N.Y. Tax Law § 31: Excelsior jobs program credit

* § 31. Excelsior jobs program credit. (a) General. A taxpayer

subject to tax under article nine-A, twenty-two or thirty-three of this

chapter shall be allowed a credit against such tax, pursuant to the

provisions referenced in subdivision (g) of this section. The amount of

the credit, allowable for up to ten consecutive taxable years, is the

sum of the following four credit components:

(1) the excelsior jobs tax credit component;

(2) the excelsior investment tax credit component;

(2-a) the excelsior child care services tax credit component;

(3) the excelsior research and development tax credit component; and

(4) the excelsior real property tax credit component.

(b) To be eligible for the excelsior jobs program credit, the taxpayer

shall have been issued a "certificate of tax credit" by the department

of economic development pursuant to subdivision four of section three

hundred fifty-four of the economic development law, which certificate

shall set forth the amount of each credit component that may be claimed

for the taxable year. A taxpayer may claim such credit for ten

consecutive taxable years commencing in the first taxable year that the

taxpayer receives a certificate of tax credit or the first taxable year

listed on its preliminary schedule of benefits, whichever is later,

provided that no tax credits may be allowed for taxable years beginning

on or after January first, two thousand forty. The taxpayer shall be

allowed to claim only the amount listed on the certificate of tax credit

for that taxable year. Such certificate must be attached to the

taxpayer's return. No cost or expense paid or incurred by the taxpayer

shall be the basis for more than one component of this credit or any

other tax credit, except as provided in section three hundred fifty-five

of the economic development law.

(c) Election of credit. A taxpayer who or which is qualified to claim

the excelsior investment tax credit component and is also qualified to

claim the investment tax credit provided for under subdivision one of

section two hundred ten-B or subsection (a) of section six hundred six

of this chapter, may claim either the excelsior investment tax credit

component or the investment tax credit, but not both with regard to a

particular piece of property. In addition, a taxpayer who or which is

qualified to claim the excelsior investment tax credit component and is

also qualified to claim the brownfield tangible property credit

component under section twenty-one of this article, as added by chapter

one of the laws of two thousand three, may claim either the excelsior

investment tax credit component or such tangible property credit

component, but not both with regard to a particular piece of property.

The election to claim the excelsior investment tax credit component, the

investment tax credit or the brownfield tangible property credit

component, with regard to the same property, is irrevocable.

(d) Information sharing. Notwithstanding any provision of this

chapter, employees and officers of the department of economic

development and the department shall be allowed and are directed to

share and exchange:

(1) information derived from tax returns or reports that is relevant

to a taxpayer's eligibility to participate in the excelsior jobs

program;

(2) information regarding the component or components of the credit

applied for, allowed, or claimed pursuant to this section and taxpayers

who are applying for the credit or who are claiming the credit; and

(3) information contained in or derived from credit claim forms

submitted to the department and applications for admission into the

excelsior jobs program.

Other than the information required to be contained in the report

issued pursuant to subdivision (e) of this section, all information

exchanged between the department of economic development and the

department shall not be subject to disclosure or inspection under the

state's freedom of information law.

(e) Excelsior jobs program credit report. (1) The commissioner must

publish an excelsior jobs program tax credit report annually by June

thirtieth. The first report must be published by June thirtieth, two

thousand twelve.

(2) The credit report must contain the following information about the

excelsior jobs program tax credit claimed under this chapter during the

previous calendar year:

(i) the name of each taxpayer claiming a credit; provided however, if

the taxpayer claims a credit because the taxpayer is a member of a

limited liability company, a partner in a partnership or a shareholder

in a subchapter S corporation, the name of each limited liability

company, partnership or subchapter S corporation earning any of the

credit must be included in the report instead of information about the

taxpayer claiming the credit; and

(ii) the amount of each credit component earned by each taxpayer;

provided however, if the taxpayer claims a credit because the taxpayer

is a member of a limited liability company, a partner in a partnership

or a shareholder in a subchapter S corporation, the amount of credit

earned by each entity must be included in the report instead of

information about the taxpayer claiming the credit.

(3) The credit report may also contain any other information received

by the commissioner with regard to the excelsior jobs program credit

that the commissioner deems to be useful in evaluating the use of the

credit. The information included in the credit report will be based on

the information filed with the department during the previous calendar

year, to the extent that it is practicable to use that information.

(f) Credit recapture. If a certificate of eligibility or a certificate

of tax credit issued by the department of economic development under

article seventeen 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-three of the economic development law, the amount of credit

described in this section 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.

(f-1) Credit recapture for unrealized job creation. If, in any given

year, a taxpayer who has satisfied the eligibility criteria specified in

section three hundred fifty-three of the economic development law

realizes job creation less than the estimated amount, the credit

described in this section allowed in that year shall be reduced by the

proportion of actual job creation to the estimated amount, provided the

proportion is at least seventy-five percent of the jobs estimated.

(g) Cross-references. For application of the credit provided for in

this section, see the following provisions of this chapter:

(2) article 9-A: section 210-B: subdivision 31.

(3) article 22: section 606: subsection (qq).

(4) article 33: section 1511: subdivision (y).

* NB There are 2 § 31's