(iii) No transfer shall be effective unless the taxpayer allowed a

credit pursuant to this subdivision and seeking to transfer the credit

files a transfer application with the commissioner of parks, recreation

and historic preservation prior to the transfer and such transfer

application is approved. The transfer application shall include the name

and federal identification numbers of the taxpayer and each proposed

transferee, the amount of credit proposed to be transferred to each

proposed transferee, a copy of the transfer contract, and such other

information as the commissioner or the commissioner of parks, recreation

and historic preservation may require. The commissioner of parks,

recreation and historic preservation shall approve or deny each transfer

application and, if an application is denied, shall issue a written

determination to the taxpayer. If the transfer is approved, the

commissioner of parks, recreation and historic preservation shall issue

a transfer approval certificate that provides the name of the transferor

and all transferees, the amount of credit being transferred and such

other information as the commissioner of parks, recreation and historic

preservation and the commissioner deem necessary. A copy of the transfer

approval certificate must be attached to each transferee's tax return.

The commissioner of parks, recreation and historic preservation, in

consultation with the commissioner, may establish such other procedures

and standards deemed necessary for the transferability of credits

allowed under this subdivision.

(iv) The commissioner of parks, recreation and historic preservation

shall forward copies of all transfer applications and attachments

thereto and approval certificates to the commissioner within thirty days

after the transfer is approved.

(v) A taxpayer allowed a credit pursuant to section forty-seven of the

internal revenue code with respect to a qualified rehabilitation that is

also the subject of the credit allowed by this subdivision shall remain

solely liable for all obligations and liabilities imposed on the

taxpayer with respect to the credit allowed by this subdivision, none of

which shall apply to a party to whom the credit has been subsequently

transferred.

27. Credits of New York S corporations. (a) General. Notwithstanding

the provisions of this section, no carryover of credit allowable in a

New York C year shall be deducted from the tax otherwise due under this

article in a New York S year, and no credit allowable in a New York S

year, or carryover of such credit, shall be deducted from the tax

imposed by this article. However, a New York S year shall be treated as

a taxable year for purposes of determining the number of taxable years

to which a credit may be carried over under this section.

Notwithstanding the first sentence of this subdivision, however, the

credit for the special additional mortgage recording tax shall be

allowed as provided in subdivision nine of this section, and the

carryover of any such credit shall be determined without regard to

whether the credit is carried from a New York C year to a New York S

year or vice-versa.

29. Hire a vet credit. (a) Allowance of credit. For taxable years

beginning on or after January first, two thousand fifteen and before

January first, two thousand twenty-nine, a taxpayer shall be allowed a

credit, to be computed as provided in this subdivision, against the tax

imposed by this article, for hiring and employing, for not less than

twelve continuous and uninterrupted months (hereinafter referred to as

the twelve-month period) in a full-time or part-time position, a

qualified veteran within the state. The taxpayer may claim the credit in

the year in which the qualified veteran completes the twelve-month

period of employment by the taxpayer. If the taxpayer claims the credit

allowed under this subdivision, the taxpayer may not use the hiring of a

qualified veteran that is the basis for this credit in the basis of any

other credit allowed under this article.

(b) Qualified veteran. A qualified veteran is an individual:

(1) who served on active duty in the United States army, navy, air

force, space force, marine corps, coast guard or the reserves thereof,

or who served in active military service of the United States as a

member of the army national guard, air national guard, New York guard or

New York naval militia, or who served in the active uniformed services

of the United States as a member of the commissioned corps of the

national oceanic and atmospheric administration or the commissioned

corps of the United States public health service; who (i) was released

from such service, or (ii) has a qualifying condition, as defined in

section one of the veterans' services law, and has received a discharge

other than bad conduct or dishonorable from such service, or (iii) is a

discharged LGBT veteran, as defined in section one of the veterans'

services law, and has received a discharge other than bad conduct or

dishonorable from such service;

(2) who commences employment by the qualified taxpayer on or after

January first, two thousand fourteen, and before January first, two

thousand twenty-eight; and

(3) who certifies by signed affidavit, under penalty of perjury, that

he or she has not been employed for thirty-five or more hours during any

week in the one hundred eighty day period immediately prior to his or

her employment by the taxpayer.

(c) Employer prohibition. An employer shall not discharge an employee

and hire a qualifying veteran solely for the purpose of qualifying for

this credit.

(d) Amount of credit. The amount of the credit shall be fifteen

percent of the total amount of wages paid to the qualified veteran

during the veteran's first twelve-month period of employment. Provided,

however, that, if the qualified veteran is a disabled veteran, as

defined in paragraph (b) of subdivision one of section eighty-five of

the civil service law, the amount of the credit shall be twenty percent

of the total amount of wages paid to the qualified veteran during the

veteran's first twelve-month period of employment. The credit allowed

pursuant to this subdivision shall not exceed in any taxable year: (1)

fifteen thousand dollars for any qualified veteran, other than a

disabled veteran, employed in a full-time position for one thousand

eight hundred twenty or more hours in one twelve-month period, (2)

twenty thousand dollars for any qualified veteran who is a disabled

veteran employed in a full-time position for one thousand eight hundred

twenty or more hours in one twelve-month period, (3) seven thousand five

hundred dollars for any qualified veteran, other than a disabled

veteran, employed in a part-time position for at least one thousand

forty hours but not more than one thousand eight hundred nineteen hours

in one twelve-month period, and (4) ten thousand dollars for any

qualified veteran who is a disabled veteran employed in a part-time

position for at least one thousand forty hours but not more than one

thousand eight hundred nineteen hours in one twelve-month period.

