2012 New York Consolidated Laws
TAX - Tax
Article 1 - (1 - 37) SHORT TITLE; DEFINITIONS; MISCELLANEOUS
36 - Empire state jobs retention program credit.

 
    §  36.  Empire  state  jobs retention program credit. (a) Allowance of
  credit. A taxpayer subject to  tax  under  article  nine-A,  twenty-two,
  thirty-two  or  thirty-three  of  this chapter shall be allowed a credit
  against such tax, pursuant to the provisions referenced  in  subdivision
  (e)  of  this  section.  The  amount  of  the  credit, allowable for ten
  consecutive tax years, is equal to the  amount  determined  pursuant  to
  section four hundred twenty-five of the economic development law.
    (b)  Eligibility.  To  be eligible for the empire state jobs retention
  credit, the taxpayer shall have been issued a certificate of tax  credit
  by  the  department of economic development pursuant to subdivision four
  of section four hundred twenty-four of  the  economic  development  law,
  which  certificate  shall set forth the amount of the credit that may be
  claimed for the taxable year. A taxpayer may claim such credit for up to
  ten consecutive taxable years commencing in the first taxable year  that
  the  taxpayer  receives a certificate of tax credit or the first taxable
  year listed on its preliminary schedule of benefits, whichever is later.
  However, a taxpayer shall not be allowed to claim the  credit  prior  to
  the  tax  year commencing on or after January first, two thousand twelve
  and before January first, two thousand thirteen. The taxpayer  shall  be
  allowed to claim only the amount listed on the certificate of tax credit
  for   that   taxable   year.   Such  certificate,  if  required  by  the
  commissioner, shall be attached to the taxpayer's  return.  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.
    (c)  Information  sharing.  (1)  Notwithstanding any provision of this
  chapter,  employees  and  officers  of  the   department   of   economic
  development  and  the  department  shall  be allowed and are directed to
  share and exchange:
    (A) information derived from tax returns or reports that  is  relevant
  to  a  taxpayer's  eligibility  to  participate in the empire state jobs
  retention program;
    (B) information regarding the credit applied for, allowed  or  claimed
  pursuant  to  this section and taxpayers who are applying for the credit
  or who are claiming the credit; and
    (C) information contained  in  or  derived  from  credit  claim  forms
  submitted  to  the  department  and  applications for admission into the
  empire state jobs retention 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.
    (2) Notwithstanding any provision of this chapter, the commissioner or
  the commissioner's designee is authorized to release the  name  of  each
  taxpayer claiming the credit and the amount of the credit earned by each
  taxpayer.  However, if the taxpayer claims a credit because the taxpayer
  is a member of a limited liability company, a partner in  a  partnership
  or  a  shareholder  in  a  subchapter  S corporation, only the name of a
  limited liability  company,  partnership  or  subchapter  S  corporation
  participating  in the empire state jobs retention program and the amount
  of credit earned by that entity may be released.
    (d) Credit recapture. If a certificate of eligibility or a certificate
  of tax credit issued by the department  of  economic  development  under
  article  twenty  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.

    (e) 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, subdivision 44;
    (2) article 22: section 606, subsection (tt);
    (3) article 32: section 1456, subsection (y);
    (4) article 33, section 1511, subdivision (bb).