N.Y. TAX Law § 1511 — New York Code / Act TAX / Article 33 / Section 1511
Credits
Status: in_force

§ 1511. Credits. (a) Credit for certain other premium taxes. In\ncomputing the tax imposed by this article there shall be allowed a\ncredit for the amount of taxes paid or accrued by the taxpayer during\nthe taxable year on premiums for any insurance against loss or damage by\nfire under section nine thousand one hundred four or section nine\nthousand one hundred five of the insurance law or under the charters of\nthe cities of Buffalo or New York; provided, however, that any unused\ncredit remaining may not be carried over to any other year.\n  (b) Credit against reciprocal taxes imposed by this state. In\nassessing taxes under the reciprocal provisions of section one thousand\none hundred twelve of the insurance law, credit shall be allowed for any\ntaxes paid under this article.\n  (c) Credit for certain taxes payable to other jurisdictions. (1) If,\nby the laws of any state other than this state, or by the action of any\npublic official of such other state, any insurer organized or domiciled\nin this state, or the duly authorized agents thereof, shall be required\nto pay taxes for the privilege of doing business in such other state and\nsuch amounts are imposed or assessed because the taxes which are or\nwould be imposed under this chapter and the insurance law upon insurers\norganized or domiciled in such other state are greater than those\nrequired of insurers organized or domiciled in this state by the laws of\nsuch other state for the privilege of doing business therein, then and\nin every case, to the extent such amounts are legally due to such other\nstates, an insurer organized or domiciled in this state may claim a\ncredit, as hereinafter provided, against the tax payable pursuant to\nthis article of a sum not to exceed ninety per cent of such amount.\nProvided, such credit shall in no event be greater than the tax payable\npursuant to this article during the taxable year with respect to which\nsuch amount has been imposed or assessed by such other states. For\npurposes of this section, the term "taxes for the privilege of doing\nbusiness" shall include, but shall not be limited to, a tax on or\nmeasured by income.\n  (2) A credit may be claimed for the amount computed as provided in\nparagraph one of this subdivision, on the return required pursuant to\nsection fifteen hundred fifteen, against the tax imposed pursuant to\nthis article for the taxable year in which such amount shall be paid. To\nthe extent such credit shall exceed the amount payable pursuant to\nsection fifteen hundred sixteen of this article for the taxable year\nagainst which the credit is allowed, the difference between the amount\nallowed as a credit and the tax payable pursuant to section fifteen\nhundred sixteen shall be credited or refunded by the tax commission,\nwithout interest.\n  (3) The credit allowed pursuant to this subdivision shall be in\naddition to the credits allowed pursuant to subdivisions (a) and (b) of\nthis section.\n  (4) The superintendent of financial services and the tax commission\nshall examine claims for credit or refund made under this subdivision.\nIf the superintendent of financial services or the tax commission shall\ndetermine that any amount for which a credit shall have been claimed was\nnot legally due to another state or that an error exists in the amount\nof credit shown on such return, or the amount claimed as a refund or\nrefunded, the tax commission shall take appropriate action under this\nchapter for the assessment and collection of any tax resulting from the\ndisallowance of a claim for credit made under this subdivision or to\ndisallow any such claim for refund.\n  (5) Any taxpayer which commences an action or proceeding in any state\nor federal court to contest the validity of any assessment made against\nthe taxpayer by another state pursuant to a statute similar to section\none thousand one hundred twelve of the insurance law or any other\nstatute or regulation of another state under which retaliatory taxes or\nother charges are imposed or assessed against such taxpayer shall give\nthe state tax commission and the superintendent of financial services\nwritten notice of the commencement of such action or proceeding within\nfive days after such commencement.\n  (d) Credit relating to eligible business facilities. (1) On or after\nApril first, nineteen hundred eighty-three, for taxable years beginning\nbefore January first, two thousand, a credit against the tax imposed by\nthis article shall be allowed only to an insurance corporation owning or\noperating an eligible business facility where such corporation has\nreceived a certificate of eligibility for tax credits, or a renewal or\nextension thereof, for such facility from the New York state job\nincentive board prior to April first, nineteen hundred eighty-three, or\nhas received a certificate of eligibility for tax credits, or a renewal\nor extension thereof, for such facility from the state tax commission\nsubsequent to such date pursuant to paragraph eight of this subdivision,\nand only with respect to such facility, to be computed as hereinafter\nprovided.\n  (2) The amount of the credit allowable in any taxable year shall be\nthe sum determined by multiplying the tax otherwise due by a percentage\nto be determined by:\n  (A) ascertaining the percentage which the total of eligible property\nvalues during the taxable year, as defined in paragraph four of this\nsubdivision, bears to the average value of all real and tangible\npersonal property connected with the insurance corporation and located\nwithin the state, during such year. For the purposes of this\nsubparagraph only, real and tangible personal property connected with\nthe insurance corporation shall include not only such property owned by\nthe insurance corporation but also property rented to it, and the value\nof rented property shall be deemed to be eight times the net annual\nrental rate, that is, the annual rental rate paid by the insurance\ncorporation less any annual rental rate received by it from subrentals.\n  (B) ascertaining the percentage which the total wages, salaries and\nother personal service compensation during the taxable year to\nemployees, except general executive officers, serving in jobs created or\nretained in an eligible area (as the term "eligible area" was defined by\nsection one hundred fifteen of the commerce law as it existed on March\nthirty-first, nineteen hundred eighty-three) by such business facility,\nbears to the total wages, salaries and other personal service\ncompensation during such taxable year of such insurance corporation's\nemployees within the state, except general executive officers.\n  (C) adding together the percentages so determined and dividing the\nresult by two; provided, however, that if no wages, salaries or other\npersonal service compensation was paid or incurred by the insurance\ncorporation during such year to employees in this state, subparagraph\n(B) of this paragraph shall be disregarded and the amount of credit\nallowable shall be determined by multiplying the tax otherwise due by\nthe percentage specified in subparagraph (A) of this paragraph.\n  (3) In no event shall the credit herein provided for be allowed in an\namount which will reduce the tax payable to less than the minimum fixed\nby paragraph four of subdivision (a) of section fifteen hundred two of\nsuch chapter.\n  (4) (A) Eligible property values, for the purposes of this subsection,\nshall include such part of the value of depreciable real and tangible\npersonal property included in an eligible business facility as\nrepresents:\n  (i) expenditures paid or incurred by the taxpayer for capital\nimprovements consisting of the construction, reconstruction, erection or\nimprovement of real property included in an eligible business facility,\nwhich construction, reconstruction, erection or improvement was\ncommenced on or after July first, nineteen hundred sixty-eight and\nexpenditures paid or incurred by the taxpayer for the acquisition of\nreal property, included in an eligible business facility, on or after\nJanuary first, nineteen hundred seventy-seven.\n  (ii) in the case of real property leased by the taxpayer from another\nparty, eight times the portion of the net annual rental rate\nattributable to such expenditures paid or incurred by the lessor for\nsuch construction, reconstruction, erection or improvement commenced on\nor after July first, nineteen hundred sixty-eight and, with respect to\nreal property leased by the taxpayer from another party on or after\nJanuary first, nineteen hundred seventy-seven, eight times any remaining\nportion of the net annual rental rate.\n  (iii) expenditures paid or incurred by the taxpayer for the purchase\nof tangible personal property, other than vehicles, included in an\neligible business facility, provided such property was purchased on or\nafter July first, nineteen hundred sixty-eight; and\n  (iv) in the case of tangible personal property, other than vehicles,\nleased by the taxpayer from another party and included in an eligible\nbusiness facility, eight times the net annual rental rate, provided the\nperiod for which such property was leased by the taxpayer began on or\nafter July first, nineteen hundred sixty-eight.\n  (B) Provided, however, eligible property values for purposes of this\nsubsection shall not include expenditures paid or incurred more than one\nyear prior to the filing of an application for a certificate of\neligibility pursuant to section one hundred nineteen of the commerce\nlaw, as such section existed on March thirty-first, nineteen hundred\neighty-three.\n  (5) The total of all credits allowed pursuant to this subdivision in\nany taxable year or years with reference to any eligible business\nfacility shall not exceed the total eligible property values included in\nsuch facility.\n  (6) If a credit is allowed for any taxable year as herein provided on\nthe basis of a certificate of eligibility, and if such certificate is\nrevoked or modified, the taxpayer shall report such revocation or\nmodification in its report for the taxable year during which it occurs\nand the tax commission shall recompute such credit and may assess any\nadditional tax resulting from such recomputation within the time fixed\nby paragraph nine of subsection (c) of section ten hundred eighty-three\nof this chapter.\n  (7) If a business facility owned or operated by an insurance\ncorporation shall be an eligible business facility for only part of a\ntaxable year, the credit allowed by this subdivision shall be prorated\naccording to the period such facility was an eligible business facility,\nand if the total of the eligible property values shall have changed\nduring any taxable year, a pro-rata adjustment shall be made in\ncomputing such credit.\n  (8) The state tax commission shall be empowered, on or after April\nfirst, nineteen hundred eighty-three, to issue a certificate of\neligibility for tax credits to a taxpayer for an eligible business\nfacility with regard to which such taxpayer has, prior to July first,\nnineteen hundred eighty-three, received from the New York state job\nincentive board initial approval of an application for such certificate\nby such board as evidenced by the minutes of the meeting of the board at\nwhich such application was approved, or a letter of intent authorized by\nsection 102.4 of part one hundred two of title five of the codes, rules\nand regulations of the state of New York regarding such certificate of\neligibility and to renew, extend, revoke or modify a certificate of\neligibility for tax credits, pursuant to section one hundred twenty of\nthe commerce law as such section existed on March thirty-first, nineteen\nhundred eighty-three.\n  (9) For purposes of the requirement for eligibility for the credit\nallowed under this subdivision that a business facility create or retain\nnot less than five jobs as provided in subdivision (c) of section one\nhundred eighteen of the commerce law as such section existed on March\nthirty-first, nineteen hundred eighty-three, a business facility shall\nhave (i) created not less than five jobs only if the number of jobs for\nthe taxable year exceeds the number of jobs at the time of the\ncommencement of the project as stated on its application for initial\napproval by five or more; or (ii) retained not less than five jobs only\nif initial approval was based on the retention of five or more jobs and\n(A) the number of jobs for the taxable year is at least equal to the\nnumber of jobs at the time of the commencement of the project as stated\non its application for initial approval or (B) where initial approval\nwas based on the retention of fewer jobs than the number of jobs at the\ntime of the commencement of the project as stated on its application for\ninitial approval, the number of jobs for the taxable year is at least\nequal to the number approved for retention. For purposes of this\nparagraph, the phrase "initial approval was based on the retention of\nfive or more jobs" shall mean that such initial approval was given by\nthe job incentive board to an applicant that had not stated in its\napplication for initial approval that it would increase the number of\njobs at its facility by at least five.\n  (e) Mortgage recording tax credit. (1) A taxpayer shall be allowed a\ncredit, to be credited against the tax imposed by this article. The\namount of the credit shall be the amount of the special additional\nmortgage recording tax paid by the taxpayer pursuant to the provisions\nof subdivision one-a of section two hundred fifty-three of this chapter\non mortgages recorded on and after January first, nineteen hundred\nseventy-nine. Provided, however, no credit shall be allowed with respect\nto a mortgage of real property principally improved or to be improved by\none or more structures containing in the aggregate not more than six\nresidential dwelling units, each dwelling unit having its own separate\ncooking facilities, where the real property is located in one or more of\nthe counties comprising the metropolitan commuter transportation\ndistrict and where the mortgage is recorded on or after May first,\nnineteen hundred eighty-seven. Provided, however, no credit shall be\nallowed with respect to a mortgage of real property principally improved\nor to be improved by one or more structures containing in the aggregate\nnot more than six residential dwelling units, each dwelling unit having\nits own separate cooking facilities, where the real property is located\nin the county of Erie and where the mortgage is recorded on or after May\nfirst, nineteen hundred eighty-seven.