2023 New York Laws
TAX - Tax
Article 29 - Taxes Authorized for Cities, Counties and School Districts
Part 1 - Authority to Impose Taxes
Sub Part A - Taxes Administered by Cities, Counties and School Districts
1201-A - Credits Against Taxes Administered by Cities of One Million or More.
§ 1201-a. Credits against taxes administered by cities of one million or more. (a) Any utility company subject to the supervision of the public service commission required to grant rebates or discounts on bills for energy services or natural gas in accordance with a local law adopted pursuant to article two-F of the general city law shall be entitled to a credit for such rebates and discounts, as provided in such article of the general city law, against the amount of tax to be paid pursuant to any gross receipts tax imposed by a local law adopted pursuant to subdivision (a) of section twelve hundred one of this chapter. The amounts of such rebates and discounts shall not be treated as affecting or reducing the gross receipts otherwise subject to tax under such gross receipts tax or reducing the amount of tax imposed by or pursuant to any authorization contained in this chapter.(b) Empire state film production credit. Any city in this state having a population of one million or more, acting through its local legislative body, is hereby authorized to adopt and amend local laws to allow a credit against the general corporation tax and the unincorporated business tax imposed pursuant to the authority of chapter seven hundred seventy-two of the laws of nineteen hundred sixty-six which shall be substantially identical to the credit allowed under section twenty-four of this chapter, except that (A) the percentage of qualified production costs used to calculate such credit shall be five percent, (B) whenever such section twenty-four references the state, such words shall be read as referencing the city, (C) such credit shall be allowed only to a taxpayer which is a qualified film production company, and (D) the effective date of such credit shall be July first, two thousand six. Such credit shall be applied in a manner consistent with the credit allowed under subdivision twenty of section two hundred ten-B of this chapter except as may be necessary to take into account differences between the general corporation tax and the unincorporated business tax.
(c) Empire state commercial production credit. Any city in this state having a population of one million or more, acting through its local legislative body, is hereby authorized to adopt and amend local laws to allow a credit against the general corporation tax and the unincorporated business tax imposed pursuant to the authority of chapter seven hundred seventy-two of the laws of nineteen hundred sixty-six which shall be substantially identical to the credit allowed under the provisions of section twenty-eight of this chapter, except that (A) the percentage of qualified production costs used to calculate such credit shall be five percent, (B) whenever such section twenty-eight references the state, such words shall be read as referencing the city, (C) such credit shall be allowed only to a taxpayer that is a qualified commercial production company, and (D) the effective date of such credit shall be as provided in local laws. Such credit shall be applied in a manner consistent with the credit allowed under subdivision twenty-three of section two hundred ten-B of this chapter except as may be necessary to take into account differences between the general corporation tax and unincorporated business tax.
(d) Biotechnology credit. 1. Any city in this state having a population of one million or more, acting through its local legislative body, is hereby authorized to adopt and amend local laws to allow a credit against the general corporation tax and the unincorporated business tax imposed pursuant to the authority of chapter seven hundred seventy-two of the laws of nineteen hundred sixty-six which shall be substantially identical to the credit described in subdivision twenty-one of section 11-654 of the administrative code of the city of New York, against the business corporation tax imposed pursuant to chapter sixty of the laws of two thousand fifteen, except that the effective date of such credit against the general corporation tax and the unincorporated business tax shall be as provided in such local laws.
2. The credit allowed by paragraph one of this subdivision shall be applied in a manner consistent with the credit described in subdivision twenty-one of section 11-654 of the administrative code of the city of New York except as may be necessary to take into account differences between such business corporation tax and such general corporation tax and such unincorporated business tax.
3. The aggregate amount of tax credits allowed under this subdivision in any calendar year shall be up to three million dollars. Such aggregate amount of credits shall be allocated by the New York city department of finance among eligible taxpayers on a pro rata basis. Taxpayers eligible for such pro rata allocation shall be determined by the New York city department of finance no later than February twenty-eighth of the succeeding calendar year in which a credit provided pursuant to this subdivision is applied.
4. The New York city department of finance shall establish by rule procedures for the allocation of tax credits allowed by local laws adopted pursuant to this subdivision. Such rules shall include provisions describing the application process, the due dates for such applications, the standards that shall be used to evaluate the applications, the documentation that will be provided to taxpayers to substantiate the amount of tax credits allocated to such taxpayers, and such other provisions as deemed necessary and appropriate.
5. Any local law adopted pursuant to this subdivision may provide for a credit as authorized by this subdivision for a maximum of three consecutive calendar years, provided, however, that any such credit:
(A) may not apply to taxable years beginning before January first, two thousand ten or beginning on or after January first, two thousand nineteen; and
(B) may not apply to taxable years beginning before January first, two thousand twenty-three or beginning on or after January first, two thousand twenty-six.
6. Any city in this state having a population of one million or more, acting through its local legislative body, is authorized to provide the credit set forth in subdivision twenty-one of section 11-654 of the administrative code of the city of New York, against the business corporation tax imposed pursuant to chapter sixty of the laws of two thousand fifteen, for a maximum of three consecutive calendar years, provided, however, that such credit may not apply to taxable years beginning before January first, two thousand twenty-three or beginning on or after January first, two thousand twenty-six.
