2006 New York Code - Authorization To Provide Relocation And Employment Assistance Credits In Lower Manhattan.

 
    § 22-624 Authorization to provide relocation and employment assistance
  credits  in  Lower Manhattan. (a) An eligible business that relocates as
  defined in subdivision (j) of  section  22-623  of  this  chapter  or  a
  special  eligible  business that relocates as defined in subdivision (m)
  of section 22-623 of this chapter shall be allowed to receive  a  credit
  against  a  tax  imposed  by chapter five, or subchapter two or three of
  chapter six, or  chapter  eleven,  of  title  eleven  of  the  code,  as
  described  in subdivision (l) of section 11-503, subdivision nineteen of
  section 11-604, section 11-643.9 or section 11-1105.3 of the code.
    (b) No  eligible  business  or  special  eligible  business  shall  be
  authorized  to receive a credit against tax under the provisions of this
  chapter, and of title eleven of the code as described in subdivision (a)
  of this section, until the premises with respect to which it is claiming
  the credit meet the requirements in the definition of eligible  premises
  and  until it has obtained a certification of eligibility from the mayor
  or an agency designated by the mayor, and an annual  certification  from
  the  mayor  or  an  agency  designated  by the mayor as to the number of
  eligible  aggregate  employment  shares  maintained  by  such   eligible
  business  or  special eligible business that may qualify for obtaining a
  tax credit for the eligible business' taxable year. No special  eligible
  business  shall  be authorized to receive a credit against tax under the
  provisions of this chapter and of title eleven of the  code  unless  the
  number   of  relocated  employee  base  shares  calculated  pursuant  to
  subdivision (o) of section 22-623 of this chapter is equal to or greater
  than the lesser of twenty-five percent of the number of  New  York  city
  base  shares  calculated  pursuant  to  subdivision  (p) of such section
  22-623,  and  two  hundred  fifty   employment   shares.   Any   written
  documentation submitted to the mayor or such agency or agencies in order
  to  obtain  any  such certification shall be deemed a written instrument
  for purposes of section 175.00 of the penal law.  Application  fees  for
  such  certifications  shall be determined by the mayor or such agency or
  agencies. No certification of eligibility shall be issued to an eligible
  business on or after July first, two thousand eight unless:
    (1) prior to such date such business has purchased, leased or  entered
  into  a  contract  to  purchase  or lease premises in the eligible Lower
  Manhattan area or a parcel on which will be constructed such premises;
    (2) prior to such  date  improvements  have  been  commenced  on  such
  premises  or  parcel,  which  improvements will meet the requirements of
  subdivision  (e)  of  section  22-623  of  this  chapter   relating   to
  expenditures for improvements;
    (3) prior to such date such business submits a preliminary application
  for  a  certification  of  eligibility  to  such mayor or such agency or
  agencies with respect to a proposed relocation to such premises; and
    (4) such business relocates to such premises not later than thirty-six
  months or, in a case in which the expenditures made for the improvements
  specified in paragraph two of this subdivision are in  excess  of  fifty
  million dollars within seventy-two months from the date of submission of
  such preliminary application.
    (c)  The  mayor or an agency or agencies designated by the mayor shall
  be authorized to promulgate rules  and  regulations  to  administer  and
  assure compliance with the provisions of this chapter, including but not
  limited  to  rules and regulations to provide for alternative methods to
  measure employment shares in instances where an eligible business is not
  required by law to maintain weekly records of full-time work  weeks  and
  part-time  work  weeks  of  employees,  partners  or sole proprietors as
  defined in subdivision (g) of section 22-623 of this chapter.
    (d) An eligible business or special eligible  business  other  than  a
  utility  company  subject to the supervision of the department of public


  service shall not be authorized to receive a credit  against  the  gross
  receipts  tax  imposed  under chapter eleven of title eleven of the code
  unless such eligible business or special  eligible  business  elects  to
  take  the  credit  authorized by this section against the tax imposed by
  such chapter on its application filed  with  the  mayor  or  the  agency
  designated  by  such  mayor pursuant to subdivision (b) of this section.
  The election authorized by this subdivision may not be  withdrawn  after
  the  issuance of such certification of eligibility. No taxpayer that has
  previously received a  certification  of  eligibility  to  receive  such
  credit  against  any  tax  imposed  by chapter five or subchapter two or
  three of chapter six of title eleven of the code may make  the  election
  authorized  by  this  subdivision.  No  taxpayer that makes the election
  provided in this subdivision shall be authorized  to  take  such  credit
  against  any  tax  imposed by chapter five or subchapter two or three of
  chapter six of title eleven of the code.