(e) Carryover. The credit allowed under this subdivision for any

taxable year shall not reduce the tax due for such year to less than the

amount prescribed in paragraph (d) of subdivision one of section two

hundred ten of this article. However, if the amount of credit allowable

under this subdivision for any taxable year reduces the tax to such

amount or if the taxpayer otherwise pays tax based on the fixed dollar

minimum amount, any amount of credit not deductible in such taxable year

may be carried over to the following three years and may be deducted

from the taxpayer's tax for such year or years.

30. Alternative fuels and electric vehicle recharging property credit.

(a) General. A taxpayer shall be allowed a credit, to be computed as

hereinafter provided, against the tax imposed by this article for

alternative fuel vehicle refueling and electric vehicle recharging

property placed in service during the taxable year.

(b) (i) Alternative fuel vehicle refueling property and electric

vehicle recharging property. The credit under this subdivision for

alternative fuel vehicle refueling property and electric vehicle

recharging property shall equal for each installation of property the

lesser of five thousand dollars or the product of fifty percent and the

cost of any such property less any costs paid from the proceeds of

grants.

(ii) To qualify for the credit, the property must:

(A) be located in this state;

(B) must constitute alternative fuel vehicle refueling property or

electric vehicle recharging property; and

(C) not be paid for from the proceeds of grants awarded before January

first, two thousand fifteen, including grants from the New York state

energy research and development authority or the New York power

authority.

(c) Definitions. (i) The term "alternative fuel vehicle refueling

property" means all of the equipment needed to dispense any fuel at

least eighty-five percent of the volume of which consists of one or more

of the following: natural gas, liquified natural gas, liquified

petroleum, or hydrogen.

(ii) The term "electric vehicle recharging property" means all of the

equipment needed to convey electric power from the electric grid or

another power source to an onboard vehicle energy storage system.

(d) Carryovers. In no event shall the credit under this subdivision be

allowed in an amount which will reduce the tax payable to less than the

amount prescribed in paragraph (d) of subdivision one of section two

hundred ten of this article. Provided, however, that if the amount of

credit allowable under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit not deductible in such

taxable year may be carried over to the following year or years and may

be deducted from the taxpayer's tax for such year or years.

(e) Credit recapture. If, at any time before the end of its recovery

period, alternative fuel vehicle refueling or electric vehicle

recharging property ceases to be qualified, a recapture amount must be

added back in the year in which such cessation occurs.

(i) Alternative fuel vehicle refueling property or electric vehicle

recharging property ceases to be qualified if:

(I) the property no longer qualifies as alternative fuel vehicle

refueling property or electric vehicle recharging property; or

(II) fifty percent or more of the use of the property in a taxable

year is other than in a trade or business in this state; or

(III) the taxpayer receiving the credit under this subdivision sells

or disposes of the property and knows or has reason to know that the

property will be used in a manner described in clauses (I) and (II) of

this subparagraph.

(ii) Recapture amount. The recapture amount is equal to the credit

allowable under this subdivision multiplied by a fraction, the numerator

of which is the total recovery period for the property minus the number

of recovery years prior to, but not including, the recapture year, and

the denominator of which is the total recovery period.

(f) Termination. The credit allowed by paragraph (b) of this

subdivision shall not apply in taxable years beginning after December

thirty-first, two thousand twenty-eight.

31. Excelsior jobs program credit. (a) Allowance of credit. A taxpayer

will be allowed a credit, to be computed as provided in section

thirty-one of this chapter, against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year may not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year will be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

32. Empire state film post production credit. (a) Allowance of credit.

A taxpayer who is eligible pursuant to section thirty-one of this

chapter shall be allowed a credit to be computed as provided in such

section thirty-one against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. Provided, however, that if the

amount of the credit allowable under this subdivision for any taxable

year reduces the tax to such amount or if the taxpayer otherwise pays

tax based on the fixed dollar minimum amount, fifty percent of the

excess shall be treated as an overpayment of tax to be credited or

refunded in accordance with the provisions of section one thousand

eighty-six of this chapter. Provided, however, the provisions of

subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest shall be paid thereon. The balance of such

credit not credited or refunded in such taxable year may be a carryover

to the immediately succeeding taxable year and may be deducted from the

taxpayer's tax for such year. The excess, if any, of the amount of the

credit over the tax for such succeeding year shall be treated as an

overpayment of tax to be credited or refunded in accordance with the

provisions of section one thousand eighty-six of this chapter. Provided,

however, the provisions of subsection (c) of section one thousand

eighty-eight of this chapter notwithstanding, no interest shall be paid

thereon.

33. Temporary deferral nonrefundable payout credit. (a) Allowance of

credit. A taxpayer shall be allowed a credit, to be computed as provided

in subdivision one of section thirty-four of this chapter, against the

tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for that year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year may be carried over to the following year or years and

may be deducted from the taxpayer's tax for such year or years.

34. Temporary deferral refundable payout credit. (a) Allowance of

credit. A taxpayer shall be allowed a credit, to be computed as provided

in subdivision two of section thirty-four of this chapter, against the

tax imposed by this article.

(b) Application of credit. In no event shall the credit under this

subdivision be allowed in an amount which will reduce the tax to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. If, however, the amount of

credit allowed under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit not deductible in such

taxable year shall be treated as an overpayment of tax to be refunded in

accordance with the provisions of section one thousand eighty-six of

this chapter, provided however, that no interest shall be paid thereon.