\n  (2) In no event shall the credit herein provided for be allowed in an\namount which will reduce the tax payable to less than the minimum tax\nfixed by paragraph four of subdivision (a) of section fifteen hundred\ntwo of this article or section fifteen hundred two-a of this article,\nwhichever is applicable. If, however, the amount of credit allowable\nunder this subdivision for any taxable year reduces the tax to such\namount, any amount of credit not deductible in such taxable year may be\ncarried over to the following year or years and may be deducted from the\ntaxpayer's tax for such year or years.\n  (f) Credit relating to life and health insurance guaranty corporation\nassessments. (1) Allowance of credit. For taxable years beginning on or\nafter January first, two thousand twenty-four, a credit shall be allowed\nagainst the tax imposed pursuant to this article (other than section\nfifteen hundred five-a of this article) as hereinafter provided.\n  (2) Amount of credit. The amount of the credit for each taxpayer shall\nequal the amount shown on the certificate of tax credit, or the amounts\nshown on such certificates, issued to such taxpayer pursuant to section\nseven thousand seven hundred twelve of the insurance law. With respect\nto each such certificate, the amount of the credit must be claimed in\nthe taxable year that begins in the calendar year that such certificate\nis issued.\n  (3) Carryover. The credit allowed under this subdivision for any\ntaxable year shall not reduce the tax due for such year to less than the\nminimum fixed by paragraph four of subdivision (a) of section fifteen\nhundred two of this article or section fifteen hundred two-a of this\narticle, whichever is applicable. However, if the amount of credit\nallowable under this subdivision for any taxable year reduces the tax to\nsuch amount, any amount of credit not deductible in such taxable year\nmay be carried over to the following year or years and may be deducted\nfrom the taxpayer's tax for such year or years.\n  (4) Eligibility. To be eligible for the credit, the taxpayer shall\nhave been issued a certificate, or certificates, of tax credit by the\ndepartment of financial services pursuant to section seven thousand\nseven hundred twelve of the insurance law, each of which certificates\nshall set forth the amount of the credit that may be claimed and the\ncertificate date. A taxpayer that is a partner in a partnership, member\nof a limited liability company or shareholder in a subchapter S\ncorporation that has received a certificate, or certificates, of tax\ncredit shall be allowed its pro rata share of the credit earned by the\npartnership, limited liability company or subchapter S corporation.\n  (5) Tax return requirement. The taxpayer is required to include with\nits tax return in the form prescribed by the commissioner, proof of\nreceipt of its certificate, or certificates, of tax credit issued by the\ndepartment of financial services.\n  (6) Information sharing. Notwithstanding any provision of this\nchapter, employees of the department of financial services and the\ndepartment shall be allowed and are directed to share and exchange:\n  (A) information regarding the credit allowed or claimed pursuant to\nthis subdivision and taxpayers that are claiming the credit; and\n  (B) information contained in or derived from credit claim forms\nsubmitted to the department. All information exchanged between the\ndepartment of financial services and the department shall not be subject\nto public disclosure or inspection under article six of the public\nofficers law.\n  (7) Credit recapture. If a certificate of tax credit issued by the\ndepartment of financial services under section seven thousand seven\nhundred twelve of the insurance law is revoked by such department, the\namount of credit described in this subdivision and claimed by the\ntaxpayer prior to such revocation shall be added back to tax in the\ntaxable year in which any such revocation becomes final. If an amount of\ncredit on any such certificate of tax credit is modified by the\ndepartment of financial services, the difference between the amount of\ncredit described in this subdivision and claimed by the taxpayer prior\nto such modification and the modified amount shall be added back to tax\nin the taxable year in which any such modification becomes final.\n  (8) Net assessments. No amount of any net assessments paid by such\ntaxpayer included as the basis for the calculation of the amount shown\non any such certificate shall be the basis for any other tax credit\nunder this chapter.\n  (g) Empire zone wage tax credit. (1) A taxpayer shall be allowed a\ncredit, to be computed as hereinafter provided, against the tax imposed\nby this article where the taxpayer has been certified pursuant to\narticle eighteen-B of the general municipal law. The amount of the\ncredit shall be as prescribed in paragraph four hereof.\n  (2) For purposes of this subdivision, the following terms shall have\nthe following meanings: (A) "Empire zone wages" means wages paid by the\ntaxpayer for full-time employment, other than to general executive\nofficers, during the taxable year, in an area designated or previously\ndesignated as an empire zone or zone equivalent area pursuant to article\neighteen-B of the general municipal law, where such employment is in a\njob created in the area (i) during the period of its designation as an\nempire zone, (ii) within four years of the expiration of such\ndesignation, or (iii) during the ten year period immediately following\nthe date of designation as a zone equivalent area, provided, however,\nthat if the taxpayer's certification under article eighteen-B of the\ngeneral municipal law is revoked with respect to an empire zone or zone\nequivalent area, any wages paid by the taxpayer, on or after the\neffective date of such decertification, for employment in such zone\nshall not constitute empire zone wages.\n  (B) "Targeted employee" means a New York resident who receives empire\nzone wages and who is (i) an eligible individual under the provision of\nthe targeted jobs tax credit (section fifty-one of the internal revenue\ncode), (ii) eligible for benefits under the provisions of the workforce\ninvestment act as a dislocated worker or a low-income individual (P.L.\n105-220, as amended), (iii) a recipient of public assistance benefits,\n(iv) an individual whose income is below the most recently established\npoverty rate promulgated by the United States department of commerce, or\na member of a family whose family income is below the most recently\nestablished poverty rate promulgated by the appropriate federal agency\nor (v) an honorably discharged member of any branch of the armed forces\nof the United States.\n  An individual who satisfies the criteria set forth in clause (i),\n(ii), (iv) or (v) at the time of initial employment in the job with\nrespect to which the credit is claimed, or who satisfies the criterion\nset forth in clause (iii) at such time or at any time within the\nprevious two years, shall be a targeted employee so long as such\nindividual continues to receive empire zone wages.\n  (C) "Average number of individuals, excluding general executive\nofficers, employed full-time" shall be computed by ascertaining the\nnumber of such individuals employed by the taxpayer on the thirty-first\nday of March, the thirtieth day of June, the thirtieth day of September\nand the thirty-first day of December during each taxable year or other\napplicable period, by adding together the number of such individuals\nascertained on each of such dates and dividing the sum so obtained by\nthe number of such dates occurring within such taxable year or other\napplicable period.\n  (3) The credit provided for herein shall be allowed only where the\naverage number of individuals, excluding general executive officers,\nemployed full-time by the taxpayer in (i) the state and, (ii) the empire\nzone or area previously constituting such zone or zone equivalent area,\nduring the taxable year exceeds the average number of such individuals\nemployed full-time by the taxpayer in (i) the state and (ii) such zone\nor area subsequently or previously constituting such zone or such zone\nequivalent area, respectively, during the four years immediately\npreceding the first taxable year in which the credit is claimed with\nrespect to such zone or area. Where the taxpayer provided full-time\nemployment within (i) the state or (ii) such zone or area during only a\nportion of such four-year period, then for purposes of this paragraph\nthe term "four years" shall be deemed to refer instead to such portion,\nif any.\n  The credit shall be allowed only with respect to the first taxable\nyear during which payments of empire zone wages are made and the\nconditions set forth in this paragraph are satisfied, and with respect\nto each of the four taxable years next following (but only, with respect\nto each of such years, if such conditions are satisfied), in accordance\nwith paragraph four of this subdivision. Subsequent certifications of\nthe taxpayer pursuant to article eighteen-B of the general municipal\nlaw, at the same or a different location in the same empire zone or zone\nequivalent area or at a location in a different empire zone or zone\nequivalent area, shall not extend the five taxable year time limitation\non the allowance of the credit set forth in the preceding sentence.\nProvided, further, however, that no credit shall be allowed with respect\nto any taxable year beginning more than four years following the taxable\nyear in which designation as an empire zone expired or more than ten\nyears after the designation as a zone equivalent area.\n  (4) The amount of the credit shall equal the sum of\n  (A) the product of three thousand dollars and the average number of\nindividuals (excluding general executive officers) employed full-time by\nthe taxpayer, computed pursuant to the provisions of subparagraph (C) of\nparagraph two of this subdivision, who (i) received empire zone wages\nfor more than half of the taxable year,\n  (ii) received, with respect to more than half of the period of\nemployment by the taxpayer during the taxable year, an hourly wage which\nwas at least one hundred thirty-five percent of the minimum wage\nspecified in section six hundred fifty-two of the labor law, and\n  (iii) are targeted employees; and\n  (B) the product of fifteen hundred dollars and the average number of\nindividuals (excluding general executive officers and individuals\ndescribed in subparagraph (A) of this paragraph) employed full-time by\nthe taxpayer, computed pursuant to the provisions of subparagraph (C) of\nparagraph two of this subdivision, who received empire zone wages for\nmore than half of the taxable year.\n  (C) For purposes of calculating the amount of the credit, individuals\nemployed within an empire zone or zone equivalent area within the\nimmediately preceding sixty months by a related person, as such term is\ndefined in subparagraph (c) of paragraph three of subsection (b) of\nsection four hundred sixty-five of the internal revenue code, shall not\nbe included in the average number of individuals described in\nsubparagraph (A) or subparagraph (B) of this paragraph, unless such\nrelated person was never allowed a credit under this subdivision with\nrespect to such employees. For the purposes of this subparagraph, a\n"related person" shall include an entity which would have qualified as a\n"related person" to the taxpayer if it had not been dissolved,\nliquidated, merged with another entity or otherwise ceased to exist or\noperate.\n  (D) If a taxpayer is certified in an empire zone designated under\nsubdivision (a) or (d) of section nine hundred fifty-eight of the\ngeneral municipal law, the dollar amounts specified under subparagraph\n(A) or (B) of this paragraph shall be increased by five hundred dollars\nfor each qualifying individual under such subparagraph who received,\nduring the taxable year, wages in excess of forty thousand dollars.\n  (E) The requirement in this paragraph that an employee must receive\nempire zone wages for more than half the taxable year shall not apply in\nthe first taxable year of a taxpayer satisfying the criteria set forth\nin this subparagraph. In such a case, the credit allowed under this\nsubdivision shall be computed by utilizing the number of individuals\n(excluding general executive officers) employed full time by the\ntaxpayer on the last day of its first taxable year. A taxpayer shall\nsatisfy the following criteria: (i) such taxpayer acquired real or\ntangible personal property during its first taxable year from an entity\nwhich is not a related person (as such term is defined in subdivision\n(g) of section fourteen of this chapter); (ii) the first taxable year of\nsuch taxpayer shall be a short taxable year of not more than seven\nmonths in duration; and (iii) the number of individuals employed\nfull-time on the last day of such first taxable year shall be at least\none hundred ninety and substantially all of such individuals must have\nbeen previously employed by the entity from whom such enterprise\npurchased its assets.