N.Y. Tax Law § 46-a: Additional restaurant return-to-work tax credit

§ 46-a. Additional 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-a 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 additional restaurant

return-to-work tax credit, the taxpayer shall have been issued a

certificate of additional tax credit by the department of economic

development pursuant to subdivision four 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 additional 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 additional tax credit shall be allowed its pro

rata share of the credit earned by the partnership, limited liability

company or subchapter S corporation. However, the taxpayer must be a

partner, member or shareholder of such partnership, limited liability

company or subchapter S corporation as of April first, two thousand

twenty-two.

(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

additional tax credit issued by the commissioner of the department of

economic development.

(2) Taxpayers 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 additional

tax credit by the department of economic development pursuant to

subdivision four 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 September thirtieth, two thousand twenty-two.

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 are 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 additional 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-a;

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