35. Economic transformation and facility redevelopment program tax

credit. (a) Allowance of credit. A taxpayer shall be allowed a credit,

to be computed as provided in section thirty-five of this chapter,

against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year may not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year will be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

36. New York youth jobs program tax credit. (a) A taxpayer that has

been certified by the commissioner of labor as a qualified employer

pursuant to section twenty-five-a of the labor law and received an

annual final certificate of tax credit from such commissioner shall be

allowed a credit against the tax imposed by this article equal to the

amount listed on the annual final certificate of tax credit issued by

the commissioner of labor pursuant to section twenty-five-a of the labor

law. If the qualified employer's taxable year is a calendar year, the

employer shall be entitled to claim the credit as calculated on the

annual final certificate of tax credit on the calendar year return for

which the annual final certificate of tax credit was issued. If the

qualified employer's taxable year is a fiscal year, the employer shall

be entitled to claim the credit as calculated on the annual final

certificate of tax credit on the return for the fiscal year that

encompasses the date on which the annual final certificate of tax credit

is issued. For the purposes of this subdivision, the term "qualified

employee" shall have the same meaning as set forth in subdivision (b) of

section twenty-five-a of the labor law.

(b) The credit allowed under this subdivision for any taxable year may

not reduce the tax due for that year to less than the amount prescribed

in paragraph (d) of subdivision one of section two hundred ten of this

article. However, if the amount of the credit allowed under this

subdivision for any taxable year reduces the tax to that amount or if

the taxpayer otherwise pays tax based on the fixed dollar minimum

amount, any amount of credit not deductible in that taxable year will be

treated as an overpayment of tax to be credited or refunded in

accordance with the provisions of section one thousand eighty-six of

this chapter. Provided, however, no interest will be paid thereon.

(c) The taxpayer shall be required to attach to its tax return its

annual final certificate of tax credit issued by the commissioner of

labor pursuant to section twenty-five-a of the labor law. In no event

shall the taxpayer be allowed a credit greater than the amount of the

credit listed on the annual final certificate of tax credit.

Notwithstanding any provision of this chapter to the contrary, the

commissioner and the commissioner's designees may release the names and

addresses of any taxpayer claiming this credit and the amount of the

credit earned by the taxpayer. Provided, however, if a taxpayer claims

this credit because it is a member of a limited liability company or a

partner in a partnership, only the amount of credit earned by the entity

and not the amount of credit claimed by the taxpayer may be released.

37. Empire state jobs retention program credit. (a) Allowance of

credit. A taxpayer will be allowed a credit, to be computed as provided

in section thirty-six of this chapter, against the taxes imposed by this

article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year will not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year will be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

38. Credit for companies who provide transportation to individuals

with disabilities. (a) Allowance and amount of credit. A taxpayer, who

provides a taxicab service as defined in section one hundred

forty-eight-a of the vehicle and traffic law, or a livery service as

defined in section one hundred twenty-one-e of the vehicle and traffic

law, shall be allowed a credit, to be computed as provided in this

subdivision, against the tax imposed by this article. The amount of the

credit shall be equal to the incremental cost associated with upgrading

a vehicle so that it is accessible by individuals with disabilities as

defined in paragraph (b) of this subdivision. Provided, however, that

such credit shall not exceed fifteen thousand dollars per electric

vehicle and ten thousand dollars per any other vehicle. For purposes of

this subdivision, purchases of new vehicles that are initially

manufactured to be accessible for individuals with disabilities and for

which there is no comparable make and model that does not include the

equipment necessary to provide accessibility to individuals with

disabilities, the credit shall be fifteen thousand dollars per electric

vehicle and ten thousand dollars per any other vehicle.

(b) Definitions. The term "accessible by individuals with

disabilities" shall, for the purposes of this subdivision, refer to a

vehicle that complies with federal regulations promulgated pursuant to

the Americans with Disabilities Act applicable to vans under twenty-two

feet in length, by the federal Department of Transportation, in Code of

Federal Regulations, title 49, parts 37 and 38 and the Federal Motor

Vehicle Safety Standards, Code of Federal Regulations, title 49, part

571. The term "electric vehicle" shall, for the purposes of this

subdivision, have the same meaning as in section sixty-six-s of the

public service law.

(c) Application of credit. In no event shall the credit allowed under

this subdivision for any taxable year reduce the tax due for such year

to less than the amount prescribed in paragraph (d) of subdivision one

of section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year shall be carried over to the following year or years,

and may be deducted from the taxpayer's tax for such year or years. The

tax credit allowed pursuant to this subdivision shall not apply to

taxable years beginning on or after January first, two thousand

twenty-nine.

39. Alcoholic beverage production credit. A taxpayer shall be allowed

a credit, to be computed as provided in section thirty-seven of this

chapter, against the tax imposed by this article. In no event shall the

credit allowed under this subdivision for any taxable year reduce the

tax due for such year to less than the amount prescribed in paragraph

(d) of subdivision one of section two hundred ten of this article.

However, if the amount of credit allowed under this subdivision for any

taxable year reduces the tax to such amount or if the taxpayer otherwise

pays tax based on the fixed dollar minimum amount, any amount of credit

thus not deductible in such taxable year shall be treated as an

overpayment of tax to be credited or refunded in accordance with the

provisions of section one thousand eighty-six of this chapter. Provided,

however, the provisions of subsection (c) of section one thousand

eighty-eight of this chapter notwithstanding, no interest shall be paid

thereon.