\n  Provided, further, however, that the credit provided for herein with\nrespect to the taxable year, and carryovers of such credit to the\ntaxable year, deducted from the tax otherwise due, may not, in the\naggregate, exceed fifty percent of (i) in the case of taxpayers subject\nto tax under subdivision (b) of section fifteen hundred ten of this\narticle, the lesser of (I) the limitation on tax computed pursuant to\nsubdivision (a) of section fifteen hundred five, or (II) the greater of\nthe sum of the taxes imposed under sections fifteen hundred one and\nfifteen hundred ten or the amount of tax computed pursuant to\nsubdivision (b) of section fifteen hundred five, or (ii) for all other\ninsurance corporations, the tax imposed under section fifteen hundred\ntwo-a of this article, computed without regard to any credit provided\nfor under this article.\n  (5) The credit or carryovers of such credit allowed under this\nsubdivision for any taxable year shall not, in the aggregate, reduce the\ntax due for such year to less than the minimum tax fixed by paragraph\nfour of subdivision (a) of section fifteen hundred two of this article\nor by section fifteen hundred two-a of this article, whichever is\napplicable. However, if the amount of credit or carryovers of such\ncredit, or both, allowed under this subdivision for any taxable year\nreduces the tax to such amount, or if any part of the credit or\ncarryovers of such credit may not be deducted from the tax otherwise due\nby reason of the final sentence in paragraph four hereof, any amount of\ncredit or carryovers of such credit thus not deductible in such taxable\nyear may be carried over to the following year or years and may be\ndeducted from the taxpayer's tax for such year or years.\n  (5-a) Any carry over of a credit from prior taxable years will not be\nallowed if an empire zone retention certificate is not issued pursuant\nto subdivision (w) of section nine hundred fifty-nine of the general\nmunicipal law to the empire zone enterprise which is the basis of the\ncredit.\n  (g-1) Hire a vet credit.  (1) Allowance of credit. For taxable years\nbeginning on or after January first, two thousand fifteen and before\nJanuary first, two thousand twenty-nine, a taxpayer shall be allowed a\ncredit, to be computed as provided in this subdivision, against the tax\nimposed by this article, for hiring and employing, for not less than\ntwelve continuous and uninterrupted months (hereinafter referred to as\nthe twelve-month period) in a full-time or part-time position, a\nqualified veteran within the state. The taxpayer may claim the credit in\nthe year in which the qualified veteran completes the twelve-month\nperiod of employment by the taxpayer. If the taxpayer claims the credit\nallowed under this subdivision, the taxpayer may not use the hiring of a\nqualified veteran that is the basis for this credit in the basis of any\nother credit allowed under this article.\n  (2) Qualified veteran. A qualified veteran is an individual:\n  (A) who served on active duty in the United States army, navy, air\nforce, space force, marine corps, coast guard or the reserves thereof,\nor who served in active military service of the United States as a\nmember of the army national guard, air national guard, New York guard or\nNew York naval militia, or who served in the active uniformed services\nof the United States as a member of the commissioned corps of the\nnational oceanic and atmospheric administration or the commissioned\ncorps of the United States public health service; who (i) was released\nfrom active duty by general or honorable discharge, or (ii) has a\nqualifying condition, as defined in section one of the veterans'\nservices law, and has received a discharge other than bad conduct or\ndishonorable from such service, or (iii) is a discharged LGBT veteran,\nas defined in section one of the veterans' services law, and has\nreceived a discharge other than bad conduct or dishonorable from such\nservice;\n  (B) who commences employment by the qualified taxpayer on or after\nJanuary first, two thousand fourteen, and before January first, two\nthousand twenty-eight; and\n  (C) who certifies by signed affidavit, under penalty of perjury, that\nhe or she has not been employed for thirty-five or more hours during any\nweek in the one hundred eighty day period immediately prior to his or\nher employment by the taxpayer.\n  (3) Employer prohibition. An employer shall not discharge an employee\nand hire a qualifying veteran solely for the purpose of qualifying for\nthis credit.\n  (4) Amount of credit. The amount of the credit shall be fifteen\npercent of the total amount of wages paid to the qualified veteran\nduring the veteran's first twelve-month period of employment. Provided,\nhowever, that, if the qualified veteran is a disabled veteran, as\ndefined in paragraph (b) of subdivision one of section eighty-five of\nthe civil service law, the amount of the credit shall be twenty percent\nof the total amount of wages paid to the qualified veteran during the\nveteran's first twelve-month period of employment. The credit allowed\npursuant to this subdivision shall not exceed in any taxable year: (i)\nfifteen thousand dollars for any qualified veteran, other than a\ndisabled veteran, employed in a full-time position for one thousand\neight hundred twenty or more hours in one twelve-month period, (ii)\ntwenty thousand dollars for any qualified veteran who is a disabled\nveteran employed in a full-time position for one thousand eight hundred\ntwenty or more hours in one twelve-month period, (iii) seven thousand\nfive hundred dollars for any qualified veteran, other than a disabled\nveteran, employed in a part-time position for at least one thousand\nforty hours but not more than one thousand eight hundred nineteen hours\nin one twelve-month period, and (iv) ten thousand dollars for any\nqualified veteran who is a disabled veteran employed in a part-time\nposition for at least one thousand forty hours but not more than one\nthousand eight hundred nineteen hours in one twelve-month period.\n  (5) Carryover. The credit allowed under this subdivision for any\ntaxable year shall not reduce the tax due for such year to less than the\namount prescribed in paragraph four of subdivision (a) of section\nfifteen hundred two of this article or the minimum tax prescribed in\nsection fifteen hundred two-a of this article, whichever is applicable.\nHowever, if the amount of credit allowable under this subdivision for\nany taxable year reduces the tax to such amount, any amount of credit\nnot deductible in such taxable year may be carried over to the following\nthree years and may be deducted from the taxpayer's tax for such year or\nyears.\n  (h) Empire zone capital credit. (1) A taxpayer shall be allowed a\ncredit against the tax imposed by this article. The amount of the credit\nshall be equal to twenty-five percent of the sum of the following\ninvestments and contributions made during the taxable year and certified\nby the commissioner of economic development: (A) for taxable years\nbeginning before January first, two thousand five, qualified investments\nmade in, or contributions in the form of donations made to, one or more\nempire zone capital corporations established pursuant to section nine\nhundred sixty-four of the general municipal law prior to January first,\ntwo thousand five, (B) qualified investments in certified zone\nbusinesses which during the twelve month period immediately preceding\nthe month in which such investment is made employed full-time within the\nstate an average number of individuals, excluding general executive\nofficers, of two hundred fifty or fewer, computed pursuant to the\nprovisions of subparagraph (C) of paragraph two of subsection (g) of\nthis section, except for investments made by or on behalf of an owner of\nthe business, including, but not limited to, a stockholder, partner or\nsole proprietor, or any related person, as defined in subparagraph (C)\nof paragraph three of subsection (b) of section four hundred sixty-five\nof the internal revenue code, and (C) contributions of money to\ncommunity development projects as defined in regulations promulgated by\nthe commissioner of economic development. "Qualified investments" means\nthe contribution of property to a corporation in exchange for original\nissue capital stock or other ownership interest, the contribution of\nproperty to a partnership in exchange for an interest in the\npartnership, and similar contributions in the case of a business entity\nnot in corporate or partnership form in exchange for an ownership\ninterest in such entity. The total amount of credit allowable to a\ntaxpayer under this provision for all years, taken in the aggregate,\nshall not exceed three hundred thousand dollars, and shall not exceed\none hundred thousand dollars with respect to the investments and\ncontributions described in each of subparagraphs (A), (B) and (C) of\nthis paragraph.\n  (2) The credit and carryover of such credit allowed under this\nsubdivision for any taxable year shall not, in the aggregate, reduce the\ntax due for such year to less than the minimum fixed by paragraph four\nof subdivision (a) of section fifteen hundred two of this article or by\nsection fifteen hundred two-a of this article, whichever is applicable.\nHowever, if the amount of credit or carryovers of such credit, or both,\nallowed under this subdivision for any taxable year reduces the tax to\nsuch amount, or if any part of the credit or carryovers of such credit\nmay not be deducted from the tax otherwise due by reason of the final\nsentence of this paragraph, any amount of credit or carryovers of such\ncredit thus not deductible in such taxable year may be carried over to\nthe following year or years and may be deducted from the tax for such\nyear or years. In addition, the amount of such credit, and carryovers of\nsuch credit to the taxable year, deducted from the tax otherwise due may\nnot, in the aggregate, exceed fifty percent of (i) in the case of\ntaxpayers subject to tax under subdivision (b) of section fifteen\nhundred ten of this article, the lesser of (I) the limitation on tax\ncomputed pursuant to subdivision (a) of section fifteen hundred five, or\n(II) the greater of the sum of the taxes imposed under sections fifteen\nhundred one and fifteen hundred ten or the amount of tax computed\npursuant to subdivision (b) of section fifteen hundred five, or (ii) for\nall other insurance corporations, the tax imposed under section fifteen\nhundred two-a of this article, computed without regard to any credit\nprovided for under this article.\n  (2-a) Any carry over of a credit from prior taxable years will not be\nallowed to an empire zone enterprise which is the basis of the credit,\nif an empire zone retention certificate is not issued to such entity\npursuant to subdivision (w) of section nine hundred fifty-nine of the\ngeneral municipal law.\n  (3) Where the stock, partnership interest or other ownership interest\narising from a qualified investment as described in subparagraphs (A)\nand (B) of paragraph one of this subdivision is disposed of, the\ntaxpayer's entire net income shall be computed, pursuant to regulations\npromulgated by the commissioner, so as to properly reflect the reduced\ncost thereof arising from the application of the credit provided for\nherein.\n  (4)(A) Where a taxpayer sells, transfers or otherwise disposes of\ncorporate stock, a partnership interest or other ownership interest\narising from the making of a qualified investment which was the basis,\nin whole or in part, for the allowance of the credit provided for under\nthis subdivision, or where a contribution or investment which was the\nbasis for such allowance is in any manner, in whole or in part,\nrecovered by such taxpayer, and such disposition or recovery occurs\nduring the taxable year or within thirty-six months from the close of\nthe taxable year with respect to which such credit is allowed,\nsubparagraph (B) of this paragraph shall apply.\n  (B) The taxpayer shall add back with respect to the taxable year in\nwhich the disposition or recovery described in subparagraph (A) of this\nparagraph occurred the required portion of the credit originally\nallowed.\n  (C) The required portion of the credit originally allowed shall be the\nproduct of (i) the portion of such credit attributable to the property\ndisposed of or the payment or contribution recovered and (ii) the\napplicable percentage.\n  (D) The applicable percentage shall be:\n  (i) one hundred percent, if the disposition or recovery occurs within\nthe taxable year with respect to which the credit is allowed or within\ntwelve months of the end of such taxable year,\n  (ii) sixty-seven percent, if the disposition or recovery occurs more\nthan twelve but not more than twenty-four months after the end of the\ntaxable year with respect to which the credit is allowed, or\n  (iii) thirty-three percent, if the disposition or recovery occurs more\nthan twenty-four but not more than thirty-six months after the end of\nthe taxable year with respect to which the credit is allowed.\n  (5) If the designation of an area as an empire zone is no longer in\neffect because the designations of all empire zones pursuant to article\neighteen-B of the general municipal law have expired, a taxpayer that\nhas made a contribution of money on or before the day immediately\npreceding the day the empire zones expired to a community development\nproject approved by the commissioner of economic development shall be\ndeemed eligible to claim the empire zone capital credit under\nsubparagraph (C) of paragraph one of this subdivision for additional\ncontributions made prior to April first, two thousand fourteen and\ncertified by the commissioner of economic development to that community\ndevelopment project as payment of a commitment made by the taxpayer to\nthat community development project before the empire zones expired.