N.Y. Tax Law § 47: COVID-19 capital costs tax credit

* § 47. COVID-19 capital costs 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 eighty-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 COVID-19 capital costs tax

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

by the department of economic development pursuant to subdivision three

of section four hundred eighty-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. 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.

(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 COVID-19 capital costs

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

COVID-19 capital costs 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-six 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 58;

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

* NB There are 3 § 47's