N.Y. COM Law § 359 — New York Code / Act COM / Article 17 / Section 359
Cap on tax credit
Status: in_force

§ 359. Cap on tax credit. 1. Except with respect to tax credits issued\nto Green CHIPS projects as articulated in subdivision four of this\nsection, the total amount of tax credits issued by the commissioner for\nany taxable year may not exceed the limitations set forth in this\nsubdivision. Except with respect to tax credits issued to Green CHIPS\nprojects as articulated in subdivision four of this section, one-half of\nany amount of tax credits not awarded for a particular taxable year may\nbe used by the commissioner to award tax credits in another taxable\nyear.\nCredit components in the aggregate           With respect to taxable\nshall not exceed:                            years beginning in:\n          $ 50 million                               2011\n          $ 100 million                              2012\n          $ 150 million                              2013\n          $ 200 million                              2014\n          $ 250 million                              2015\n          $ 183 million                              2016\n          $ 183 million                              2017\n          $ 183 million                              2018\n          $ 183 million                              2019\n          $ 183 million                              2020\n          $ 183 million                              2021\n          $ 133 million                              2022\n          $ 83 million                               2023\n          $ 36 million                               2024\n          $ 200 million                              2025\n          $ 200 million                              2026\n          $ 200 million                              2027\n          $ 200 million                              2028\n          $ 200 million                              2029\n          $ 200 million                              2030\n          $ 200 million                              2031\n          $ 200 million                              2032\n          $ 200 million                              2033\n          $ 200 million                              2034\n  2. Twenty-five percent of tax credits shall be allocated to businesses\naccepted into the program under subdivision four of section three\nhundred fifty-three of this article and seventy-five percent of tax\ncredits shall be allocated to businesses accepted into the program under\nsubdivision three of section three hundred fifty-three of this article.\n  3. Provided, however, if by September thirtieth of a calendar year,\nthe department has not allocated the full amount of credits available in\nthat year to either: (i) businesses accepted into the program under\nsubdivision four of section three hundred fifty-three of this article or\n(ii) businesses accepted into the program under subdivision three of\nsection three hundred fifty-three of this article, the commissioner may\nallocate any remaining tax credits to businesses referenced in this\nparagraph as needed; provided, however, that under no circumstances may\nthe aggregate statutory cap for all program years be exceeded. One\nhundred percent of the unawarded amounts remaining at the end of two\nthousand twenty-nine may be allocated in subsequent years,\nnotwithstanding the fifty percent limitation on any amounts of tax\ncredits not awarded in taxable years two thousand eleven through two\nthousand twenty-nine. Provided, however, no tax credits may be allowed\nfor taxable years beginning on or after January first, two thousand\nfifty.\n  4. The total amount of tax credits issued by the commissioner for the\ntaxable years two thousand twenty-two to two thousand forty-one for\nGreen CHIPS projects shall not exceed five hundred million per year. One\nhundred percent of any amount of tax credits not awarded for a\nparticular taxable year may be used by the commissioner to award tax\ncredits in another taxable year. Notwithstanding the foregoing, Green\nCHIPS projects may be allowed to claim credits for taxable years up to\nJanuary first, two thousand fifty.\n