N.Y. Tax Law § 46: Restaurant return-to-work tax credit

§ 46. Restaurant return-to-work tax credit. (a) Allowance of credit. A

taxpayer subject to tax under article nine-A or twenty-two of this

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

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

the credit is equal to the amount determined pursuant to section four

hundred seventy-five of the economic development law. 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

allowed under this chapter.

(b) Eligibility. To be eligible for the restaurant return-to-work tax

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

by the department of economic development pursuant to subdivision two of

section four hundred seventy-four of the economic development law, which

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

for the taxable year. The taxpayer shall be allowed to claim only the

amount listed on the certificate of tax credit for that taxable year. A

taxpayer that is a partner in a partnership, member of a limited

liability company or shareholder in a subchapter S corporation that has

received a certificate of tax credit shall be allowed its pro rata share

of the credit earned by the partnership, limited liability company or

subchapter S corporation.

(c) Tax return requirement and advance payment option. (1) 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 department of economic

development.

(2) Taxpayers who choose to use August thirty-first, two thousand

twenty-one as the last date to calculate their average ending full-time

employment and have received their certificate of tax credit by November

fifteenth, two thousand twenty-one shall have the option to request an

advance payment of the amount of tax credit they are allowed under this

section. A taxpayer must submit such request to the department in the

manner prescribed by the commissioner after it has been issued a

certificate of tax credit by the department of economic development

pursuant to subdivision two of section four hundred seventy-four of the

economic development law (or such certificate has been issued to a

partnership, limited liability company or subchapter S corporation in

which it is a partner, member or shareholder, respectively), but such

request must be submitted no later than November fifteenth, two thousand

twenty-one. For those taxpayers who have requested an advance payment

and for whom the commissioner has determined eligible for this credit,

the commissioner shall advance a payment of the tax credit allowed to

the taxpayer. However, in the case of a taxpayer subject to article

nine-A of this chapter, such payment shall be equal to the amount of

credit allowed to the taxpayer less twenty-five dollars. Such

twenty-five dollars shall represent a partial payment of tax owed by the

taxpayer under article nine-A, including any fixed dollar minimum owed

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

this chapter. When a taxpayer files its return for the taxable year,

such taxpayer shall properly reconcile the advance payment and any

partial payment of fixed dollar minimum tax, if applicable, on the

taxpayer's return.

(d) Information sharing. Notwithstanding any provision of this

chapter, employees 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 restaurant

return-to-work tax credit program;

(2) information regarding the credit applied for, allowed or claimed

pursuant to this section and taxpayers that are applying for the credit

or that 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

restaurant return-to-work tax credit 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.

(e) Credit recapture. If a certificate of tax credit issued by the

department of economic development under article twenty-five 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.

(f) 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 56;

(2) article 22: section 606, subsection (lll).