2006 New York Code - Tax Credit.

 
    §  11-704.3  Tax  credit.  (a)  (1) For the period beginning September
  first,  nineteen  hundred  ninety-five  and  ending  May   thirty-first,
  nineteen  hundred  ninety-six, a credit shall be allowed against the tax
  imposed by this chapter, such credit to be determined in accordance with
  the following table:
 
  If the tenant's annualized           The credit shall be an amount equal
  base rent for such period is:        to the following  percentage of the
                                       tax imposed on such annualized base
                                       rent for such period:
  At least:                But not over:
  $40,000                  $44,999                  80%
  $45,000                  $49,999                  60%
  $50,000                  $54,999                  40%
  $55,000                  $59,999                  20%
 
    If  the  tenant's  annualized  base  rent  for  such  period  is  over
  fifty-nine thousand nine hundred ninety-nine dollars, no credit shall be
  allowed under this paragraph.
    (2) For the tax year beginning June first, nineteen hundred ninety-six
  and  ending  May  thirty-first,  nineteen hundred ninety-seven, a credit
  shall be allowed against the tax imposed by this chapter, such credit to
  be determined in accordance with the following table:
 
  If the tenant's base rent is:        The credit shall be an amount equal
                                       to the  following percentage of the
                                       tax imposed  on such  base rent for
                                       the tax year:
  At least:                But not over:
  $40,000                  $44,999                  80%
  $45,000                  $49,999                  60%
  $50,000                  $54,999                  40%
  $55,000                  $59,999                  20%
 
    If the tenant's base rent is over  fifty-nine  thousand  nine  hundred
  ninety-nine dollars, no credit shall be allowed under this paragraph.
    (3)  For  each  tax  year  beginning  on or after June first, nineteen
  hundred ninety-seven and ending  on  or  before  May  thirty-first,  two
  thousand,  a  credit  shall  be  allowed against the tax imposed by this
  chapter, such credit to be determined in accordance with  the  following
  table:
 
  If the tenant's base rent is:        The credit shall be an amount equal
                                       to the following  percentage of the
                                       tax imposed by this chapter for the
                                       tax year:
  At least:                But not over:
  $100,000                 $109,999                 80%
  $110,000                 $119,999                 60%
  $120,000                 $129,999                 40%
  $130,000                 $139,999                 20%
 
    If  the  tenant's  base  rent is over one hundred thirty-nine thousand
  nine hundred ninety-nine dollars, no credit shall be allowed under  this
  paragraph.  For  purposes  of  this  paragraph,  'base  rent'  shall  be
  calculated without regard to any  reduction  in  base  rent  allowed  by
  paragraph two of subdivision h of section 11-704 of this chapter.


    (4)  For  the  period  beginning  June  first, two thousand and ending
  November thirtieth, two thousand, a credit shall be allowed against  the
  tax  imposed by this chapter, such credit to be determined in accordance
  with the following table:
 
  If the tenant's annualized           The credit shall be an amount equal
  base rent for such period is:        to the following percentage of the
                                       tax imposed on such annualized base
                                       rent for such period:
  At least:                But not over:
  $100,000                 $109,999                 80%
  $110,000                 $119,999                 60%
  $120,000                 $129,999                 40%
  $130,000                 $139,999                 20%
 
    If  the  tenant's  annualized  base  rent  for such period is over one
  hundred thirty-nine thousand nine hundred ninety-nine dollars, no credit
  shall be allowed under this paragraph. For purposes  of  this  paragraph
  'base  rent' shall be calculated without regard to any reduction in base
  rent allowed by paragraph two of subdivision h of section 11-704 of this
  chapter.
    (5) For the period beginning December first, two thousand  and  ending
  May  thirty-first,  two  thousand one, a credit shall be allowed against
  the tax imposed by  this  chapter,  such  credit  to  be  determined  in
  accordance with the following table:
 
  If the tenant's annualized           The credit shall be an amount equal
  base rent for such period is:        to the following percentage of the
                                       tax imposed on such annualized base
                                       rent for such period:
  At least:                But not over:
  $150,000                 $159,999                 80%
  $160,000                 $169,999                 60%
  $170,000                 $179,999                 40%
  $180,000                 $189,999                 20%
 
    If  the  tenant's  annualized  base  rent  for such period is over one
  hundred eighty-nine thousand nine hundred ninety-nine dollars, no credit
  shall be allowed under this paragraph. For purposes of  this  paragraph,
  'base  rent' shall be calculated without regard to any reduction in base
  rent allowed by paragraph two of subdivision h of section 11-704 of this
  chapter.
    (6) For each tax year beginning on or after June first,  two  thousand
  one,  a  credit shall be allowed against the tax imposed by this chapter
  as follows: a tenant whose base rent is at least two hundred  and  fifty
  thousand  dollars but not more than three hundred thousand dollars shall
  be allowed a credit in an amount determined  by  multiplying  three  and
  nine-tenths percent of base rent by a fraction the numerator of which is
  three  hundred  thousand  dollars  minus the amount of base rent and the
  denominator of which is fifty thousand dollars.  If  the  tenant's  base
  rent  is over three hundred thousand dollars, no credit shall be allowed
  under this paragraph. For purposes of this paragraph, 'base rent'  shall
  be  calculated  without  regard to any reduction in base rent allowed by
  paragraph two of subdivision h of section 11-704 of this chapter.
    (b) (1) Where the base rent of a tenant is for a period of  less  than
  one  year,  such  base  rent  shall,  for  purposes  of this section, be
  determined as if it had been on an equivalent basis for the entire year.
  The credits allowed under this section shall be deducted  prior  to  the


  deduction  of  any  credit  allowable  under  section  11-704.1  of this
  chapter.
    (2)  For  purposes  of  paragraphs four and five of subdivision (a) of
  this section, base rent  for  the  period  specified  in  each  of  such
  paragraphs  shall  be  separately  annualized  as  if  it had been on an
  equivalent basis for an entire year, irrespective  of  the  actual  base
  rent for the tax year including the period specified in such paragraph.