\n  (i) Credit for certain other taxes payable to other jurisdictions. (1)\nIf, by the laws of any state other than this state, or by the action of\nany public official of such other state, an insurer organized or\ndomiciled in this state, or the duly authorized agents thereof, shall be\nrequired to pay taxes for the privilege of doing business in such other\nstate, which taxes are imposed or assessed because of amounts imposed\nupon and required to be paid by insurers organized or domiciled in such\nother state pursuant to section twenty-eight hundred seven-t of the\npublic health law, then and in every case, to the extent such taxes are\nlegally due to such other state, such insurer organized or domiciled in\nthis state may claim a credit, as hereinafter provided, against the tax\npayable pursuant to this article of a sum not to exceed ninety per cent\nof such amount. Provided, such credit shall in no event be greater than\nthe tax payable pursuant to this article during the taxable year with\nrespect to which such taxes have been imposed or assessed by such other\nstate. For purposes of this section, the term "taxes for the privilege\nof doing business" shall include, but shall not be limited to, a tax on\nor measured by income.\n  (2) A credit may be claimed for the amount computed as provided in\nparagraph one of this subdivision, on the return required pursuant to\nsection fifteen hundred fifteen, against the tax imposed pursuant to\nthis article for the taxable year in which such amount shall be paid. To\nthe extent such credit shall exceed the amount payable pursuant to\nsection fifteen hundred sixteen for the taxable year against which the\ncredit is allowed, the difference between the amount allowed as a credit\nand the tax payable pursuant to section fifteen hundred sixteen shall be\ncredited or refunded by the commissioner, without interest.\n  (3) The credit allowed pursuant to this subdivision shall be in\naddition to the credits allowed pursuant to subdivisions (a), (b) and\n(c) of this section.\n  (4) The superintendent of financial services and the commissioner\nshall examine claims for credit or refund made under this subdivision.\nIf the superintendent of financial services or the commissioner shall\ndetermine that any tax for which a credit shall have been claimed was\nnot legally due to another state or that an error exists in the amount\nof credit shown on such return or in the amount claimed as a refund or\nrefunded, the commissioner shall take appropriate action under this\nchapter for the assessment and collection of any tax resulting from the\ndisallowance of a claim for credit made under this subdivision or to\ndisallow any such claim for refund.\n  (5) Any taxpayer which commences an action or proceeding in any state\nor federal court to contest the validity of any assessment made against\nthe taxpayer by another state pursuant to a statute similar to section\none thousand one hundred twelve of the insurance law or any other\nstatute or regulation of another state under which retaliatory taxes or\nother charges are imposed or assessed against such taxpayer shall give\nthe commissioner and the superintendent of financial services written\nnotice of the commencement of such action or proceeding within five days\nafter such commencement.\n  (6) The commissioner shall report annually, on or before the first day\nof March, on the amount of credits claimed pursuant to this subdivision\non returns filed during the preceding calendar year. Such report shall\nbe provided to the director of the budget, the commissioner of health\nand the superintendent of financial services.\n  (7) In addition to any other requirements of this article, an insurer\nclaiming a credit under this subdivision shall attach to the returns\nrequired pursuant to section fifteen hundred fifteen a computation\nidentifying the credit attributable to taxes paid to other states\nbecause of the amounts imposed and required to be paid pursuant to\nsection twenty-eight hundred seven-t of the public health law, which\ncredit shall be further broken down to reflect amounts and taxable years\nto which the retaliatory taxes giving rise to the credit relate.\n  (j) Credit for employment of persons with disabilities. (1) Allowance\nof credit. A taxpayer shall be allowed a credit, to be computed as\nhereinafter provided, against the tax imposed by this article, for\nemploying within the state a qualified employee.\n  (2) Qualified employee. A qualified employee is an individual:\n  (A) who is certified by the education department, or in the case of an\nindividual who is blind or visually handicapped, by the state agency\nresponsible for provision of vocational rehabilitation services to the\nblind and visually handicapped: (i) as a person with a disability which\nconstitutes or results in a substantial handicap to employment and (ii)\nas having completed or as receiving services under an individualized\nwritten rehabilitation plan approved by the education department or\nother state agency responsible for providing vocational rehabilitation\nservices to such individual; and\n  (B) who has worked on a full-time basis for the employer who is\nclaiming the credit for at least one hundred eighty days or four hundred\nhours.\n  (3) Amount of credit. Except as provided in paragraph four of this\nsubdivision, the amount of credit shall be thirty-five percent of the\nfirst six thousand dollars in qualified first-year wages earned by each\nqualified employee. "Qualified first-year wages" means wages paid or\nincurred by the taxpayer during the taxable year to qualified employees\nwhich are attributable, with respect to any such employee, to services\nrendered during the one-year period beginning with the day the employee\nbegins work for the taxpayer.\n  (4) Credit where federal work opportunity tax credit applies. With\nrespect to any qualified employee whose qualified first-year wages under\nparagraph three of this subdivision also constitute qualified first-year\nwages for purposes of the work opportunity tax credit for vocational\nrehabilitation referrals under section fifty-one of the internal revenue\ncode, the amount of credit under this subdivision shall be thirty-five\npercent of the first six thousand dollars in qualified second-year wages\nearned by each such employee. "Qualified second-year wages" means wages\npaid or incurred by the taxpayer during the taxable year to qualified\nemployees which are attributable, with respect to any such employee, to\nservices rendered during the one-year period beginning one year after\nthe employee begins work for the taxpayer.\n  (5) Carryover. The credit and carryovers of such credit allowed under\nthis subdivision for any taxable year shall not, in the aggregate,\nreduce the tax due for such year to less than the minimum tax fixed by\nparagraph four of subdivision (a) of section fifteen hundred two of this\narticle or by section fifteen hundred two-a of this article, whichever\nis applicable. However, if the amount of credit or carryovers of such\ncredit, or both, allowed under this subdivision for any taxable year\nreduces the tax to such amount, then any amount of credit or carryovers\nof such credit thus not deductible in such taxable year may be carried\nover to the following year or years and may be deducted from the\ntaxpayer's tax for such year or years.\n  (6) Coordination with federal work opportunity tax credit. The\nprovisions of sections fifty-one and fifty-two of the internal revenue\ncode, as such sections applied on October first, nineteen hundred\nninety-six, that apply to the work opportunity tax credit for vocational\nrehabilitation referrals shall apply to the credit under this\nsubdivision to the extent that such sections are consistent with the\nspecific provisions of this subdivision, provided that in the event of a\nconflict the provisions of this subdivision shall control.\n  (k) Credit for certain investments in certified capital companies. (1)\nA taxpayer shall be allowed a credit, to be computed as hereinafter\nprovided, against the tax imposed by this article. The amount of the\ncredit shall be equal to one hundred percent of an investment of\ncertified capital in a certified capital company program made by the\ntaxpayer pursuant to section eleven of this chapter.\n  (2) Ten percent of such credit shall be allowed in the taxable year to\nwhich such investment is allocated pursuant to subdivision (h) of\nsection eleven of this chapter and in each of the nine following taxable\nyears. In addition, in any taxable year subsequent to the taxable year\nfor which such investment is so allocated, any amount carried forward\nunder paragraphs three and four of this subdivision may be carried\nforward indefinitely until such credits are utilized.\n  (3) No credit allowable pursuant to this subdivision shall reduce the\ntax payable under this article to less than the minimum tax fixed by\nparagraph four of subdivision (a) of section fifteen hundred two of this\narticle or by section fifteen hundred two-a of this article, whichever\nis applicable. If, however, the amount of credit allowable under this\nsubdivision for any taxable year reduces the tax to such amount, any\namount of credit not taken in such taxable year may be carried over to\nthe following year or years and may be deducted from the taxpayer's tax\nfor such year or years.\n  (4) If for any taxable year the credit allowable under paragraph two\nof this subdivision exceeds such minimum tax for such taxable year, then\nthe amount by which such credit exceeds such minimum tax liability shall\nbe carried forward as a credit under paragraph two of this subdivision\nto the following year or years and may be deducted from the taxpayer's\ntax for such year or years.\n  (5) Decertification of a certified capital company from a certified\ncapital company program shall cause the disallowance and the recapture\nof the credit allowed under paragraph one of this subdivision, as\nfollows:\n  (A) Decertification of a certified capital company from a certified\ncapital company program within two years of its starting date prior to\nmeeting the requirements of subparagraph (A) of paragraph one of\nsubdivision (c) of section eleven of this chapter shall cause\ndisallowance of one hundred percent of the credit allowed under\nparagraph one of this subdivision with respect to such certified capital\ncompany program and the recapture of any portion of such credit that was\npreviously taken.\n  (B) Decertification of a certified capital company from a certified\ncapital company program which, having met all requirements of\nsubparagraph (A) of paragraph one of subdivision (c) of section eleven\nof this chapter, subsequently fails to meet the requirements for\ncontinued certification under the provisions of subparagraph (B) of such\nparagraph one, shall cause the disallowance of eighty-five percent of\nthe credit allowed under paragraph one of this subdivision with respect\nto such certified capital company program and recapture of any portion\nof such credit in excess of fifteen percent that was previously taken.\n  (C) Decertification of a certified capital company from a certified\ncapital company program which, having met all requirements of\nsubparagraphs (A) and (B) of paragraph one of subdivision (c) of section\neleven of this chapter, subsequently fails to meet the requirements for\ncontinued certification under the provisions of subparagraph (C) of such\nparagraph one, shall cause the disallowance of seventy percent of the\ncredit allowed under paragraph one of this subdivision with respect to\nsuch certified capital company program and the recapture of any portion\nof such credit in excess of thirty percent that was previously taken.\n  (D) Decertification of a certified capital company from a certified\ncapital company program pursuant to paragraph two of subdivision (e) of\nsection eleven of this chapter, other than on the grounds of the failure\nof such certified capital company to meet the requirements of\nsubparagraphs (A), (B) or (C) of paragraph one of subdivision (c) of\nsuch section, shall not cause the disallowance of any of the credits\nallowed under paragraph one of this subdivision with respect to such\ncertified capital company program, nor the recapture of any portion of\nsuch credits that was previously taken.\n  (E) If, after twelve years after a certified capital company receives\nan investment of certified capital under certified capital company\nprogram four and any subsequent program, such certified capital company\nhas failed to invest one hundred percent of its certified capital\nallocable to such certified capital company program in qualified\ninvestments, such certified capital company shall be required to pay to\nthe department, for deposit in the general fund, an amount equal to two\ntimes the amount of net profits on qualified investments as required\nunder paragraph five of subdivision (d) of section eleven of this\nchapter at such subsequent time when it has fully invested one hundred\npercent and has begun to make a distribution of its net profits;\nprovided that such requirement shall not apply to a certified capital\ncompany in which at least fifty percent of the voting stock, capital,\nmembership interests, or other beneficial ownership interests, as the\ncase may be, are owned by an entity that is managed, directly or\nindirectly, by a non-profit corporation. This amount of payment to the\ndepartment shall not be reduced by the amount set forth in paragraph six\nof subdivision (d) of section eleven of this chapter, and a certified\ncapital company making a payment under this paragraph shall not be\neligible to create a fund pursuant to such paragraph six of subdivision\n(d) of section eleven of this chapter for that particular certified\ncapital company program.\n  (6) Revocation of certification from a certified capital company\nprogram pursuant to subdivision (f) of section eleven of this chapter,\nbefore the later of (i) the third anniversary of the certification date\nof the certified capital company or (ii) the date on which the certified\ncapital company satisfies the requirements of subparagraph (C) of\nparagraph one of subdivision (c) of section eleven of this chapter,\nshall cause disallowance of one hundred percent of the credit allowed\nunder paragraph one of this subdivision with respect to such certified\ncapital company program and the recapture of any portion of such credit\nthat was previously taken.