40. Minimum wage reimbursement credit. (a) Allowance of credit. A

taxpayer shall be allowed a credit, to be computed as provided in

section thirty-eight of this chapter, against the tax imposed by this

article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year may not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year will be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

41. The tax-free NY area tax elimination credit. A taxpayer shall be

allowed a credit to be computed as provided in section forty of this

chapter, against the tax imposed by this article. Unless the taxpayer

has a tax-free NY area allocation factor of one hundred percent, the

credit allowed under this subdivision for any taxable year shall not

reduce the tax due for such year to less than the amount prescribed in

paragraph (d) of subdivision one of section two hundred ten of this

article. However, if the amount of the credit allowable under this

subdivision for any taxable year reduces the tax to such amount or if

the taxpayer otherwise pays tax based on the fixed dollar minimum

amount, any amount of credit not deductible in such taxable year shall

be treated as an overpayment of tax to be credited or refunded in

accordance with the provisions of section one thousand eighty-six of

this chapter. Provided, however, the provisions of subsection (c) of

section one thousand eighty-eight of this chapter notwithstanding, no

interest shall be paid thereon.

42. Alternative base credit. (a) If the tax imposed on a taxpayer by

subdivision one of section two hundred nine of this article is the

amount prescribed in clause (ii) of subparagraph one of paragraph (b) of

subdivision one of section two hundred ten of this article, the taxpayer

shall be allowed a credit against the tax imposed under this article

equal to the amount of tax paid to another state computed on a tax base

identical to the tax base prescribed in such paragraph (b). If the tax

imposed on a taxpayer by subdivision one of section two hundred nine of

this article is the highest amount prescribed in paragraph (d) of

subdivision one of section two hundred ten of this article applicable to

the taxpayer, the taxpayer shall be allowed a credit against the tax

imposed under this article equal to the amount of tax paid to another

state computed on a tax base identical to the tax base prescribed in

such paragraph (d).

(b) In no event shall the credit allowed under this subdivision for

any taxable year reduce the tax due for such year to less than the

amount prescribed in paragraph (d) of subdivision one of section two

hundred ten of this article. However, if the amount of credit allowed

under this subdivision for any taxable year reduces the tax to such

amount or if the taxpayer otherwise pays tax based on the fixed dollar

minimum amount, any amount of credit thus not deductible in such taxable

year shall be carried over to the following year or years, and may be

deducted from the taxpayer's tax for such year or years.

43. Real property tax credit for manufacturers. (a) A qualified New

York manufacturer, as defined in subparagraph (vi) of paragraph (a) of

subdivision one of section two hundred ten of this article, will be

allowed a credit equal to twenty percent of the real property tax it

paid during the taxable year for real property owned by such

manufacturer in New York which was principally used during the taxable

year for manufacturing to the extent not deducted in determining entire

net income. This credit will not be allowed if the real property taxes

that are the basis for this credit are included in the calculation of

another credit claimed by the taxpayer.

(b) (1) For purposes of this subdivision, the term real property tax

means a charge imposed upon real property by or on behalf of a county,

city, town, village or school district for municipal or school district

purposes, provided that the charge is levied for the general public

welfare by the proper taxing authorities at a like rate against all

property over which such authorities have jurisdiction, and provided

that where taxes are levied pursuant to article eighteen or nineteen of

the real property tax law, the property must have been taxed at the rate

determined for the class in which it is contained, as provided by such

article eighteen or nineteen, whichever is applicable. The term real

property tax does not include a charge for local benefits, including any

portion of that charge that is properly allocated to the costs

attributable to maintenance or interest, when (i) the property subject

to the charge is limited to the property that benefits from the charge,

or (ii) the amount of the charge is determined by the benefit to the

property assessed, or (iii) the improvement for which the charge is

assessed tends to increase the property value.

(2) In addition, the term real property tax includes taxes paid by the

taxpayer upon real property principally used during the taxable year by

the taxpayer in manufacturing where the taxpayer leases such real

property from an unrelated third party if the following conditions are

satisfied: (i) the tax must be paid by the taxpayer as lessee pursuant

to explicit requirements in a written lease, and (ii) the taxpayer as

lessee has paid such taxes directly to the taxing authority and has

received a written receipt for payment of taxes from the taxing

authority. In the case of a combined group that constitutes a qualified

New York manufacturer, the conditions in the preceding sentence are

satisfied if one corporation in the combined group is the lessee and

another corporation in the combined group makes the payments to the

taxing authority. In the case of a taxpayer that, during the taxable

year, is principally engaged in the production of goods by farming,

agriculture, horticulture, floriculture, viticulture, or commercial

fishing, the taxpayer is eligible if the taxpayer satisfies the

conditions stipulated in this subdivision and the taxpayer leases such

real property from a related or unrelated party.

(3) The term real property tax does not include a payment made by the

taxpayer in connection with an agreement for the payment in lieu of

taxes on real property, whether such property is owned or leased by the

taxpayer.

(4) The real property taxes must be paid by the taxpayer in the year

such taxes become a lien on the real property.

(c) Credit recapture. Where a qualified New York manufacturer's real

property taxes which were the basis for the allowance of the credit

provided for under this subdivision are subsequently reduced as a result

of a final order in any proceeding under article seven of the real

property tax law or other provision of law, the taxpayer shall add back,

in the taxable year in which such final order is issued, the excess of

(1) the amount of credit originally allowed for a taxable year over (2)

the amount of credit determined based upon the reduced real property

taxes. If such final order reduces real property taxes for more than one

year, the taxpayer must determine how much of such reduction is

attributable to each year covered by such final order and calculate the

amount of credit which is required by this subdivision to be recaptured

for each year based on such reduction.

(d) The credit allowed under this subdivision for any taxable year

shall not reduce the tax due for such year to less than twenty-five

dollars.

