N.Y. Tax Law § 48: Child care creation and expansion tax credit

§ 48. Child care creation and expansion tax 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 (f) of this

section. The amount of the credit is equal to the amount determined

pursuant to section three hundred ninety-four-d of the social services

law and shall be claimed in the taxable year that includes the last day

of the service year for which the credit is calculated. No cost or

expense paid or incurred by the taxpayer that 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 child care creation and

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

of tax credit by the office of children and family services pursuant to

section three hundred ninety-four-c of the social services law. 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 office of children and family services.

(d) Information sharing. Notwithstanding any provision of this

chapter, employees of the office of children and family services and the

department shall be allowed and are directed to share and exchange:

(1) 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

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

submitted to the department. Except as provided in paragraph one of this

subdivision, all information exchanged between the office of children

and family services 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

office of children and family services under title one-A of article six

of the social services law is revoked by such office, 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 59;

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

(3) article 33: section 1511, subdivision (ee).