\n  (7) No credit shall be allowed in any tax year in which the taxpayer\nshall, individually or with or through one or more affiliates, be a\nmanaging general partner of or underwrite or control the direction of\ninvestments of a certified capital company for which the credit was\nallowed under paragraph one of this subdivision. This provision shall\nnot preclude a certified investor, insurance company or any other party\nfrom exercising its legal rights and remedies (which may include interim\nmanagement of a certified capital company) in the event that a certified\ncapital company is in default of its statutory obligations or its\ncontractual obligations to such certified investor, insurance company or\nother party or from monitoring the certified capital company to ensure\nits compliance with section eleven of this chapter or disallowing any\ninvestments that have not been approved by the superintendent pursuant\nto subparagraph (D) of paragraph one of subdivision (c) of such section\neleven. For purposes of this paragraph, affiliate shall mean a business\nentity in which the taxpayer holds at least a ten percent beneficial\ninterest.\n  (8) A certified investor allowed a credit against its state tax\nliability earned through an investment in a certified capital company\nshall not be required to pay any additional retaliatory tax levied\npursuant to section eleven hundred twelve of the insurance law as a\nresult of claiming such credit.\n  (9) A taxpayer is permitted to transfer or sell tax credits allowed\nunder this subdivision, in whole or in part, to any affiliate within an\naffiliated group of taxpayers, who are subject to tax in this state\nunder this article. Such transfer or sale shall not affect the time\nschedule for claiming the credit transferred or sold. Any credit\nrecaptured shall be the liability of the taxpayer who actually claimed\nthe credit. The claim of a transferee shall be permitted in the same\nmanner and subject to the same provisions and limitations of section\neleven of this chapter as applied to the taxpayer to whom the credit was\noriginally allowed. For purposes of this paragraph, the term "affiliated\ngroup" shall have the same meaning as described in section fifteen\nhundred four of the internal revenue code, without exclusion for a\ncompany listed under paragraph two of subsection (b) of section fifteen\nhundred four of the internal revenue code, except that the references to\n"at least eighty percent" in such section fifteen hundred four shall be\nread as "more than fifty percent". Whenever a taxpayer transfers or\nsells a tax credit pursuant to this paragraph, such taxpayer shall\nnotify the department and the department of financial services of such\ntransfer or sale within forty-five days.\n  (l) Credit for purchase of an automated external defibrillator. A\ntaxpayer shall be allowed a credit as hereinafter provided, against the\ntax imposed by this article for the purchase, other than for resale, of\nan automated external defibrillator, as such term is defined in section\nthree thousand-b of the public health law. The amount of the credit\nshall be the cost to the taxpayer of automated external defibrillators\npurchased during the taxable year, such credit not to exceed five\nhundred dollars with respect to each unit purchased. The credit allowed\nunder this subdivision for any taxable year shall not reduce the tax due\nfor such year to less than the minimum tax fixed by paragraph four of\nsubdivision (a) of section fifteen hundred two of this article or by\nsection fifteen hundred two-a of this article, whichever is applicable.\n  (m) (1) A taxpayer shall be allowed a credit against the tax imposed\nby this article equal to twenty percent of the premium paid during the\ntaxable year for long-term care insurance. In order to qualify for such\ncredit, the taxpayer's premium payment must be for the purchase of or\nfor continuing coverage under a long-term care insurance policy that\nqualifies for such credit pursuant to section one thousand one hundred\nseventeen of the insurance law.\n  (2) In no event shall the credit herein provided for be allowed in an\namount which will reduce the tax payable to less than the minimum tax\nfixed by paragraph four of subdivision (a) of section fifteen hundred\ntwo of this article or by section fifteen hundred two-a of this article,\nwhichever is applicable. If, however, the amount of credit allowable\nunder this subdivision for any taxable year reduces the tax to such\namount, any amount of credit not deductible in such taxable year may be\ncarried over to the following year or years and may be deducted from the\ntaxpayer's tax for such year or years.\n  (n) Low-income housing credit. (1) Allowance of credit. A taxpayer\nshall be allowed a credit against the tax imposed by this article with\nrespect to the ownership of eligible low-income buildings, computed as\nprovided in section eighteen of this chapter.\n  (2) Application of credit. The credit and carryovers of such credit\nallowed under this subdivision for any taxable year shall not, in the\naggregate, reduce the tax due for such year to less than the minimum tax\nfixed by paragraph four of subdivision (a) of section fifteen hundred\ntwo of this article or by section fifteen hundred two-a of this article,\nwhichever is applicable. However, if the amount of credit or carryovers\nof such credit, or both, allowed under this subdivision for any taxable\nyear reduces the tax to such amount, then any amount of credit or\ncarryovers of such credit thus not deductible in such taxable year may\nbe carried over to the following year or years and may be deducted from\nthe taxpayer's tax for such year or years.\n  (3) Credit recapture. For provisions requiring recapture of credit,\nsee subdivision (b) of section eighteen of this chapter.\n  (o) Green building credit. (1) Allowance of credit. A taxpayer shall\nbe allowed a credit, to be computed as provided in section nineteen of\nthis chapter, against the taxes imposed by this article.\n  (2) Carryover. The credit and carryovers of such credit allowed under\nthis subdivision for any taxable year shall not, in the aggregate,\nreduce the tax due for such year to less than the minimum tax fixed by\nparagraph four of subdivision (a) of section fifteen hundred two of this\narticle or by section fifteen hundred two-a of this article, whichever\nis applicable. However, if the amount of credit or carryovers of such\ncredit, or both, allowed under this subdivision for any taxable year\nreduces the tax to such amount, then any amount of credit or carryovers\nof such credit thus not deductible in such taxable year may be carried\nover to the following year or years and may be deducted from the\ntaxpayer's tax for such year or years.\n  (p) Credit for transportation improvement contributions. (1) Allowance\nof credit. A taxpayer shall be allowed a credit, to be computed as\nprovided in section twenty of this chapter, against the taxes imposed by\nthis article.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the minimum tax fixed by paragraph four of subdivision (a) of\nsection fifteen hundred two of this article or by section fifteen\nhundred two-a of this article, whichever is applicable. However, if the\namount of credit allowed under this subdivision for any taxable year\nreduces the tax to such amount, then any amount of credit thus not\ndeductible in such taxable year shall be treated as an overpayment of\ntax to be credited or refunded in accordance with the provisions of\nsection ten hundred eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section ten hundred eighty-eight of this\nchapter notwithstanding, no interest shall be paid thereon.\n  (3) Credit recapture. For provisions requiring recapture of credit,\nsee subdivision (c) of section twenty of this chapter.\n  (q) Investment tax credit (ITC). (1) A taxpayer shall be allowed a\ncredit, to be computed as hereinafter provided, against the tax imposed\nby this article. Provided, however, a taxpayer shall not be allowed such\ncredit provided by this subdivision unless (A) eighty percent or more of\nthe employees performing the administrative and support functions\nresulting from or related to the qualifying uses of such equipment are\nlocated in this state, or (B) the average number of employees that\nperform the administrative and support functions resulting from or\nrelated to the qualifying uses of such equipment and are located in this\nstate during the taxable year for which the credit is claimed is equal\nto or greater than ninety-five percent of the average number of\nemployees that perform these functions and are located in this state\nduring the thirty-six months immediately preceding the year for which\nthe credit is claimed, or (C) the number of employees located in this\nstate during the taxable year for which the credit is claimed is equal\nto or greater than ninety percent of the number of employees located in\nthis state on December thirty-first, nineteen hundred ninety-eight or,\nif the taxpayer was not a calendar year taxpayer in nineteen hundred\nninety-eight, the last day of its first taxable year ending after\nDecember thirty-first, nineteen hundred ninety-eight. If the taxpayer\nbecomes subject to tax in this state after the taxable year beginning in\nnineteen hundred ninety-eight, then the taxpayer is not required to\nsatisfy the employment test provided in the preceding sentence of this\nsubparagraph for its first taxable year. For purposes of subparagraph\n(C) of this paragraph the employment test will be based on the number of\nemployees located in this state on the last day of the first taxable\nyear the taxpayer is subject to tax in this state. If the uses of the\nproperty must be aggregated to determine whether the property is\nprincipally used in qualifying uses, then either each affiliate using\nthe property must satisfy this employment test or this employment test\nmust be satisfied through the aggregation of the employees of the\ntaxpayer, its affiliated regulated broker, dealer, and registered\ninvestment adviser using the property. The amount of the credit shall be\nthe percent provided for herein below of the investment credit base. The\ninvestment credit base is the cost or other basis for federal income tax\npurposes of tangible personal property and other tangible property,\nincluding buildings and structural components of buildings, described in\nparagraph two of this subdivision, less the amount of the nonqualified\nnonrecourse financing with respect to such property to the extent such\nfinancing would be excludible from the credit base pursuant to section\n46(c)(8) of the Internal Revenue Code (treating such property as section\nthirty-eight property irrespective of whether or not it in fact\nconstitutes section thirty-eight property). If, at the close of a\ntaxable year following the taxable year in which such property was\nplaced in service, there is a net decrease in the amount of nonqualified\nnonrecourse financing with respect to such property, such net decrease\nshall be treated as if it were the cost or other basis of property\ndescribed in paragraph two of this subdivision acquired, constructed,\nreconstructed or erected during the year of the decrease in the amount\nof nonqualified nonrecourse financing. In the case of a combined return,\nthe term investment credit base shall mean the sum of the investment\ncredit base of each corporation included on such return. The percentage\nto be used to compute the credit allowed pursuant to this subdivision\nshall be five percent with respect to the first three hundred fifty\nmillion dollars of the investment credit base, and four percent with\nrespect to the investment credit base in excess of three hundred fifty\nmillion dollars.\n  (2) A credit shall be allowed under this subdivision with respect to\ntangible personal property and other tangible property, including\nbuildings and structural components of buildings, which are: depreciable\npursuant to section one hundred sixty-seven of the Internal Revenue\nCode, have a useful life of four years or more, are acquired by purchase\nas defined in section one hundred seventy-nine (d) of the Internal\nRevenue Code, have a situs in this state and are (A) principally used in\nthe ordinary course of the taxpayer's trade or business as a broker or\ndealer in connection with the purchase or sale (which shall include but\nnot be limited to the issuance, entering into, assumption, offset,\nassignment, termination, or transfer) of stocks, bonds or other\nsecurities as defined in section four hundred seventy-five (c)(2) of the\nInternal Revenue Code, or of commodities as defined in section four\nhundred seventy-five (e) of the Internal Revenue Code, or (B)\nprincipally used in the ordinary course of the taxpayer's trade or\nbusiness of providing investment advisory services for a regulated\ninvestment company as defined in section eight hundred fifty-one of the\nInternal Revenue Code, or lending, loan arrangement or loan origination\nservices to customers in connection with the purchase or sale (which\nshall include but not be limited to the issuance, entering into,\nassumption, offset, assignment, termination, or transfer) of securities\nas defined in section four hundred seventy-five (c)(2) of the Internal\nRevenue Code. For purposes of subparagraphs (A) and (B) of this\nparagraph, property purchased by a taxpayer affiliated with a regulated\nbroker, dealer or registered investment adviser is allowed a credit\nunder this subdivision if the property is used by its affiliated\nregulated broker, dealer or registered investment adviser in accordance\nwith this subdivision. For purposes of determining if the property is\nprincipally used in qualifying uses, the uses by the taxpayer described\nin subparagraphs (A) and (B) of this paragraph may be aggregated. In\naddition, the uses by the taxpayer, its affiliated regulated broker,\ndealer and registered investment adviser under either or both of such\nsubparagraphs may be aggregated.