44. The tax-free NY area excise tax on telecommunication services

credit. A taxpayer that is a business or owner of a business that is

located in a tax-free NY area approved pursuant to article twenty-one of

the economic development law shall be allowed a credit equal to the

excise tax on telecommunication services imposed by section one hundred

eighty-six-e of this chapter and passed through to such business during

the taxable year to the extent not otherwise deducted in computing

entire net income under this article. However, except as otherwise

provided for in this subdivision, if the amount of the credit allowable

under this subdivision for any taxable year reduces the tax to the

amount prescribed in paragraph (d) of subdivision one of section two

hundred ten of this chapter or if the taxpayer otherwise pays tax based

on the fixed dollar minimum amount, any amount of credit not deductible

in such taxable year shall be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. This credit may be claimed only

where any tax imposed by such section one hundred eighty-six-e has been

separately stated on a bill from the provider of telecommunication

services and paid by such business with respect to such services

rendered within a tax-free NY area during the taxable year. Unless the

taxpayer has a tax-free NY area allocation factor of one hundred

percent, the credit allowed under this subdivision for any taxable year

shall not reduce the tax due for such year to less than the amount

prescribed in paragraph (d) of subdivision one of section two hundred

ten of this chapter. Provided, however, the provisions of subsection (c)

of section one thousand eighty-eight of this chapter notwithstanding, no

interest shall be paid thereon.

45. Order of credits. Credits allowable under this article which

cannot be carried over and which are not refundable shall be deducted

first. Credits allowable under this article which can be carried over,

and carryovers of such credits, shall be deducted next, and among such

credits, those whose carryover is of limited duration shall be deducted

before those whose carryover is of unlimited duration. Credits allowable

under this article which are refundable shall be deducted last.

46. Notwithstanding the repeal of the credit provisions contained in

section two hundred ten of this article or in article thirty-two of this

chapter and the enactment of this section by a chapter of the laws of

two thousand fourteen:

(a) A taxpayer shall be allowed to utilize any carryforward amounts of

credits to which the taxpayer was entitled as of the close of the

taxable year beginning on or after January first, two thousand fourteen

and before January first, two thousand fifteen, other than the

carryforward amount of the minimum tax credit provided under subdivision

thirteen of section two hundred ten, as that subdivision was in effect

on December thirty-first, two thousand fourteen.

(b) A taxpayer shall be required in a taxable year beginning on or

after January first, two thousand fifteen, to recapture all or a portion

of a credit allowed under a credit provision in section two hundred ten

or article thirty-two of this chapter for a taxable year beginning prior

to January first, two thousand fifteen if recapture would have been

required under such credit provision.

* 47. Musical and theatrical production credit. (a) Allowance of

credit. A taxpayer who is eligible pursuant to section twenty-four-a of

this chapter shall be allowed a credit to be computed as provided in

such section against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. Provided, however, that if the

amount of the credit allowable under this subdivision for any taxable

year reduces the tax to such amount or if the taxpayer otherwise pays

tax based on the fixed dollar minimum amount, the excess shall be

treated as an overpayment of tax to be credited or refunded in

accordance with the provisions of section one thousand eighty-six of

this chapter. Provided, further, the provisions of subsection (c) of

section one thousand eighty-eight of this chapter notwithstanding, no

interest shall be paid thereon.

* NB Repealed January 1, 2030

48. Workers with disabilities tax credit. (a) A qualified employer, as

defined in paragraph one of subdivision (b) of section twenty-five-b of

the labor law, shall be entitled to a credit against the tax imposed by

this article. The amount of the credit shall be: fifteen percent of the

qualified wages paid after January first, two thousand fifteen to a

qualified full-time employee who is employed for not less than six

months and who works at least thirty hours per week; and shall be ten

percent of the qualified wages paid after January first, two thousand

fifteen to a qualified part-time employee who is employed for not less

than six months and works at least eight hours per week. The credit

allowed pursuant to this subdivision shall not exceed, during any

taxable year, five thousand dollars for any qualified full time employee

and two thousand five hundred dollars for any qualified part time

employee. "Qualified wages" means wages paid or incurred by the

qualified employer during the taxable year to a qualified employee which

are attributable, with respect to such employee, to services rendered by

the qualified employee.

(b) Carryover. The credit allowed under this subdivision for any

taxable year shall not reduce the tax due for such year to less than the

amount prescribed in paragraph (d) of subdivision one of section two

hundred ten of this article. However, if the amount of credit allowable

under this subdivision for any taxable year reduces the tax to such

amount or if the taxpayer otherwise pays tax based on the fixed dollar

minimum amount, any amount of credit not deductible in such taxable year

may be carried over to the following three years, and may be deducted

from the qualified employer's tax for such years.

(c) The taxpayer shall attach to its tax return its final certificate

of eligibility issued by the commissioner of labor pursuant to section

twenty-five-b of the labor law for each taxable year that the credit is

claimed. In no event shall the taxpayer be allowed a credit greater than

the amount of the credit listed on the final certificate of eligibility.

Notwithstanding any provision of this chapter to the contrary, the

commissioner and the commissioner's designees may release the names and

addresses of any taxpayer claiming this credit and the amount of the

credit earned by the taxpayer.

(d) A qualified employer may not claim the workers with disabilities

tax credit if it claims any of the other credits for employment of

persons with disabilities under either subsection (o) of section six

hundred six, subdivision twelve of this section, or subdivision (j) of

section fifteen hundred eleven of this chapter.

49. Empire state apprenticeship tax credit. (a) A taxpayer that has

been certified by the commissioner of labor as a certified employer

pursuant to section twenty-five-c of the labor law shall be allowed a

credit against the tax imposed by this article equal to the amount

specified under subdivision (c) of section twenty-five-c of the labor

law. In no event shall the taxpayer be allowed a credit greater than the

amount of the credit listed on the final certificate of eligibility.

