N.Y. Tax Law § 49*2: Commercial security tax credit

* § 49. Commercial security tax credit. (a) Allowance of credit. For

taxable years beginning on or after January first, two thousand

twenty-four and before January first, two thousand twenty-nine, a

taxpayer required to file a return pursuant to articles nine, 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 eight hundred forty-five-e of the executive law. 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) To be eligible for the commercial security tax credit, the

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

division of criminal justice services pursuant to section eight hundred

forty-five-e of the executive 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 the 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 division of

criminal justice services.

(d) Information sharing. Notwithstanding any provision of this

chapter, employees of the division of criminal justice services 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 commercial security

tax credit program;

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

pursuant to this section and taxpayers that are applying for the

commercial security tax credit program or that are claiming such credit;

and

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

submitted to the department and applications for admission into the

commercial security tax credit program. All information exchanged

between the department and the division of criminal justice services

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

division of criminal justice services under section eight hundred

forty-five-e of the executive law is revoked by the division, the amount

of credit described in this section and claimed by the taxpayer prior to

such revocation shall be added back to tax in the taxable year 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; section 187-r;

(2) article 9-A: section 210-B, subdivision 60;

(3) article 22: section 606, subdivision (ppp).

* NB There are two § 49's