\n  (3) A taxpayer shall not be allowed a credit under this subdivision\nwith respect to tangible personal property and other tangible property,\nincluding buildings and structural components of buildings, which it\nleases to any other person or corporation except where a taxpayer leases\nproperty to an affiliated broker, dealer, or registered investment\nadviser that uses such property in accordance with subparagraph (A) or\n(B) of paragraph two of this subdivision. For purposes of the preceding\nsentence, any contract or agreement to lease or rent or for a license to\nuse such property shall be considered a lease.\n  (4) Except as otherwise provided in this paragraph, the credit allowed\nunder this subdivision for any taxable year shall not reduce the tax due\nfor such year to less than the amount fixed as a minimum tax by\nparagraph four of subdivision (a) of section fifteen hundred two of this\narticle or by section fifteen hundred two-a of this article, whichever\nis applicable. However, if the amount of credit allowable under this\nsubdivision for any taxable year reduces the tax to such amount, any\namount of credit allowed for a taxable year may be carried over to the\nfifteen taxable years next following such taxable year and may be\ndeducted from the taxpayer's tax for such year or years. In lieu of such\ncarryover, any such taxpayer which qualifies as a new business under\nparagraph seven of this subdivision may elect to treat the amount of\nsuch carryover as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter, provided, however, the provisions of subsection (c) of\nsection one thousand eighty-eight of this chapter notwithstanding no\ninterest shall be paid thereon.\n  (5) At the option of the taxpayer an eligible business facility for\nwhich a credit is allowed under subdivision (d) of this section may be\ntreated as property (A) principally used in the ordinary course of the\ntaxpayer's trade or business as a broker or dealer in connection with\nthe purchase or sale (which shall include but not be limited to the\nissuance, entering into, assumption, offset, assignment, termination, or\ntransfer) of stocks, bonds or other securities as defined in section\nfour hundred seventy-five (c)(2) of the Internal Revenue Code, or of\ncommodities as defined in section four hundred seventy-five (e) of the\nInternal Revenue Code, or (B) principally used in the ordinary course of\nthe taxpayer's trade or business of providing investment advisory\nservices for a regulated investment company as defined in section eight\nhundred fifty-one of the Internal Revenue Code, or lending, loan\narrangement or loan origination services to customers in connection with\nthe purchase or sale (which shall include but not be limited to the\nissuance, entering into, assumption, offset, assignment, termination, or\ntransfer) of securities as defined in section four hundred seventy-five\n(c)(2) of the Internal Revenue Code provided the property otherwise\nqualifies under paragraph two of this subdivision, in which event a\ncredit shall not be allowed under subdivision (d) of this section.\n  (6) (A) With respect to property which is depreciable pursuant to\nsection one hundred sixty-seven of the Internal Revenue Code but is not\nsubject to the provisions of section one hundred sixty-eight of such\ncode and which is disposed of or ceases to be in qualified use prior to\nthe end of the taxable year in which the credit is to be taken, the\namount of the credit shall be that portion of the credit provided for in\nthis subdivision which represents the ratio which the months of\nqualified use bear to the months of useful life. If property on which\ncredit has been taken is disposed of or ceases to be in qualified use\nprior to the end of its useful life, the difference between the credit\ntaken and the credit allowed for actual use must be added back in the\nyear of disposition. Provided, however, if such property is disposed of\nor ceases to be in qualified use after it has been in qualified use for\nmore than twelve consecutive years, it shall not be necessary to add\nback the credit as provided in this subparagraph. The amount of credit\nallowed for actual use shall be determined by multiplying the original\ncredit by the ratio which the months of qualified use bear to the months\nof useful life. For purposes of this subparagraph, useful life of\nproperty shall be the same as the taxpayer uses for depreciation\npurposes when computing his federal income tax liability.\n  (B) Except with respect to that property to which subparagraph (D) of\nthis paragraph applies, with respect to three-year property, as defined\nin subsection (e) of section one hundred sixty-eight of the Internal\nRevenue Code, which is disposed of or ceases to be in qualified use\nprior to the end of the taxable year in which the credit is to be taken,\nthe amount of the credit shall be that portion of the credit provided\nfor in this subdivision which represents the ratio which the months of\nqualified use bear to thirty-six. If property on which credit has been\ntaken is disposed of or ceases to be in qualified use prior to the end\nof thirty-six months, the difference between the credit taken and the\ncredit allowed for actual use must be added back in the year of\ndisposition. The amount of credit allowed for actual use shall be\ndetermined by multiplying the original credit by the ratio which the\nmonths of qualified use bear to thirty-six.\n  (C) Except with respect to that property to which subparagraph (D) of\nthis paragraph applies, with respect to property subject to the\nprovisions of section one hundred sixty-eight of the Internal Revenue\nCode, other than three-year property as defined in subsection (e) of\nsuch section one hundred sixty-eight which is disposed of or ceases to\nbe in qualified use prior to the end of the taxable year in which the\ncredit is to be taken, the amount of the credit shall be that portion of\nthe credit provided for in this subdivision which represents the ratio\nwhich the months of qualified use bear to sixty. If property on which\ncredit has been taken is disposed of or ceases to be in qualified use\nprior to the end of sixty months, the difference between the credit\ntaken and the credit allowed for actual use must be added back in the\nyear of disposition. The amount of credit allowed for actual use shall\nbe determined by multiplying the original credit by the ratio which the\nmonths of qualified use bear to sixty.\n  (D) With respect to any property to which section one hundred\nsixty-eight of the Internal Revenue Code applies, which is a building or\na structural component of a building and which is disposed of or ceases\nto be in a qualified use prior to the end of the taxable year in which\nthe credit is to be taken, the amount of the credit shall be that\nportion of the credit provided for in this subdivision which represents\nthe ratio which the months of qualified use bear to the total number of\nmonths over which the taxpayer chooses to deduct the property under the\nInternal Revenue Code. If property on which credit has been taken is\ndisposed of or ceases to be in qualified use prior to the end of the\nperiod over which the taxpayer chooses to deduct the property under the\nInternal Revenue Code, the difference between the credit taken and the\ncredit allowed for actual use must be added back in the year of\ndisposition. Provided, however, if such property is disposed of or\nceases to be in qualified use after it has been in qualified use for\nmore than twelve consecutive years, it shall not be necessary to add\nback the credit as provided in this subparagraph. The amount of credit\nallowed for actual use shall be determined by multiplying the original\ncredit by the ratio which the months of qualified use bear to the total\nnumber of months over which the taxpayer chooses to deduct the property\nunder the Internal Revenue Code.\n  (E) The amount required to be added back pursuant to this paragraph\nshall be augmented by an amount equal to the product of such amount and\nthe underpayment rate of interest (without regard to compounding), set\nby the commissioner pursuant to subsection (e) of section one thousand\nninety-six of this chapter, in effect on the last day of the taxable\nyear.\n  (F) If, as of the close of the taxable year, there is a net increase\nwith respect to the taxpayer in the amount of nonqualified nonrecourse\nfinancing (within the meaning of section 46(c)(8) of the Internal\nRevenue Code) with respect to any property with respect to which the\ncredit under this subdivision was limited based on attributable\nnonqualified nonrecourse financing, then an amount equal to the decrease\nin such credit which would have resulted from reducing, by the amount of\nsuch net increase, the cost or other basis taken into account with\nrespect to such property must be added back in such taxable year. The\namount of nonqualified nonrecourse financing shall not be treated as\nincreased by reason of a transfer of (or agreement to transfer) any\nevidence of an indebtedness if such transfer occurs (or such agreement\nis entered into) more than one year after the date such indebtedness was\nincurred.\n  (7) For purposes of paragraph four of this subdivision, a new business\nshall include any corporation, except a corporation which:\n  (A) over fifty percent of the number of shares of stock entitling the\nholders thereof to vote for the election of directors or trustees is\nowned or controlled, either directly or indirectly, by a taxpayer\nsubject to tax under this article; section one hundred eighty-three, one\nhundred eighty-four, former section one hundred eighty-five or former\nsection one hundred eighty-six of article nine; article nine-A or\narticle thirty-two of this chapter; or\n  (B) is substantially similar in operation and in ownership to a\nbusiness entity (or entities) taxable, or previously taxable, under this\narticle; section one hundred eighty-three, one hundred eighty-four, one\nhundred eight-five or one hundred eighty-six of article nine; article\nnine-A or article thirty-two of this chapter; article twenty-three of\nthis chapter or which would have been subject to tax under such article\ntwenty-three (as such article was in effect of January first, nineteen\nhundred eighty) or the income (or losses) of which is (or was)\nincludable under article twenty-two of this chapter whereby the intent\nand purpose of this paragraph and paragraph four of this subdivision\nwith respect to refunding of credit to new business would be evaded; or\n  (C) has been subject to tax under this article for more than five\ntaxable years (excluding short taxable years).\n  (8)(A)(i) If a taxpayer is required by paragraph six of this\nsubdivision to add back a portion of the credit taken because property\nwas destroyed or ceased to be in qualified use as a direct result of the\nSeptember eleventh, two thousand one terrorist attacks, such taxpayer\nmay elect to defer the amount to be recaptured for all such property to\nthe taxable year next succeeding the taxable year in which the\ndestruction or cessation of qualified use occurred. The taxable year in\nwhich the destruction or cessation of qualified use occurred shall be\nhereinafter referred to as the "recapture event taxable year". If the\ntaxpayer's total employment number in the state on the last day of\ntaxable year next succeeding the recapture event taxable year is a\nsignificant percentage of the taxpayer's average total employment number\nin the state for the taxpayer's recapture event taxable year and the two\ntaxable years immediately preceding the recapture event taxable year,\nthen the taxpayer shall not be required to recapture any credit with\nrespect to such property. If the taxpayer's total employment number in\nthe state on the last day of the taxable year next succeeding the\nrecapture event taxable year is not a significant percentage of the\ntaxpayer's average total employment number in the state for the\ntaxpayer's recapture event taxable year and the two taxable years\nimmediately preceding the recapture event taxable year, the taxpayer\nshall be required to recapture the portion of the credit taken under\nthis subdivision, as required by paragraph six of this subdivision, for\nall of its property destroyed or which ceased to be in qualified use as\na direct result of the September eleventh, two thousand one terrorist\nattacks. The amount required to be recaptured shall be augmented as\nrequired pursuant to subparagraph (E) of paragraph six of this\nsubdivision by using an interest rate equal to two times the rate of\ninterest specified in such subparagraph (E) applicable for the taxable\nyear in which the recapture occurs.\n  (ii) The taxpayer's total employment number shall include all\nemployees of the taxpayer employed full-time by the taxpayer in the\nstate. The average total employment number for the taxpayer's recapture\nevent taxable year and the two taxable years immediately preceding the\nrecapture event taxable year shall be computed by determining the\ntaxpayer's total employment number on the thirty-first day of March, the\nthirtieth day of June, the thirtieth day of September and the\nthirty-first day of December during the applicable taxable years, adding\ntogether the number of such individuals determined to be so employed on\neach of such dates and dividing the sum so obtained by the number of\nsuch dates occurring within such applicable taxable years. However, in\nthe case of the taxable year which included September eleventh, two\nthousand one, the average total employment number for such taxable year\nshall be determined by using the total employment number on September\nfirst, two thousand one in lieu of September thirtieth, two thousand one\nand, if such taxable year included December thirty-first, two thousand\none, by excluding the total employment number on December thirty-first,\ntwo thousand one.