N.Y. TAX Law § 47 — New York Code / Act TAX / Article 1 / Section 47
COVID-19 capital costs tax credit
Status: in_force

* § 47. COVID-19 capital costs tax credit. (a) Allowance of credit. A\ntaxpayer subject to tax under article nine-A or twenty-two of this\nchapter shall be allowed a credit against such tax, pursuant to the\nprovisions referenced in subdivision (f) of this section. The amount of\nthe credit is equal to the amount determined pursuant to section four\nhundred eighty-five of the economic development law. No cost or expense\npaid or incurred by the taxpayer which is included as part of the\ncalculation of this credit shall be the basis of any other tax credit\nallowed under this chapter.\n  (b) Eligibility. To be eligible for the COVID-19 capital costs tax\ncredit, the taxpayer shall have been issued a certificate of tax credit\nby the department of economic development pursuant to subdivision three\nof section four hundred eighty-four of the economic development law,\nwhich certificate shall set forth the amount of the credit that may be\nclaimed for the taxable year. The taxpayer shall be allowed to claim\nonly the amount listed on the certificate of tax credit for that taxable\nyear. A taxpayer that is a partner in a partnership, member of a limited\nliability company or shareholder in a subchapter S corporation that has\nreceived a certificate of tax credit shall be allowed its pro rata share\nof the credit earned by the partnership, limited liability company or\nsubchapter S corporation.\n  (c) Tax return requirement. The taxpayer shall be required to attach\nto its tax return in the form prescribed by the commissioner, proof of\nreceipt of its certificate of tax credit issued by the commissioner of\nthe department of economic development.\n  (d) Information sharing. Notwithstanding any provision of this\nchapter, employees of the department of economic development and the\ndepartment shall be allowed and are directed to share and exchange:\n  (1) information derived from tax returns or reports that is relevant\nto a taxpayer's eligibility to participate in the COVID-19 capital costs\ntax credit program;\n  (2) information regarding the credit applied for, allowed or claimed\npursuant to this section and taxpayers that are applying for the credit\nor that are claiming the credit; and\n  (3) information contained in or derived from credit claim forms\nsubmitted to the department and applications for admission into the\nCOVID-19 capital costs tax credit program. Except as provided in\nparagraph two of this subdivision, all information exchanged between the\ndepartment of economic development and the department shall not be\nsubject to disclosure or inspection under the state's freedom of\ninformation law.\n  (e) Credit recapture. If a certificate of tax credit issued by the\ndepartment of economic development under article twenty-six of the\neconomic development law is revoked by such department, the amount of\ncredit described in this section and claimed by the taxpayer prior to\nthat revocation shall be added back to tax in the taxable year in which\nany such revocation becomes final.\n  (f) Cross references. For application of the credit provided for in\nthis section, see the following provisions of this chapter:\n  (1) article 9-A: section 210-B, subdivision 58;\n  (2) article 22: section 606, subsection (nnn).\n  * NB There are 3 § 47's\n