(b) The credit allowed under this subdivision for any taxable year may

not reduce the tax due for that year to less than the amount prescribed

in paragraph (d) of subdivision one of section two hundred ten of this

article. However, if the amount of the credit allowed under this

subdivision for any taxable year reduces the tax to that amount or if

the taxpayer otherwise pays tax based on the fixed dollar minimum

amount, any amount of credit not deductible in that taxable year will be

treated as an overpayment of tax to be credited or refunded in

accordance with the provisions of section one thousand eighty-six of

this chapter. Provided, however, no interest will be paid thereon.

50. Employee training incentive program tax credit. (a) For taxable

years beginning before January first, two thousand twenty-nine, a

taxpayer that has been approved by the commissioner of economic

development to participate in the employee training incentive program

and has been issued a certificate of tax credit pursuant to section four

hundred forty-three of the economic development law shall be allowed to

claim a credit against the tax imposed by this article. The credit

shall equal fifty percent of a taxpayer's eligible training costs, up to

a credit of ten thousand dollars per employee completing eligible

training pursuant to paragraph (a) of subdivision three of section four

hundred forty-one of the economic development law. The credit shall

equal fifty percent of the stipend paid to an intern, up to a credit of

three thousand dollars per intern completing eligible training pursuant

to paragraph (b) of subdivision three of section four hundred forty-one

of the economic development law. In no event shall a taxpayer be allowed

a credit greater than the amount of credit listed on the certificate of

tax credit issued by the commissioner of economic development. The

credit will be allowed in the taxable year in which the eligible

training is completed.

(b) The credit allowed under this subdivision for any taxable year may

not reduce the tax due for that year to less than the amount prescribed

in paragraph (d) of subdivision one of section two hundred ten of this

article. However, if the amount of credit allowed under this subdivision

for any taxable year reduces the tax to such amount, or if the taxpayer

otherwise pays tax based on the fixed dollar minimum amount, any amount

of credit thus not deductible in that taxable year will be treated as an

overpayment of tax to be credited or refunded in accordance with the

provisions of section one thousand eighty-six of this chapter. Provided,

however, the provisions of subsection (c) of section one thousand

eighty-eight of this chapter notwithstanding, no interest will be paid

thereon.

(c) The taxpayer may be required to attach to its tax return its

certificate of tax credit issued by the commissioner of economic

development pursuant to section four hundred forty-three of the economic

development law. In no event shall the taxpayer be allowed a credit

greater than the amount of the credit listed in the certificate of tax

credit, or in the case of a taxpayer who is a partner in a partnership

or a member of a limited liability company, its pro rata share of the

amount of credit listed in the certificate of tax credit issued to the

partnership or limited liability company.

51. Farm workforce retention credit. (a) Allowance of credit. A

taxpayer shall be allowed a credit, to be computed as provided in

section forty-two of this chapter, against the tax imposed by this

article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year may not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year will be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

* 52. Life sciences research and development tax credit. (a) Allowance

of credit. A taxpayer that is eligible pursuant to section forty-three

of this chapter shall be allowed a credit to be computed as provided in

such section against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. Provided, however, that if the

amount of the credit allowable under this subdivision for any taxable

year reduces the tax to such amount or if the taxpayer otherwise pays

tax based on the fixed dollar minimum amount, the excess shall be

treated as an overpayment of tax to be credited or refunded in

accordance with the provisions of section one thousand eighty-six of

this chapter. Provided, further, the provisions of subsection (c) of

section one thousand eighty-eight of this chapter notwithstanding, no

interest shall be paid thereon.

* NB There are 2 sb 52's

* 52. Credit for farm donations to food pantries. (a) General. In the

case of a taxpayer that is an eligible farmer, there shall be allowed a

credit, to be computed as hereinafter provided against the tax imposed

by this article for taxable years beginning on and after January first,

two thousand eighteen. The amount of the credit shall be twenty-five

percent of the fair market value of the taxpayer's qualified donations

made to any eligible food pantry during the taxable year, not to exceed

five thousand dollars per taxable year for taxable years ending before

January first, two thousand twenty-six, and fifty percent of the fair

market value of the taxpayer's qualified donations made to any eligible

food pantry during the taxable year, not to exceed twenty thousand

dollars per taxable year, for taxable years beginning on and after

January first, two thousand twenty-six. If the taxpayer is a partner in

a partnership, then the cap imposed by the preceding sentence shall be

applied at the entity level, so that the aggregate credit allowed to all

partners of such entity in the taxable year does not exceed five

thousand dollars for taxable years ending before January first, two

thousand twenty-six, and twenty thousand dollars for taxable years

beginning on and after January first, two thousand twenty-six.

(b) Eligible farmer. For purposes of this subdivision, the term

"eligible farmer" shall have the same meaning as set forth subdivision

eleven of this section.

(c) Qualified donation. For purposes of this subdivision, the term

"qualified donation" means a donation of apparently wholesome food, as

defined in section 170(e)(3)(C)(vi) of the internal revenue code, grown

or produced within this state, by an eligible farmer to an eligible food

pantry.

(d) Eligible food pantry. For purposes of this subdivision, the term

"eligible food pantry" means any food pantry, food bank, or other

emergency food program operating within this state that has qualified

for tax exemption under section 501(c)(3) of the internal revenue code.

(e) Determination of fair market value. For purposes of this

subdivision, to determine the fair market value of apparently wholesome

food donated to an eligible food pantry, the standards set forth under

section 170(e)(3)(C)(v) of the internal revenue code shall apply.