\n  (B) In lieu of subparagraph (A) of this paragraph, a taxpayer may\nelect to recapture the portion of the credit taken under this\nsubdivision, as required by paragraph six of this subdivision, for all\nof its property destroyed or which ceased to be in qualified use as a\ndirect result of the September eleventh, two thousand one terrorist\nattacks, in the taxable year in which the destruction or cessation of\nqualified use occurred. If the taxpayer makes such election and acquires\nproperty (hereinafter referred to as "replacement property") to replace\nany property destroyed as a direct result of the September eleventh, two\nthousand one terrorist attacks (regardless of when such property was\nplaced in service and whether a credit was claimed on that property\npursuant to this subdivision), and such replacement property is similar\nor related in service or use to such destroyed property, the investment\ncredit base of the replacement property shall be determined without\nregard to any basis reduction required pursuant to section 1033 of the\ninternal revenue code.\n  (C) The election made by the taxpayer under subparagraph (A) or (B) of\nthis paragraph shall be made in the manner and form prescribed by the\ncommissioner.\n  (D) A taxpayer, over fifty percent of whose employees died as a direct\nresult of the September eleventh, two thousand one terrorist attacks,\nmay make the election provided for in subparagraph (A) of this\nparagraph, and shall not be required to recapture any credit with\nrespect to property which was destroyed or which ceased to be in\nqualified use as a direct result of such attacks, whether or not it\nmeets the employment test specified in clause (i) of subparagraph (A) of\nthis paragraph.\n  (r) QEZE credit for real property taxes. (1) Allowance of credit. A\ntaxpayer which is a qualified empire zone enterprise shall be allowed a\ncredit for eligible real property taxes, to be computed as provided in\nsection fifteen of this chapter, against the tax imposed by this\narticle.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the minimum tax fixed by paragraph four of subdivision (a) of\nsection fifteen hundred two of this article or by section fifteen\nhundred two-a of this article, whichever is applicable. However, if the\namount of credit allowed under this subdivision for any taxable year\nreduces the tax to such amount, then any amount of credit thus not\ndeductible in such taxable year shall be treated as an overpayment of\ntax to be credited or refunded in accordance with the provisions of\nsection ten hundred eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section ten hundred eighty-eight of this\nchapter notwithstanding, no interest shall be paid thereon.\n  (s) QEZE tax reduction credit. (1) Allowance of credit. A taxpayer\nwhich is a qualified empire zone enterprise shall be allowed a QEZE tax\nreduction credit, to be computed as provided in section sixteen of this\nchapter, against the tax imposed by this article.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the minimum tax fixed by paragraph four of subdivision (a) of\nsection fifteen hundred two of this article or by section fifteen\nhundred two-a of this article, whichever is applicable.\n  (t) Order of credits. Notwithstanding the succeeding sentences of this\nsubdivision, the credits provided for in subdivisions (g) and (h) of\nthis section shall be deducted before any other credits allowable under\nthis article, and the credit provided for in such subdivision (g) shall\nbe deducted after the credit provided for in such subdivision (h). After\napplication of the first sentence of this subdivision, the credits\nallowable under this article which cannot be carried over and which are\nnot refundable shall be deducted first. Credits allowable under this\narticle which can be carried over, and carryovers of such credits, shall\nbe deducted next, and among such credits, those whose carryover is of\nlimited duration shall be deducted before those whose carryover is of\nunlimited duration. Credits allowable under this article which are\nrefundable shall be deducted last. Credits under subdivisions (g) and\n(h) of this section may not be deducted from the limitation on tax\ncomputed pursuant to subdivision (a) of section fifteen hundred five of\nthis article.\n  (u) Brownfield redevelopment tax credit. (1) Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided in\nsection twenty-one of this chapter, against the taxes imposed by this\narticle.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the minimum fixed by paragraph four of subdivision (a) of section\nfifteen hundred two of this article. However, if the amount of credits\nallowed under this subdivision for any taxable year reduces the tax to\nsuch amount, any amount of credit thus not deductible in such taxable\nyear shall be treated as an overpayment of tax to be credited or\nrefunded in accordance with the provisions of section ten hundred\neighty-six of this chapter. Provided, however, the provisions of\nsubsection (c) of section ten hundred eighty-eight of this chapter\nnotwithstanding, no interest shall be paid thereon.\n  (v) Remediated brownfield credit for real property taxes for qualified\nsites. (1) Allowance of credit. A taxpayer which is a developer of a\nqualified site shall be allowed a credit for eligible real property\ntaxes, to be computed as provided in subdivision (b) of section\ntwenty-two of this chapter, against the tax imposed by this article. For\npurposes of this subdivision, the terms "qualified site" and "developer"\nshall have the same meaning as set forth in paragraphs two and three,\nrespectively, of subdivision (a) of section twenty-two of this chapter.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the minimum tax fixed by paragraph four of subdivision (a) of\nsection fifteen hundred two of this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount, any amount of credit thus not deductible in such\ntaxable year shall be treated as an overpayment of tax to be credited or\nrefunded in accordance with the provisions of section ten hundred\neighty-six of this chapter. Provided, however, the provisions of\nsubsection (c) of section ten hundred eighty-eight of this chapter\nnotwithstanding, no interest shall be paid thereon.\n  (w) Environmental remediation insurance credit. (1) Allowance of\ncredit.  A taxpayer shall be allowed a credit, to be computed as\nprovided in section twenty-three of this chapter, against the taxes\nimposed by this article.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the minimum fixed by paragraph four of subdivision (a) of section\nfifteen hundred two or section fifteen hundred two-a of this article.\nHowever, if the amount of credits allowed under this subdivision for any\ntaxable year reduces the tax to such amount, any amount of credit thus\nnot deductible in such taxable year shall be treated as an overpayment\nof tax to be credited or refunded in accordance with the provisions of\nsection one thousand eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section one thousand eighty-eight of\nthis chapter notwithstanding, no interest shall be paid thereon.\n  * (x) Security training tax credit. (1) Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided in\nsection twenty-six of this chapter, against the tax imposed by this\narticle.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the minimum fixed by paragraph four of subdivision (a) of section\nfifteen hundred two or section fifteen hundred two-a of this article.\nHowever, if the amount of credits allowed under this subdivision for any\ntaxable year reduces the tax to such amount, any amount of credit thus\nnot deductible in such taxable year shall be treated as an overpayment\nof tax to be credited or refunded in accordance with the provisions of\nsection one thousand eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section one thousand eighty-eight of\nthis chapter notwithstanding, no interest shall be paid thereon.\n  * NB There are 2 sb (x)'s\n  * (x) Credit for fuel cell electric generating equipment expenditures.\n(1) Allowance of credit. For taxable years beginning before January\nfirst, two thousand nine, a taxpayer shall be allowed a credit against\nthe tax imposed by this article, equal to its qualified fuel cell\nelectric generating equipment expenditures. This credit shall not exceed\none thousand five hundred dollars per generating unit with respect to\nany taxable year. The credit provided for in this subdivision shall be\nallowed with respect to the taxable year in which the fuel cell electric\ngenerating equipment is placed in service.\n  (2) Qualified fuel cell electric generating equipment expenditures.\n(A) Qualified fuel cell electric generating equipment expenditures are\nthe costs, incurred on or after July first, two thousand five,\nassociated with the purchase of on-site electricity generation units\nutilizing proton exchange membrane fuel cells, providing a rated\nbaseload capacity of no less than one kilowatt and no more than one\nhundred kilowatts of electricity, which are located in this state at the\ntime the qualified fuel cell electric generating equipment is placed in\nservice.\n  (B) Qualified fuel cell electric generating equipment expenditures\nshall also include costs, incurred on or after July first, two thousand\nfive, for materials, labor for on-site preparation, assembly and\noriginal installation, engineering services, designs and plans directly\nrelated to construction or installation and utility compliance costs.\n  (C) Such qualified expenditures shall not include interest or other\nfinance charges.\n  (D) The amount of any federal, state or local grant received by the\ntaxpayer, which was used for the purchase and/or installation of such\nequipment and which was not included in the federal gross income of the\ntaxpayer, shall not be included in the amount of such qualified\nexpenditures.\n  (3) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the minimum tax fixed by paragraph four of subdivision (a) of\nsection fifteen hundred two of this article or by section fifteen\nhundred two-a of this article, whichever is applicable. However, if the\namount of credit allowed under this subdivision for any taxable year\nreduces the tax to such amount, any amount of credit thus not deductible\nin such taxable year may be carried over to the following year or years\nand may be deducted from the taxpayer's tax for such year or years.\n  * NB There are 2 sb (x)'s\n  * (y) Excelsior jobs program tax credit. (1) Allowance of credit. A\ntaxpayer will be allowed a credit, to be computed as provided in section\nthirty-one of this chapter, against the taxes imposed by this article.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year will not reduce the tax due for such year to less\nthan the minimum tax fixed by this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount, any amount of credit thus not deductible in such\ntaxable year will be treated as an overpayment of tax to be credited or\nrefunded in accordance with the provisions of section one thousand\neighty-six of this chapter. Provided, however, the provisions of\nsubsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n  * NB There are 3 sb§ (y)'s\n  * (y) Temporary deferral nonrefundable payout credit. (1) Allowance of\ncredit. A taxpayer shall be allowed a credit, to be computed as provided\nin subdivision one of section thirty-four of this chapter, against the\ntax imposed by this article.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for that year to less\nthan the minimum tax fixed by paragraph four of subdivision (a) of\nsection fifteen hundred two of this article or by section fifteen\nhundred two-a of this article, whichever is applicable. However, if the\namount of credit allowed under this subdivision for any taxable year\nreduces the tax to such amount, any amount of credit thus not deductible\nin such taxable year may be carried over to the following year or years\nand may be deducted from the taxpayer's tax for such year or years.\n  * NB There are 3 sb§ (y)'s\n  * (y) Credit for rehabilitation of historic properties. (1) (A) For\ntaxable years beginning on or after January first, two thousand ten and\nbefore January first, two thousand thirty, a taxpayer, or a transferee\nof such a taxpayer as described in paragraph seven of this subdivision,\nshall be allowed a credit as hereinafter provided, against the tax\nimposed by this article, in an amount equal to one hundred percent of\nthe amount of credit allowed the taxpayer with respect to a certified\nhistoric structure, and one hundred fifty percent of the amount of\ncredit allowed the taxpayer with respect to a certified historic\nstructure that is a small project, under internal revenue code section\n47(c)(3), determined without regard to ratably allocating the credit\nover a five year period as required by subsection (a) of such section\n47, with respect to a certified historic structure located within the\nstate. Provided, however, the credit shall not exceed five million\ndollars. For taxable years beginning on or after January first, two\nthousand thirty, a taxpayer, or a transferee of such a taxpayer as\ndescribed in paragraph seven of this subdivision, shall be allowed a\ncredit as hereinafter provided, against the tax imposed by this article,\nin an amount equal to thirty percent of the amount of credit allowed the\ntaxpayer with respect to a certified historic structure under internal\nrevenue code section 47(c)(3), determined without regard to ratably\nallocating the credit over a five year period as required by subsection\n(a) of such section 47 with respect to a certified historic structure\nlocated within the state. Provided, however, the credit shall not exceed\none hundred thousand dollars.