N.Y. Tax Law § 36: Empire state jobs retention program credit

§ 36. Empire state jobs retention program credit. (a) Allowance of

credit. 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 (e) of this

section. The amount of the credit, allowable for ten consecutive tax

years, is equal to the amount determined pursuant to section four

hundred twenty-five of the economic development law.

(b) Eligibility. To be eligible for the empire state jobs retention

credit, the taxpayer shall have been issued a certificate of tax credit

by the department of economic development pursuant to subdivision four

of section four hundred twenty-four of the economic development law,

which certificate shall set forth the amount of the credit that may be

claimed for the taxable year. A taxpayer may claim such credit for up to

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.

However, a taxpayer shall not be allowed to claim the credit prior to

the tax year commencing on or after January first, two thousand twelve

and before January first, two thousand thirteen. The taxpayer shall be

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

for that taxable year. Such certificate, if required by the

commissioner, shall be attached to the taxpayer's return. No cost or

expense paid or incurred by the taxpayer which is included as part of

the calculation of this credit shall be the basis of any other tax

credit.

(c) Information sharing. (1) 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:

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

to a taxpayer's eligibility to participate in the empire state jobs

retention program;

(B) information regarding 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

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

submitted to the department and applications for admission into the

empire state jobs retention program.

Except as provided in paragraph two of this subdivision, 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.

(2) Notwithstanding any provision of this chapter, the commissioner or

the commissioner's designee is authorized to release the name of each

taxpayer claiming the credit and the amount of the credit earned by each

taxpayer. 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, only the name of a

limited liability company, partnership or subchapter S corporation

participating in the empire state jobs retention program and the amount

of credit earned by that entity may be released.

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

of tax credit issued by the department of economic development under

article twenty of the economic development law is revoked by such

department, 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.

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

this section, see the following provisions of this chapter:

(1) article 9-A: section 210-B, subdivision 37;

(2) article 22: section 606, subsection (tt);

(3) article 33, section 1511, subdivision (bb).