(f) Record of donation. To claim a credit under this subdivision, a

taxpayer must get and keep a receipt from the eligible food pantry

showing: (i) the name of the eligible food pantry; (ii) the date and

location of the qualified donation; and (iii) a reasonably detailed

description of the qualified donation. A letter or other written

communication from the eligible food pantry acknowledging receipt of the

contribution and containing the information in subparagraphs (i), (ii),

and (iii) of this paragraph will serve as a receipt.

(g) Application of credit. The credit allowed under this subdivision

for any taxable year will not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year will be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

* NB There are 2 sb 52's

* 53. Employer-provided child care credit. (a) Allowance of credit. A

taxpayer shall be allowed a credit, to be computed as provided in

section forty-four of this chapter, against the tax imposed by this

article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year may not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of the

credit allowed under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year will be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest shall be paid thereon.

(c) Credit recapture. For provisions requiring recapture of credit,

see section forty-four of this chapter.

* NB There are 2 sb 53's

* 53. Recovery tax credit. (a) Allowance of credit. A taxpayer that is

a certified employer pursuant to section 32.38 of the mental hygiene law

that has received a certificate of tax credit from the commissioner of

the office of alcoholism and substance abuse services shall be allowed a

credit against the tax imposed by this article equal to the amount shown

on such certificate of tax credit. A taxpayer that is a partner in a

partnership or member of a limited liability company that has been

certified by the commissioner of the office of alcoholism and substance

abuse services as a qualified employer pursuant to section 32.38 of the

mental hygiene law shall be allowed its pro rata share of the credit

earned by the partnership or limited liability company.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year may not reduce the tax due for that year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of the

credit allowed under this subdivision for any taxable year reduces the

tax to that amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit not deductible in that

taxable year will be treated as an overpayment of tax to be credited or

refunded in accordance with the provisions of section one thousand

eighty-six of this chapter. Provided, however, no interest will be paid

thereon.

(c) Tax return requirement. The taxpayer shall be required to attach

to its tax return, in the form prescribed by the commissioner, proof of

receipt of its certificate of tax credit issued by the commissioner of

the office of alcoholism and substance abuse services pursuant to

section 32.38 of the mental hygiene law.

* NB There are 2 sb 53's

* 54. Television writers' and directors' fees and salaries credit. (a)

Allowance of credit. A taxpayer who is eligible pursuant to section

twenty-four-b of this chapter shall be allowed a credit to be computed

as provided in such section against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. Provided, however, that if the

amount of the credit allowable under this subdivision for any taxable

year reduces the tax to such amount or if the taxpayer otherwise pays

tax based on the fixed dollar minimum amount, the excess shall be

treated as an overpayment of tax to be credited or refunded in

accordance with the provisions of section one thousand eighty-six of

this chapter. Provided, further, the provisions of subsection (c) of

section one thousand eighty-eight of this chapter notwithstanding, no

interest shall be paid thereon.

* NB Effective on the first of January next succeeding the date the

department of economic development provides notice to the legislative

bill drafting commission of a determination pursuant to § 6 sb 2 (b) of

chapter 683 of 2019

55. Empire state digital gaming media production credit. (a) Allowance

of credit. A taxpayer who is eligible pursuant to section forty-five of

this chapter shall be allowed a credit to be computed as provided in

such section forty-five against the tax imposed by this article. Under

no circumstances may a single taxpayer receive more than one million

five hundred thousand dollars in tax credits per year.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. Provided, however, that if the

amount of the credit allowable under this subdivision for any taxable

year reduces the tax to such amount, the excess shall be treated as an

overpayment of tax to be credited or refunded in accordance with the

provisions of section one thousand eighty-six of this chapter, provided,

however, no interest shall be paid thereon.

56. Restaurant return-to-work tax credit. (a) Allowance of credit. A

taxpayer shall be allowed a credit, to be computed as provided in

section forty-six of this chapter, against the taxes imposed by this

article.

(b) Application of credit. The credit allowed under this subdivision

for the taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for the taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year shall be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

56-a. Additional restaurant return-to-work tax credit. (a) Allowance

of credit. A taxpayer shall be allowed a credit, to be computed as

provided in section forty-six-a of this chapter, against the taxes

imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for the taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for the taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year shall be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

* 57. New York city musical and theatrical production tax credit. (a)

Allowance of credit. A taxpayer shall be allowed a credit, to be

computed as provided in section twenty-four-c of this chapter, against

the taxes imposed by this article.

(b) Application of credit. The credit allowed under this subdivision

for the taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for the taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year shall be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest shall be paid thereon.

* NB Repealed January 1, 2028

* 58. Farm employer overtime credit. (a) Allowance of credit. A

taxpayer shall be allowed a credit, to be computed as provided in

section forty-two-a of this chapter, against the tax imposed by this

article.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for any taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year shall be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest shall be paid thereon.

* NB There are 3 sb 58's

* 58. COVID-19 capital costs tax credit. (a) Allowance of credit. A

taxpayer shall be allowed a credit, to be computed as provided in

section forty-seven of this chapter, against the taxes imposed by this

article.

(b) Application of credit. The credit allowed under this subdivision

for the taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for the taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year shall be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

* NB There are 3 sb 58's

* 58. Grade no. 6 heating oil conversion tax credit. (a) Allowance of

credit. A taxpayer will be allowed a credit, to be computed as provided

in section forty-seven of this chapter, against the taxes imposed by

this article.