\n  (B) If the taxpayer or transferee is a partner in a partnership, then\nthe cap imposed in subparagraph (A) of this paragraph shall be applied\nat the entity level, so that the aggregate credit allowed to all the\npartners of such partnership in the taxable year does not exceed the\ncredit cap that is applicable in that taxable year.\n  (2) Tax credits allowed pursuant to this subsection shall be allowed\nin the taxable year that the qualified rehabilitation is placed in\nservice under section 167 of the federal internal revenue code.\n  (3) If the taxpayer is allowed a credit pursuant to section 47 of the\ninternal revenue code with respect to a qualified rehabilitation that is\nalso the subject of the credit allowed by this subdivision and that\ncredit pursuant to such section 47 is recaptured pursuant to subsection\n(a) of section 50 of the internal revenue code, a portion of the credit\nallowed under this subdivision in the taxable year the credit was\nclaimed must be added back by the taxpayer or transferee in the same\ntaxable year and in the same proportion as the federal recapture.\n  (4) The credit allowed under this subdivision for any taxable year\nshall not reduce the tax due for such year to less than the minimum\nfixed by paragraph four of subdivision (a) of section fifteen hundred\ntwo or section fifteen hundred two-a of this article, whichever is\napplicable.  However, if the amount of credits allowed under this\nsubdivision for any taxable year reduces the tax to such amount, any\namount of credit thus not deductible in such taxable year shall be\ntreated as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter. Provided, however, the provisions of subsection (c) of\nsection one thousand eighty-eight of this chapter notwithstanding, no\ninterest shall be paid thereon.\n  (5) To be eligible for the credit allowable under this subdivision,\nthe rehabilitation project shall be in whole or in part located within a\ncensus tract which is identified as being at or below one hundred\npercent of the state median family income as calculated as of April\nfirst of each year using the most recent five year estimate from the\nAmerican community survey published by the United States Census bureau.\nIf there is a change in the most recent five year estimate, a census\ntract that qualified for eligibility under this program before\ninformation about the change was released will remain eligible for a\ncredit under this subdivision for an additional two calendar years. The\neligibility restrictions set forth in this paragraph shall not be\napplicable if:\n  (A) a qualified rehabilitation project is undertaken within a state\npark, state historic site, or other land owned by the state, that is\nunder the jurisdiction of the office of parks, recreation and historic\npreservation; or\n  (B) a qualified rehabilitation project is undertaken for the provision\nof affordable housing and the taxpayer has entered into a regulatory\nagreement with any state or federal agency or authority, or any other\ngovernment entity that is authorized to engage in the financing,\nconstruction or oversight of affordable housing within such entity's\njurisdiction, and where such regulatory agreement sets forth\naffordability requirements applicable for a period of not less than\nthirty years and that is binding on all successors of the taxpayer.\n  (6) For purposes of this subdivision "small project" means qualified\nrehabilitation expenditures totaling two million five hundred thousand\ndollars or less.\n  (7)(A) A taxpayer allowed a credit pursuant to this subdivision may\ntransfer the credit, in whole or in part, to another person or entity,\nwho shall be referred to as the transferee, without regard to how any\ntax credit authorized pursuant to section forty-seven of the internal\nrevenue code with respect to a qualified rehabilitation project may be\nallocated and notwithstanding that such other person or entity owns no\ninterest in the qualified rehabilitation project or in an entity with an\nownership interest in the qualified rehabilitation project. A transferee\nmay not transfer any credit, or portion thereof, acquired by transfer.\n  (B) A taxpayer seeking to transfer a credit allowed pursuant to this\nsubdivision must enter into a transfer contract with the transferee. The\ntransfer contract must specify:\n  (i) the building identification numbers for all buildings in the\nproject;\n  (ii) the date each building was placed into service;\n  (iii) the schedule of years for which the transfer credit may be\nclaimed and the amount of credit previously claimed;\n  (iv) the amount of consideration received by the taxpayer for the\ntransfer credit; and\n  (v) the amount of credit being transferred.\n  (C) No transfer shall be effective unless the taxpayer allowed a\ncredit pursuant to this subdivision and seeking to transfer the credit\nfiles a transfer application with the commissioner of parks, recreation\nand historic preservation prior to the transfer and such transfer\napplication is approved. The transfer application shall include the name\nand federal identification numbers of the taxpayer and each proposed\ntransferee, the amount of credit proposed to be transferred to each\nproposed transferee, a copy of the transfer contract, and such other\ninformation as the commissioner or the commissioner of parks, recreation\nand historic preservation may require. The commissioner of parks,\nrecreation and historic preservation shall approve or deny each transfer\napplication and, if an application is denied, shall issue a written\ndetermination to the taxpayer. If the transfer is approved, the\ncommissioner of parks, recreation and historic preservation shall issue\na transfer approval certificate that provides the name of the transferor\nand all transferees, the amount of credit being transferred and such\nother information as the commissioner of parks, recreation and historic\npreservation and the commissioner deem necessary. A copy of the transfer\napproval certificate must be attached to each transferee's tax return.\nThe commissioner of parks, recreation and historic preservation, in\nconsultation with the commissioner, may establish such other procedures\nand standards deemed necessary for the transferability of credits\nallowed under this subdivision.\n  (D) The commissioner of parks, recreation and historic preservation\nshall forward copies of all transfer applications and attachments\nthereto and approval certificates to the commissioner within thirty days\nafter the transfer is approved.\n  (E) A taxpayer allowed a credit pursuant to section forty-seven of the\ninternal revenue code with respect to a qualified rehabilitation that is\nalso the subject of the credit allowed by this subdivision shall remain\nsolely liable for all obligations and liabilities imposed on the\ntaxpayer with respect to the credit allowed by this subdivision, none of\nwhich shall apply to a party to whom the credit has been subsequently\ntransferred.\n  * NB There are 3 sb§ (y)'s\n  (z) Temporary deferral refundable payout credit. (1) Allowance of\ncredit. A taxpayer shall be allowed a credit, to be computed as provided\nin subdivision two of section thirty-four of this chapter, against the\ntax imposed by this article.\n  (2) Application of credit. In no event shall the credit under this\nsection be allowed in an amount which will reduce the tax to less than\nthe minimum tax fixed by paragraph four of subdivision (a) of section\nfifteen hundred two of this article or by section fifteen hundred two-a\nof this article, whichever is applicable. If, however, the amount of\ncredit allowed under this section for any taxable year reduces the tax\nto such amount, any amount of credit not deductible in such taxable year\nshall be treated as an overpayment of tax to be refunded in accordance\nwith the provisions of section one thousand eighty-six of this chapter,\nprovided however, that no interest shall be paid thereon.\n  * (aa) Economic transformation and facility redevelopment program tax\ncredit. (1) Allowance of credit. A taxpayer will be allowed a credit, to\nbe computed as provided in section thirty-five of this chapter, against\nthe taxes imposed by this article.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year will not reduce the tax due for such year to less\nthan the minimum tax fixed by this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount, any amount of credit thus not deductible in such\ntaxable year will be treated as an overpayment of tax to be credited or\nrefunded in accordance with the provisions of section one thousand\neighty-six of this chapter. Provided, however, the provisions of\nsubsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n  * NB Repealed December 31, 2026\n  (bb) Empire state jobs retention program credit. (1) Allowance of\ncredit. A taxpayer shall be allowed a credit, to be computed as provided\nin section thirty-six of this chapter, against the taxes imposed by this\narticle.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year will not reduce the tax due for such year to less\nthan the minimum tax fixed by this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount, any amount of credit thus not deductible in such\ntaxable year will be treated as an overpayment of tax to be credited or\nrefunded in accordance with the provisions of section one thousand\neighty-six of this chapter. Provided, however, the provisions of\nsubsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n  (cc) Minimum wage reimbursement credit. (1) Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided under\nsection thirty-eight of this chapter, against the tax imposed by this\narticle.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the minimum tax fixed by paragraph four of subdivision (a) of\nsection fifteen hundred two of this article or by section fifteen\nhundred two-a of this article, whichever is applicable. However, if the\namount of credit allowed under this subdivision for any taxable year\nreduces the tax to such amount, then any amount of credit thus not\ndeductible in such taxable year shall be treated as an overpayment of\ntax to be credited or refunded in accordance with the provisions of\nsection one thousand eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section one thousand eighty-eight of\nthis chapter notwithstanding, no interest shall be paid thereon.\n  * (dd) Employer-provided child care credit. (1) Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided in\nsection forty-four of this chapter, against the tax imposed by this\narticle.\n  (2) Application of credit. The credit allowed under this subdivision\nshall not reduce the tax due for such year to be less than the minimum\nfixed by paragraph four of subdivision (a) of section fifteen hundred\ntwo or section fifteen hundred two-a of this article, whichever is\napplicable. However, if the amount of the credit allowed under this\nsubdivision for any taxable year reduces the taxpayer's tax to such\namount, any amount of credit thus not deductible will be treated as an\noverpayment of tax to be credited or refunded in accordance with the\nprovisions of section one thousand eighty-six of this chapter. Provided,\nhowever, the provisions of subsection (c) of one thousand eighty-eight\nof this chapter notwithstanding, no interest shall be paid thereon.\n  (3) Credit recapture. For provisions requiring recapture of credit,\nsee section forty-four of this chapter.\n  * NB There are 2 sb (dd)'s\n  * (dd) Recovery tax credit. (1) Allowance of credit. A taxpayer that\nis a qualified employer pursuant to section 32.38 of the mental hygiene\nlaw that has received a certificate of tax credit from the commissioner\nof the office of alcoholism and substance abuse services shall be\nallowed a credit against the tax imposed by this article equal to the\namount shown on such certificate of tax credit. A taxpayer that is a\npartner in a partnership or member of a limited liability company that\nhas been certified by the commissioner of the office of alcoholism and\nsubstance abuse services as a qualified employer pursuant to section\n32.38 of the mental hygiene law shall be allowed its pro rata share of\nthe credit earned by the partnership or limited liability company.\n  (2) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the minimum tax fixed by paragraph four of subdivision (a) of\nsection fifteen hundred two of this article or by section fifteen\nhundred two-a of this article, whichever is applicable. However, if the\namount of credit allowed under this subdivision for any taxable year\nreduces the tax to such amount, then any amount of credit thus not\ndeductible in such taxable year shall be treated as an overpayment of\ntax to be credited or refunded in accordance with the provisions of\nsection one thousand eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section one thousand eighty-eight of\nthis chapter notwithstanding, no interest shall be paid thereon.\n  (3) 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 office of alcoholism and substance abuse services pursuant to\nsection 32.38 of the mental hygiene law.\n  * NB There are 2 sb (dd)'s\n  (ee) Child care creation and expansion tax credit. (1) Allowance of\ncredit. A taxpayer shall be allowed a credit, to be computed as provided\nin section forty-eight of this chapter, against the tax imposed by this\narticle.\n  (2) Application of credit. The credit allowed under this subdivision\nshall not reduce the tax due for such year to be less than the minimum\nfixed by paragraph four of subdivision (a) of section fifteen hundred\ntwo or section fifteen hundred two-a of this article, whichever is\napplicable. However, if the amount of the credit allowed under this\nsubdivision for any taxable year reduces the taxpayer's tax to such\namount, any amount of credit thus not deductible will be treated as an\noverpayment of tax to be credited or refunded in accordance with the\nprovisions of section one thousand eighty-six of this chapter. Provided,\nhowever, the provisions of subsection (c) of one thousand eighty-eight\nof this chapter notwithstanding, no interest shall be paid thereon.\n