(b) Application of credit. The credit allowed under this subdivision

for the taxable year will not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for the taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit not deductible in such

taxable year will be treated as an overpayment of tax to be credited or

refunded in accordance with the provisions of section one thousand

eighty-six of this chapter. Provided, however, the provisions of

subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

* NB There are 3 sb 58's

59. Child care creation and expansion tax credit. (a) Allowance of

credit. A taxpayer shall be allowed a credit, to be computed as provided

in section forty-eight of this chapter, against the taxes imposed by

this article.

(b) Application of credit. The credit allowed under this subdivision

for the taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for the taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year shall be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

* 60. Newspaper and broadcast media jobs tax credit. (a) Allowance of

credit. A taxpayer shall be allowed a credit, to be computed as provided

in section forty-nine of this chapter, against the taxes imposed by this

article.

(b) Application of credit. The credit allowed under this subdivision

for the taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowable under this subdivision for the taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year shall be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

* NB There are 2 sb 60's

* 60.*2 Commercial security tax credit. (a) Allowance of credit. A

taxpayer shall be allowed a credit, to be computed as provided in

section forty-nine of this chapter, against the taxes imposed by this

article.

(b) Application of credit. The credit allowed under this subdivision

for the taxable year shall not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowable under this subdivision for the taxable year reduces the

tax to such amount or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

such taxable year shall be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

* NB There are 2 sb 60's

61. Semiconductor research and development tax credit. (a) Allowance

of credit. A taxpayer that has been approved by the commissioner of

economic development to participate in the semiconductor research and

development program and has been issued a certificate of tax credit

pursuant to section three hundred fifty-nine-e of the economic

development law shall be allowed to claim a credit against the tax

imposed by this article. The credit shall equal up to fifteen percent of

the cost or other basis for federal income tax purposes of the qualified

investment and shall be allowable in each taxable year for which the

commissioner of economic development has issued a certificate of tax

credit, for up to ten consecutive taxable years. In no event shall a

taxpayer be allowed a credit greater than the amount of credit listed on

the certificate of tax credit issued by the commissioner of economic

development. No cost or expense paid or incurred by the taxpayer that is

the basis for this credit shall be the basis for any other tax credit

provided by this chapter.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year may not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for any taxable year reduces the

tax to such amount, or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

that taxable year will be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

(c) Reporting. The taxpayer shall attach to its tax return its

certificate of tax credit issued by the commissioner of economic

development pursuant to section three hundred fifty-nine-e of the

economic development law. In no event shall the taxpayer be allowed a

credit greater than the amount of the credit listed on the certificate

of tax credit, or in the case of a taxpayer who is a partner in a

partnership, a member of a limited liability company, or shareholder in

an S corporation, its pro rata share of the amount of credit listed on

the certificate of tax credit.

(d) Credit recapture. If a certificate of eligibility or a certificate

of tax credit issued by the department of economic development under

article seventeen-A of the economic development law is revoked by such

department because the taxpayer does not meet the eligibility

requirement set forth in subdivision six of section three hundred

fifty-nine-c of the economic development law, the amount of credit

described in this subdivision and claimed by the taxpayer prior to that

revocation shall be added back to tax in the taxable year in which any

such revocation becomes final.

62. Semiconductor manufacturing workforce training program tax credit.

(a) Allowance of tax credit. A taxpayer that has been approved by the

commissioner of economic development to participate in the semiconductor

manufacturing workforce training program and has been issued a

certificate of tax credit pursuant to section five hundred three of the

economic development law shall be allowed to claim a credit against the

tax imposed by this article. The credit shall equal seventy-five percent

of wages, salaries or other compensation, training costs, and wrap

around services, up to a credit of twenty-five thousand dollars per

employee receiving eligible training, up to one million dollars per

eligible non-semiconductor manufacturing business and up to five million

dollars per eligible semiconductor manufacturing business pursuant to

subdivision three of section five hundred three of the economic

development law. In no event shall a taxpayer be allowed a credit

greater than the amount of credit listed on the certificate of tax

credit issued by the commissioner of economic development. The credit

shall be allowed in the taxable year in which the eligible training is

completed. No cost or other expense paid or incurred by the taxpayer

that is the basis for this credit shall be the basis for any other tax

credit provided by this chapter.

(b) Application of credit. The credit allowed under this subdivision

for any taxable year may not reduce the tax due for such year to less

than the amount prescribed in paragraph (d) of subdivision one of

section two hundred ten of this article. However, if the amount of

credit allowed under this subdivision for any taxable year reduces the

tax to such amount, or if the taxpayer otherwise pays tax based on the

fixed dollar minimum amount, any amount of credit thus not deductible in

that taxable year will be treated as an overpayment of tax to be

credited or refunded in accordance with the provisions of section one

thousand eighty-six of this chapter. Provided, however, the provisions

of subsection (c) of section one thousand eighty-eight of this chapter

notwithstanding, no interest will be paid thereon.

(c) Reporting. The taxpayer shall attach to its tax return its

certificate of tax credit issued by the commissioner of economic

development pursuant to section five hundred three of the economic

development law. In no event shall the taxpayer be allowed a credit

greater than the amount of the credit listed on the certificate of tax

credit, or in the case of a taxpayer who is a partner in a partnership,

a member of a limited liability company, or shareholder in an S

corporation, its pro rata share of the amount of credit listed in the

certificate of tax credit.

(d) Credit recapture. If a certificate of eligibility or a certificate

of tax credit issued by the department of the economic development under

article twenty-eight of the economic development law is revoked by such

department because the taxpayer does not meet the eligibility

requirement set forth in subdivision three of section five hundred three

of the economic development law, the amount of credit described in this

subdivision and claimed by the taxpayer prior to that revocation shall

be added back to tax in the taxable year in which any such revocation

becomes final.