NY Tax L § 1511 (2021)
2021 New York Laws TAX - Tax Article 33 - Franchise Taxes on Insurance Corporations 1511 - Credits.

§  1511.  Credits.  (a)  Credit  for  certain  other premium taxes. In computing the tax imposed by this  article  there  shall  be  allowed  a credit  for  the  amount of taxes paid or accrued by the taxpayer during the taxable year on premiums for any insurance against loss or damage by fire under section nine  thousand  one  hundred  four  or  section  nine thousand  one hundred five of the insurance law or under the charters of the cities of Buffalo or New York; provided, however,  that  any  unused credit remaining may not be carried over to any other year.  (b)  Credit  against  reciprocal  taxes  imposed  by  this  state.  In assessing taxes under the reciprocal provisions of section one  thousand one hundred twelve of the insurance law, credit shall be allowed for any taxes paid under this article.  (c)  Credit  for certain taxes payable to other jurisdictions. (1) If, by the laws of any state other than this state, or by the action of  any public  official of such other state, any insurer organized or domiciled in this state, or the duly authorized agents thereof, shall be  required to pay taxes for the privilege of doing business in such other state and such  amounts  are  imposed  or  assessed because the taxes which are or would be imposed under this chapter and the insurance law upon  insurers organized  or  domiciled  in  such  other  state  are greater than those required of insurers organized or domiciled in this state by the laws of such other state for the privilege of doing business therein,  then  and in  every case, to the extent such amounts are legally due to such other states, an insurer organized or domiciled in  this  state  may  claim  a credit,  as  hereinafter  provided,  against the tax payable pursuant to this article of a sum not to exceed ninety  per  cent  of  such  amount. Provided,  such credit shall in no event be greater than the tax payable pursuant to this article during the taxable year with respect  to  which such  amount  has  been  imposed  or  assessed by such other states. For purposes of this section, the term "taxes for  the  privilege  of  doing business"  shall  include,  but  shall  not  be  limited to, a tax on or measured by income.  (2) A credit may be claimed for the amount  computed  as  provided  in paragraph  one  of  this subdivision, on the return required pursuant to section fifteen hundred fifteen, against the  tax  imposed  pursuant  to this article for the taxable year in which such amount shall be paid. To the  extent  such  credit  shall  exceed  the amount payable pursuant to section fifteen hundred sixteen of this article  for  the  taxable  year against  which  the credit is allowed, the difference between the amount allowed as a credit and the tax  payable  pursuant  to  section  fifteen hundred  sixteen  shall  be  credited or refunded by the tax commission, without interest.  (3) The credit allowed  pursuant  to  this  subdivision  shall  be  in addition  to the credits allowed pursuant to subdivisions (a) and (b) of this section.  (4) The superintendent of financial services and  the  tax  commission shall  examine  claims for credit or refund made under this subdivision. If the superintendent of financial services or the tax commission  shall determine that any amount for which a credit shall have been claimed was not  legally  due to another state or that an error exists in the amount of credit shown on such return, or the amount claimed  as  a  refund  or refunded,  the  tax  commission shall take appropriate action under this chapter for the assessment and collection of any tax resulting from  the disallowance  of  a  claim  for credit made under this subdivision or to disallow any such claim for refund.  (5) Any taxpayer which commences an action or proceeding in any  state or  federal court to contest the validity of any assessment made against the taxpayer by another state pursuant to a statute similar  to  section  one  thousand  one  hundred  twelve  of  the  insurance law or any other statute or regulation of another state under which retaliatory taxes  or other  charges  are imposed or assessed against such taxpayer shall give the  state  tax  commission and the superintendent of financial services written notice of the commencement of such action or  proceeding  within five days after such commencement.  (d)  Credit  relating to eligible business facilities. (1) On or after April first, nineteen hundred eighty-three, for taxable years  beginning before  January first, two thousand, a credit against the tax imposed by this article shall be allowed only to an insurance corporation owning or operating an eligible  business  facility  where  such  corporation  has received  a  certificate of eligibility for tax credits, or a renewal or extension thereof, for  such  facility  from  the  New  York  state  job incentive  board prior to April first, nineteen hundred eighty-three, or has received a certificate of eligibility for tax credits, or a  renewal or  extension  thereof,  for such facility from the state tax commission subsequent to such date pursuant to paragraph eight of this subdivision, and only with respect to such facility, to be  computed  as  hereinafter provided.  (2)  The  amount  of the credit allowable in any taxable year shall be the sum determined by multiplying the tax otherwise due by a  percentage to be determined by:  (A)  ascertaining  the percentage which the total of eligible property values during the taxable year, as defined in  paragraph  four  of  this subdivision,  bears  to  the  average  value  of  all  real and tangible personal property connected with the insurance corporation  and  located within   the   state,  during  such  year.  For  the  purposes  of  this subparagraph only, real and tangible personal  property  connected  with the  insurance corporation shall include not only such property owned by the insurance corporation but also property rented to it, and the  value of  rented  property  shall  be  deemed to be eight times the net annual rental rate, that is, the annual  rental  rate  paid  by  the  insurance corporation less any annual rental rate received by it from subrentals.  (B)  ascertaining  the  percentage which the total wages, salaries and other  personal  service  compensation  during  the  taxable   year   to employees, except general executive officers, serving in jobs created or retained in an eligible area (as the term "eligible area" was defined by section  one  hundred fifteen of the commerce law as it existed on March thirty-first, nineteen hundred eighty-three) by such business  facility, bears   to   the  total  wages,  salaries  and  other  personal  service compensation during such taxable year of  such  insurance  corporation's employees within the state, except general executive officers.  (C)  adding  together  the  percentages so determined and dividing the result by two; provided, however, that if no wages,  salaries  or  other personal  service  compensation  was  paid  or incurred by the insurance corporation during such year to employees in  this  state,  subparagraph (B)  of  this  paragraph  shall  be disregarded and the amount of credit allowable shall be determined by multiplying the tax  otherwise  due  by the percentage specified in subparagraph (A) of this paragraph.  (3)  In no event shall the credit herein provided for be allowed in an amount which will reduce the tax payable to less than the minimum  fixed by  paragraph  four of subdivision (a) of section fifteen hundred two of such chapter.  (4) (A) Eligible property values, for the purposes of this subsection, shall include such part of the value of depreciable  real  and  tangible personal   property   included  in  an  eligible  business  facility  as represents:  (i)  expenditures  paid  or  incurred  by  the  taxpayer  for  capital improvements consisting of the construction, reconstruction, erection or improvement  of real property included in an eligible business facility, which  construction,  reconstruction,  erection   or   improvement   was commenced  on  or  after  July  first,  nineteen hundred sixty-eight and expenditures paid or incurred by the taxpayer  for  the  acquisition  of real  property,  included  in an eligible business facility, on or after January first, nineteen hundred seventy-seven.  (ii) in the case of real property leased by the taxpayer from  another party,   eight   times  the  portion  of  the  net  annual  rental  rate attributable to such expenditures paid or incurred  by  the  lessor  for such  construction, reconstruction, erection or improvement commenced on or after July first, nineteen hundred sixty-eight and, with  respect  to real  property  leased  by  the  taxpayer from another party on or after January first, nineteen hundred seventy-seven, eight times any remaining portion of the net annual rental rate.  (iii) expenditures paid or incurred by the taxpayer for  the  purchase of  tangible  personal  property,  other  than  vehicles, included in an eligible business facility, provided such property was purchased  on  or after July first, nineteen hundred sixty-eight; and  (iv)  in  the case of tangible personal property, other than vehicles, leased by the taxpayer from another party and included  in  an  eligible business  facility, eight times the net annual rental rate, provided the period for which such property was leased by the taxpayer  began  on  or after July first, nineteen hundred sixty-eight.  (B)  Provided,  however, eligible property values for purposes of this subsection shall not include expenditures paid or incurred more than one year prior to  the  filing  of  an  application  for  a  certificate  of eligibility  pursuant  to  section  one hundred nineteen of the commerce law, as such section existed on  March  thirty-first,  nineteen  hundred eighty-three.  (5)  The  total of all credits allowed pursuant to this subdivision in any taxable year or  years  with  reference  to  any  eligible  business facility shall not exceed the total eligible property values included in such facility.  (6)  If a credit is allowed for any taxable year as herein provided on the basis of a certificate of eligibility, and if  such  certificate  is revoked  or  modified,  the  taxpayer  shall  report  such revocation or modification in its report for the taxable year during which  it  occurs and  the  tax  commission shall recompute such credit and may assess any additional tax resulting from such recomputation within the  time  fixed by  paragraph nine of subsection (c) of section ten hundred eighty-three of this chapter.  (7)  If  a  business  facility  owned  or  operated  by  an  insurance corporation  shall  be  an eligible business facility for only part of a taxable year, the credit allowed by this subdivision shall  be  prorated according to the period such facility was an eligible business facility, and  if  the  total  of  the eligible property values shall have changed during any  taxable  year,  a  pro-rata  adjustment  shall  be  made  in computing such credit.  (8)  The  state  tax  commission shall be empowered, on or after April first,  nineteen  hundred  eighty-three,  to  issue  a  certificate   of eligibility  for  tax  credits  to  a  taxpayer for an eligible business facility with regard to which such taxpayer has, prior  to  July  first, nineteen  hundred  eighty-three,  received  from  the New York state job incentive board initial approval of an application for such  certificate by such board as evidenced by the minutes of the meeting of the board at which such application was approved, or a letter of intent authorized by  section  102.4 of part one hundred two of title five of the codes, rules and regulations of the state of New York regarding such  certificate  of eligibility  and  to  renew,  extend,  revoke or modify a certificate of eligibility  for  tax credits, pursuant to section one hundred twenty of the commerce law as such section existed on March thirty-first, nineteen hundred eighty-three.  (9) For purposes of the requirement for  eligibility  for  the  credit allowed under this subdivision that a business facility create or retain not  less  than  five jobs as provided in subdivision (c) of section one hundred eighteen of the commerce law as such section  existed  on  March thirty-first,  nineteen  hundred eighty-three, a business facility shall have (i) created not less than five jobs only if the number of jobs  for the  taxable  year  exceeds  the  number  of  jobs  at  the  time of the commencement of the project as stated on  its  application  for  initial approval  by five or more; or (ii) retained not less than five jobs only if initial approval was based on the retention of five or more jobs  and (A)  the  number  of  jobs for the taxable year is at least equal to the number of jobs at the time of the commencement of the project as  stated on  its  application  for initial approval or (B) where initial approval was based on the retention of fewer jobs than the number of jobs at  the time of the commencement of the project as stated on its application for initial  approval,  the  number of jobs for the taxable year is at least equal to the  number  approved  for  retention.  For  purposes  of  this paragraph,  the  phrase  "initial approval was based on the retention of five or more jobs" shall mean that such initial approval  was  given  by the  job  incentive  board  to  an  applicant that had not stated in its application for initial approval that it would increase  the  number  of jobs at its facility by at least five.  (e)  Mortgage  recording tax credit. (1) A taxpayer shall be allowed a credit, to be credited against the tax  imposed  by  this  article.  The amount  of  the  credit  shall  be  the amount of the special additional mortgage recording tax paid by the taxpayer pursuant to  the  provisions of  subdivision one-a of section two hundred fifty-three of this chapter on mortgages recorded on  and  after  January  first,  nineteen  hundred seventy-nine. Provided, however, no credit shall be allowed with respect to a mortgage of real property principally improved or to be improved by one  or  more  structures  containing in the aggregate not more than six residential dwelling units, each dwelling unit having its  own  separate cooking facilities, where the real property is located in one or more of the   counties   comprising  the  metropolitan  commuter  transportation district and where the mortgage is  recorded  on  or  after  May  first, nineteen  hundred  eighty-seven.  Provided,  however, no credit shall be allowed with respect to a mortgage of real property principally improved or to be improved by one or more structures containing in the  aggregate not  more than six residential dwelling units, each dwelling unit having its own separate cooking facilities, where the real property is  located in the county of Erie and where the mortgage is recorded on or after May first, nineteen hundred eighty-seven.  (2)  In no event shall the credit herein provided for be allowed in an amount which will reduce the tax payable to less than  the  minimum  tax fixed  by  paragraph  four of subdivision (a) of section fifteen hundred two of this article or section fifteen hundred two-a  of  this  article, whichever  is  applicable.  If,  however, the amount of credit allowable under this subdivision for any taxable year  reduces  the  tax  to  such amount,  any amount of credit not deductible in such taxable year may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years.  (f)  Credit  relating   to   life   insurance   guaranty   corporation assessments.  A credit shall be allowed against the tax imposed pursuant to  this  article  (other  than  section  fifteen hundred five-a of this article), for a portion of the assessments paid by a  taxpayer  pursuant to  article seventy-five or section seven thousand seven hundred nine of the insurance law. The credit shall be determined in accordance with the following provisions.  (1)  The  maximum  authorized  credit  for  each  taxpayer  shall   be determined as provided in section seven thousand seven hundred twelve of the insurance law.  (2)  Thirty-three  and  one-third per centum of the maximum authorized credit for the second calendar year preceding the taxable year, plus any amount carried forward under subparagraph (C) of paragraph three of this subdivision or paragraph four of this subdivision, shall be allowed as a credit under this subdivision for such taxable  year,  and  thirty-three and  one  third  per  centum  of such maximum authorized credit for such second preceding calendar year, plus any amount  carried  forward  under subparagraph   (C)  of  this  subdivision  or  paragraph  four  of  this subdivision, shall be allowed in each of the two taxable years following such taxable year.  (3) (A) For each calendar year for which a credit has been  authorized pursuant to section seven thousand seven hundred twelve of the insurance law,  the commissioner of taxation and finance shall determine the total tax liability of all life insurance  corporations  under  this  article, other  than under section fifteen hundred five-a of this article, before the application of any credits allowed pursuant  to  this  section,  for taxable  years beginning in such calendar year. Such total tax liability shall be published in the state register on or before the thirtieth  day of September of the next succeeding calendar year.  (B)  The  credit  allowed  under paragraph two of this subdivision for each taxpayer shall not exceed the product of (x) and (y) where (x) is a fraction, the numerator of which is the sum  of  the  gross  assessments paid  by  the particular taxpayer during the calendar year for which the credit has been authorized and the denominator of which is  the  sum  of the  gross  assessments  paid by all companies during such year, both as shown in the most  recent  statement  of  operations  furnished  by  the superintendent  of  financial  services  under subsection (a) of section seven thousand seven hundred twelve of the insurance law  and  both  the numerator  and denominator being reduced, as appropriate, by any refunds or reimbursements and (y) is the greater of (i) forty per centum of  the total   tax   liability   published  by  the  commissioner  pursuant  to subparagraph (A) of this paragraph and (ii) forty million dollars.  (C)  The  amount  by  which  the  allowable  credit  computed  without reference  to  the  limitation  contained  in  subparagraph  (B) of this paragraph exceeds the allowable credit for such taxable  year  shall  be carried forward as a credit under paragraph two of this subdivision.  (D)  With  respect  to  estimated  taxes payable under section fifteen hundred fourteen of this article any increase in estimated taxes due  to the  limitation imposed by this paragraph shall be deemed timely paid if paid on or before the fifteenth day of December next following the  date specified in subparagraph (A) of this paragraph.  (4)  If for any taxable year the credits allowable under paragraph two of this subdivision determined without regard to this  paragraph  exceed the  taxpayer's  liability  for taxes under this article for the taxable year after the allowance of all other credits under this  section,  then the  sum  of  two  hundred  fifty  dollars  and the amount by which such credits under this  subdivision  exceed  such  tax  liability  shall  be  carried  forward as a credit under paragraph two of this subdivision for the taxable year next following.  (5)  No  credit  allowed pursuant to this subdivision shall reduce the tax payable by any taxpayer under this article for any taxable  year  to an  amount  less  than  the  minimum  tax  fixed  by  paragraph  four of subdivision (a) of section  fifteen  hundred  two  of  this  article  or section fifteen hundred two-a of this article, whichever is applicable.  (g)  Empire  zone  wage  tax credit. (1) A taxpayer shall be allowed a credit, to be computed as hereinafter provided, against the tax  imposed by  this  article  where  the  taxpayer  has  been certified pursuant to article eighteen-B of the general  municipal  law.  The  amount  of  the credit shall be as prescribed in paragraph four hereof.  (2)  For  purposes of this subdivision, the following terms shall have the following meanings: (A) "Empire zone wages" means wages paid by  the taxpayer  for  full-time  employment,  other  than  to general executive officers, during the taxable year, in an area designated  or  previously designated as an empire zone or zone equivalent area pursuant to article eighteen-B  of  the general municipal law, where such employment is in a job created in the area (i) during the period of its designation  as  an empire   zone,  (ii)  within  four  years  of  the  expiration  of  such designation, or (iii) during the ten year period  immediately  following the  date  of  designation as a zone equivalent area, provided, however, that if the taxpayer's certification under  article  eighteen-B  of  the general  municipal law is revoked with respect to an empire zone or zone equivalent area, any wages  paid  by  the  taxpayer,  on  or  after  the effective  date  of  such  decertification,  for employment in such zone shall not constitute empire zone wages.  (B) "Targeted employee" means a New York resident who receives  empire zone  wages and who is (i) an eligible individual under the provision of the targeted jobs tax credit (section fifty-one of the internal  revenue code),  (ii) eligible for benefits under the provisions of the workforce investment act as a dislocated worker or a low-income  individual  (P.L. 105-220,  as  amended), (iii) a recipient of public assistance benefits, (iv) an individual whose income is below the most  recently  established poverty rate promulgated by the United States department of commerce, or a  member  of  a  family  whose family income is below the most recently established poverty rate promulgated by the appropriate  federal  agency or  (v) an honorably discharged member of any branch of the armed forces of the United States.   An individual who satisfies the criteria  set  forth  in  clause  (i), (ii),  (iv)  or  (v)  at  the time of initial employment in the job with respect to which the credit is claimed, or who satisfies  the  criterion set  forth  in  clause  (iii)  at  such  time  or at any time within the previous two years, shall  be  a  targeted  employee  so  long  as  such individual continues to receive empire zone wages.  (C)  "Average  number  of  individuals,  excluding  general  executive officers, employed full-time" shall  be  computed  by  ascertaining  the number  of such individuals employed by the taxpayer on the thirty-first day of March, the thirtieth day of June, the thirtieth day of  September and  the  thirty-first day of December during each taxable year or other applicable period, by adding together the  number  of  such  individuals ascertained  on  each  of such dates and dividing the sum so obtained by the number of such dates occurring within such  taxable  year  or  other applicable period.  (3)  The  credit  provided  for herein shall be allowed only where the average number of individuals,  excluding  general  executive  officers, employed full-time by the taxpayer in (i) the state and, (ii) the empire zone  or area previously constituting such zone or zone equivalent area,  during the taxable year exceeds the average number of  such  individuals employed  full-time  by the taxpayer in (i) the state and (ii) such zone or area subsequently or previously constituting such zone or  such  zone equivalent   area,  respectively,  during  the  four  years  immediately preceding the first taxable year in which the  credit  is  claimed  with respect  to  such  zone  or  area. Where the taxpayer provided full-time employment within (i) the state or (ii) such zone or area during only  a portion  of  such  four-year period, then for purposes of this paragraph the term "four years" shall be deemed to refer instead to such  portion, if any.   The  credit  shall  be  allowed only with respect to the first taxable year during which payments  of  empire  zone  wages  are  made  and  the conditions  set  forth in this paragraph are satisfied, and with respect to each of the four taxable years next following (but only, with respect to each of such years, if such conditions are satisfied), in  accordance with  paragraph  four  of this subdivision. Subsequent certifications of the taxpayer pursuant to article eighteen-B  of  the  general  municipal law, at the same or a different location in the same empire zone or zone equivalent  area  or  at  a  location in a different empire zone or zone equivalent area, shall not extend the five taxable year time  limitation on  the  allowance  of  the  credit set forth in the preceding sentence. Provided, further, however, that no credit shall be allowed with respect to any taxable year beginning more than four years following the taxable year in which designation as an empire zone expired  or  more  than  ten years after the designation as a zone equivalent area.  (4) The amount of the credit shall equal the sum of  (A)  the  product  of three thousand dollars and the average number of individuals (excluding general executive officers) employed full-time by the taxpayer, computed pursuant to the provisions of subparagraph (C) of paragraph two of this subdivision, who (i) received  empire  zone  wages for more than half of the taxable year,  (ii)  received,  with  respect  to  more  than  half  of the period of employment by the taxpayer during the taxable year, an hourly wage which was at least  one  hundred  thirty-five  percent  of  the  minimum  wage specified in section six hundred fifty-two of the labor law, and  (iii) are targeted employees; and  (B)  the  product of fifteen hundred dollars and the average number of individuals  (excluding  general  executive  officers  and   individuals described  in  subparagraph (A) of this paragraph) employed full-time by the taxpayer, computed pursuant to the provisions of subparagraph (C) of paragraph two of this subdivision, who received empire  zone  wages  for more than half of the taxable year.  (C)  For purposes of calculating the amount of the credit, individuals employed within an empire  zone  or  zone  equivalent  area  within  the immediately  preceding sixty months by a related person, as such term is defined in subparagraph (c) of paragraph  three  of  subsection  (b)  of section  four hundred sixty-five of the internal revenue code, shall not be  included  in  the  average  number  of  individuals   described   in subparagraph  (A)  or  subparagraph  (B)  of this paragraph, unless such related person was never allowed a credit under  this  subdivision  with respect  to  such  employees.  For  the purposes of this subparagraph, a "related person" shall include an entity which would have qualified as a "related  person"  to  the  taxpayer  if  it  had  not  been  dissolved, liquidated,  merged  with another entity or otherwise ceased to exist or operate.  (D) If a taxpayer is certified in  an  empire  zone  designated  under subdivision  (a)  or  (d)  of  section  nine  hundred fifty-eight of the general municipal law, the dollar amounts specified  under  subparagraph  (A)  or (B) of this paragraph shall be increased by five hundred dollars for each qualifying individual under  such  subparagraph  who  received, during the taxable year, wages in excess of forty thousand dollars.  (E)  The  requirement  in this paragraph that an employee must receive empire zone wages for more than half the taxable year shall not apply in the first taxable year of a taxpayer satisfying the criteria  set  forth in  this  subparagraph.  In  such  a case, the credit allowed under this subdivision shall be computed by utilizing  the  number  of  individuals (excluding  general  executive  officers)  employed  full  time  by  the taxpayer on the last day of its first taxable  year.  A  taxpayer  shall satisfy  the  following  criteria:  (i)  such  taxpayer acquired real or tangible personal property during its first taxable year from an  entity which  is  not  a related person (as such term is defined in subdivision (g) of section fourteen of this chapter); (ii) the first taxable year of such taxpayer shall be a short taxable  year  of  not  more  than  seven months  in  duration;  and  (iii)  the  number  of  individuals employed full-time on the last day of such first taxable year shall be  at  least one  hundred  ninety and substantially all of such individuals must have been previously  employed  by  the  entity  from  whom  such  enterprise purchased its assets.   Provided,  further,  however, that the credit provided for herein with respect to the taxable year,  and  carryovers  of  such  credit  to  the taxable  year,  deducted  from  the  tax  otherwise due, may not, in the aggregate, exceed fifty percent of (i) in the case of taxpayers  subject to  tax  under  subdivision  (b)  of section fifteen hundred ten of this article, the lesser of (I) the limitation on tax  computed  pursuant  to subdivision  (a) of section fifteen hundred five, or (II) the greater of the sum of the taxes imposed under  sections  fifteen  hundred  one  and fifteen   hundred  ten  or  the  amount  of  tax  computed  pursuant  to subdivision (b) of section fifteen hundred five, or (ii) for  all  other insurance  corporations,  the  tax imposed under section fifteen hundred two-a of this article, computed without regard to  any  credit  provided for under this article.  (5)  The  credit  or  carryovers  of  such  credit  allowed under this subdivision for any taxable year shall not, in the aggregate, reduce the tax due for such year to less than the minimum tax  fixed  by  paragraph four  of  subdivision (a) of section fifteen hundred two of this article or by section fifteen  hundred  two-a  of  this  article,  whichever  is applicable.  However,  if  the  amount  of  credit or carryovers of such credit, or both, allowed under this subdivision  for  any  taxable  year reduces  the  tax  to  such  amount,  or  if  any  part of the credit or carryovers of such credit may not be deducted from the tax otherwise due by reason of the final sentence in paragraph four hereof, any amount  of credit  or carryovers of such credit thus not deductible in such taxable year may be carried over to the following  year  or  years  and  may  be deducted from the taxpayer's tax for such year or years.  (5-a)  Any carry over of a credit from prior taxable years will not be allowed if an empire zone retention certificate is not  issued  pursuant to  subdivision  (w)  of  section nine hundred fifty-nine of the general municipal law to the empire zone enterprise which is the  basis  of  the credit.  (g-1)  Hire  a vet credit.  (1) Allowance of credit. For taxable years beginning on or after January first, two  thousand  fifteen  and  before January  first, two thousand twenty-three, a taxpayer shall be allowed a credit, to be computed as provided in this subdivision, against the  tax imposed by this article, for hiring and employing, for not less than one year  and  for  not  less  than thirty-five hours each week, a qualified veteran within the state.  The taxpayer may claim the credit in the year  in which the qualified veteran completes one year of employment  by  the taxpayer.   If  the  taxpayer  claims  the  credit  allowed  under  this subdivision, the taxpayer may not use the hiring of a qualified  veteran that  is  the  basis  for  this  credit in the basis of any other credit allowed under this article.  (2) Qualified veteran. A qualified veteran is an individual:  (A) who served on active duty in the United  States  army,  navy,  air force,  marine corps, coast guard or the reserves thereof, or who served in active military service of the United States as a member of the  army national  guard,  air  national  guard, New York guard or New York naval militia; who (i) was released from active duty by general  or  honorable discharge  after  September  eleventh,  two  thousand one, or (ii) has a qualifying condition, as defined in section three hundred fifty  of  the executive  law,  and  has received a discharge other than bad conduct or dishonorable from such service after September  eleventh,  two  thousand one,  or (iii) is a discharged LGBT veteran, as defined in section three hundred fifty of the executive law, and has received a  discharge  other than  bad  conduct  or  dishonorable  from  such service after September eleventh, two thousand one;  (B) who commences employment by the qualified  taxpayer  on  or  after January  first,  two  thousand  fourteen,  and before January first, two thousand twenty-two; and  (C) who certifies by signed affidavit, under penalty of perjury,  that he or she has not been employed for thirty-five or more hours during any week  in  the  one hundred eighty day period immediately prior to his or her employment by the taxpayer.  (3) Employer prohibition. An employer shall not discharge an  employee and  hire  a qualifying veteran solely for the purpose of qualifying for this credit.  (4) Amount of credit. The amount of the credit shall be ten percent of the total amount of wages paid  to  the  qualified  veteran  during  the veteran's first full year of employment. Provided, however, that, if the qualified  veteran is a disabled veteran, as defined in paragraph (b) of subdivision one of section eighty-five of the  civil  service  law,  the amount  of  the  credit  shall be fifteen percent of the total amount of wages paid to the qualified veteran during the veteran's first full year of employment. The credit allowed pursuant to this subdivision shall not exceed in any taxable year, five  thousand  dollars  for  any  qualified veteran  and fifteen thousand dollars for any qualified veteran who is a disabled veteran.  (5) Carryover. The credit  allowed  under  this  subdivision  for  any taxable year shall not reduce the tax due for such year to less than the amount  prescribed  in  paragraph  four  of  subdivision  (a) of section fifteen hundred two of this article or the  minimum  tax  prescribed  in section  fifteen hundred two-a of this article, whichever is applicable. However, if the amount of credit allowable under  this  subdivision  for any  taxable  year  reduces the tax to such amount, any amount of credit not deductible in such taxable year may be carried over to the following three years and may be deducted from the taxpayer's tax for such year or years.  (h) Empire zone capital credit. (1) A  taxpayer  shall  be  allowed  a credit against the tax imposed by this article. The amount of the credit shall  be  equal  to  twenty-five  percent  of  the sum of the following investments and contributions made during the taxable year and certified by the commissioner of  economic  development:  (A)  for  taxable  years beginning before January first, two thousand five, qualified investments made  in, or contributions in the form of donations made to, one or more empire zone capital corporations established pursuant  to  section  nine  hundred  sixty-four of the general municipal law prior to January first, two  thousand  five,  (B)  qualified  investments  in   certified   zone businesses  which  during  the twelve month period immediately preceding the month in which such investment is made employed full-time within the state  an  average  number  of  individuals, excluding general executive officers, of two hundred  fifty  or  fewer,  computed  pursuant  to  the provisions  of  subparagraph  (C)  of paragraph two of subsection (g) of this section, except for investments made by or on behalf of an owner of the business, including, but not limited to, a stockholder,  partner  or sole  proprietor,  or any related person, as defined in subparagraph (C) of paragraph three of subsection (b) of section four hundred  sixty-five of  the  internal  revenue  code,  and  (C)  contributions  of  money to community development projects as defined in regulations promulgated  by the  commissioner of economic development. "Qualified investments" means the contribution of property to a corporation in exchange  for  original issue  capital  stock  or  other ownership interest, the contribution of property  to  a  partnership  in  exchange  for  an  interest   in   the partnership,  and similar contributions in the case of a business entity not in corporate or  partnership  form  in  exchange  for  an  ownership interest  in  such  entity.  The  total  amount of credit allowable to a taxpayer under this provision for all years,  taken  in  the  aggregate, shall  not  exceed  three hundred thousand dollars, and shall not exceed one hundred  thousand  dollars  with  respect  to  the  investments  and contributions  described  in  each  of subparagraphs (A), (B) and (C) of this paragraph.  (2) The credit  and  carryover  of  such  credit  allowed  under  this subdivision for any taxable year shall not, in the aggregate, reduce the tax  due  for such year to less than the minimum fixed by paragraph four of subdivision (a) of section fifteen hundred two of this article or  by section  fifteen hundred two-a of this article, whichever is applicable. However, if the amount of credit or carryovers of such credit, or  both, allowed  under  this subdivision for any taxable year reduces the tax to such amount, or if any part of the credit or carryovers of  such  credit may  not  be  deducted from the tax otherwise due by reason of the final sentence of this paragraph, any amount of credit or carryovers  of  such credit  thus  not deductible in such taxable year may be carried over to the following year or years and may be deducted from the  tax  for  such year or years. In addition, the amount of such credit, and carryovers of such credit to the taxable year, deducted from the tax otherwise due may not,  in  the  aggregate,  exceed  fifty  percent  of (i) in the case of taxpayers subject to  tax  under  subdivision  (b)  of  section  fifteen hundred  ten  of  this  article, the lesser of (I) the limitation on tax computed pursuant to subdivision (a) of section fifteen hundred five, or (II) the greater of the sum of the taxes imposed under sections  fifteen hundred  one  and  fifteen  hundred  ten  or  the amount of tax computed pursuant to subdivision (b) of section fifteen hundred five, or (ii) for all other insurance corporations, the tax imposed under section  fifteen hundred  two-a  of  this  article, computed without regard to any credit provided for under this article.  (2-a) Any carry over of a credit from prior taxable years will not  be allowed  to  an empire zone enterprise which is the basis of the credit, if an empire zone retention certificate is not  issued  to  such  entity pursuant  to  subdivision  (w) of section nine hundred fifty-nine of the general municipal law.  (3) Where the stock, partnership interest or other ownership  interest arising  from  a  qualified investment as described in subparagraphs (A) and (B) of paragraph  one  of  this  subdivision  is  disposed  of,  the taxpayer's  entire net income shall be computed, pursuant to regulations  promulgated by the commissioner, so as to properly reflect  the  reduced cost  thereof  arising  from  the application of the credit provided for herein.  (4)(A)  Where  a  taxpayer  sells,  transfers or otherwise disposes of corporate stock, a partnership  interest  or  other  ownership  interest arising  from  the making of a qualified investment which was the basis, in whole or in part, for the allowance of the credit provided for  under this  subdivision,  or  where a contribution or investment which was the basis for such allowance  is  in  any  manner,  in  whole  or  in  part, recovered  by  such  taxpayer,  and  such disposition or recovery occurs during the taxable year or within thirty-six months from  the  close  of the  taxable  year  with  respect  to  which  such  credit  is  allowed, subparagraph (B) of this paragraph shall apply.  (B) The taxpayer shall add back with respect to the  taxable  year  in which  the disposition or recovery described in subparagraph (A) of this paragraph  occurred  the  required  portion  of  the  credit  originally allowed.  (C) The required portion of the credit originally allowed shall be the product  of  (i) the portion of such credit attributable to the property disposed of or the  payment  or  contribution  recovered  and  (ii)  the applicable percentage.  (D) The applicable percentage shall be:  (i)  one hundred percent, if the disposition or recovery occurs within the taxable year with respect to which the credit is allowed  or  within twelve months of the end of such taxable year,  (ii)  sixty-seven  percent, if the disposition or recovery occurs more than twelve but not more than twenty-four months after the  end  of  the taxable year with respect to which the credit is allowed, or  (iii) thirty-three percent, if the disposition or recovery occurs more than  twenty-four  but  not more than thirty-six months after the end of the taxable year with respect to which the credit is allowed.  (5) If the designation of an area as an empire zone is  no  longer  in effect  because the designations of all empire zones pursuant to article eighteen-B of the general municipal law have expired,  a  taxpayer  that has  made  a  contribution  of  money  on  or before the day immediately preceding the day the empire zones expired to  a  community  development project  approved  by  the commissioner of economic development shall be deemed  eligible  to  claim  the  empire  zone  capital   credit   under subparagraph  (C)  of  paragraph  one of this subdivision for additional contributions made prior to  April  first,  two  thousand  fourteen  and certified  by the commissioner of economic development to that community development project as payment of a commitment made by the  taxpayer  to that community development project before the empire zones expired.  (i) Credit for certain other taxes payable to other jurisdictions. (1) If,  by the laws of any state other than this state, or by the action of any public official  of  such  other  state,  an  insurer  organized  or domiciled in this state, or the duly authorized agents thereof, shall be required  to pay taxes for the privilege of doing business in such other state, which taxes are imposed or assessed because  of  amounts  imposed upon  and required to be paid by insurers organized or domiciled in such other state pursuant to section  twenty-eight  hundred  seven-t  of  the public  health law, then and in every case, to the extent such taxes are legally due to such other state, such insurer organized or domiciled  in this  state may claim a credit, as hereinafter provided, against the tax payable pursuant to this article of a sum not to exceed ninety per  cent of  such amount. Provided, such credit shall in no event be greater than the tax payable pursuant to this article during the  taxable  year  with respect  to which such taxes have been imposed or assessed by such other  state. For purposes of this section, the term "taxes for  the  privilege of  doing business" shall include, but shall not be limited to, a tax on or measured by income.  (2)  A  credit  may  be claimed for the amount computed as provided in paragraph one of this subdivision, on the return  required  pursuant  to section  fifteen  hundred  fifteen,  against the tax imposed pursuant to this article for the taxable year in which such amount shall be paid. To the extent such credit shall  exceed  the  amount  payable  pursuant  to section  fifteen  hundred sixteen for the taxable year against which the credit is allowed, the difference between the amount allowed as a credit and the tax payable pursuant to section fifteen hundred sixteen shall be credited or refunded by the commissioner, without interest.  (3) The credit allowed  pursuant  to  this  subdivision  shall  be  in addition  to  the  credits allowed pursuant to subdivisions (a), (b) and (c) of this section.  (4) The superintendent of  financial  services  and  the  commissioner shall  examine  claims for credit or refund made under this subdivision. If the superintendent of financial services or  the  commissioner  shall determine  that  any  tax for which a credit shall have been claimed was not legally due to another state or that an error exists in  the  amount of  credit  shown on such return or in the amount claimed as a refund or refunded, the commissioner shall  take  appropriate  action  under  this chapter  for the assessment and collection of any tax resulting from the disallowance of a claim for credit made under  this  subdivision  or  to disallow any such claim for refund.  (5)  Any taxpayer which commences an action or proceeding in any state or federal court to contest the validity of any assessment made  against the  taxpayer  by another state pursuant to a statute similar to section one thousand one hundred twelve  of  the  insurance  law  or  any  other statute  or regulation of another state under which retaliatory taxes or other charges are imposed or assessed against such taxpayer  shall  give the  commissioner  and  the superintendent of financial services written notice of the commencement of such action or proceeding within five days after such commencement.  (6) The commissioner shall report annually, on or before the first day of March, on the amount of credits claimed pursuant to this  subdivision on  returns  filed during the preceding calendar year. Such report shall be provided to the director of the budget, the  commissioner  of  health and the superintendent of financial services.  (7)  In addition to any other requirements of this article, an insurer claiming a credit under this subdivision shall  attach  to  the  returns required  pursuant  to  section  fifteen  hundred  fifteen a computation identifying the credit  attributable  to  taxes  paid  to  other  states because  of  the  amounts  imposed  and  required to be paid pursuant to section twenty-eight hundred seven-t of the  public  health  law,  which credit shall be further broken down to reflect amounts and taxable years to which the retaliatory taxes giving rise to the credit relate.  (j)  Credit for employment of persons with disabilities. (1) Allowance of credit. A taxpayer shall be allowed  a  credit,  to  be  computed  as hereinafter  provided,  against  the  tax  imposed  by this article, for employing within the state a qualified employee.  (2) Qualified employee. A qualified employee is an individual:  (A) who is certified by the education department, or in the case of an individual who is blind or visually handicapped,  by  the  state  agency responsible  for  provision of vocational rehabilitation services to the blind and visually handicapped: (i) as a person with a disability  which constitutes  or results in a substantial handicap to employment and (ii) as having completed or as receiving  services  under  an  individualized  written  rehabilitation  plan  approved  by  the education department or other state agency responsible for providing  vocational  rehabilitation services to such individual; and  (B)  who  has  worked  on  a  full-time  basis for the employer who is claiming the credit for at least one hundred eighty days or four hundred hours.  (3) Amount of credit. Except as provided in  paragraph  four  of  this subdivision,  the  amount  of credit shall be thirty-five percent of the first six thousand dollars in qualified first-year wages earned by  each qualified  employee.  "Qualified  first-year  wages" means wages paid or incurred by the taxpayer during the taxable year to qualified  employees which  are  attributable, with respect to any such employee, to services rendered during the one-year period beginning with the day the  employee begins work for the taxpayer.  (4)  Credit  where  federal  work opportunity tax credit applies. With respect to any qualified employee whose qualified first-year wages under paragraph three of this subdivision also constitute qualified first-year wages for purposes of the work opportunity  tax  credit  for  vocational rehabilitation referrals under section fifty-one of the internal revenue code,  the  amount of credit under this subdivision shall be thirty-five percent of the first six thousand dollars in qualified second-year wages earned by each such employee. "Qualified second-year wages" means  wages paid  or  incurred  by the taxpayer during the taxable year to qualified employees which are attributable, with respect to any such employee,  to services  rendered  during  the one-year period beginning one year after the employee begins work for the taxpayer.  (5) Carryover. The credit and carryovers of such credit allowed  under this  subdivision  for  any  taxable  year  shall not, in the aggregate, reduce the tax due for such year to less than the minimum tax  fixed  by paragraph four of subdivision (a) of section fifteen hundred two of this article  or  by section fifteen hundred two-a of this article, whichever is applicable. However, if the amount of credit or  carryovers  of  such credit,  or  both,  allowed  under this subdivision for any taxable year reduces the tax to such amount, then any amount of credit or  carryovers of  such  credit thus not deductible in such taxable year may be carried over to the following year  or  years  and  may  be  deducted  from  the taxpayer's tax for such year or years.  (6)  Coordination  with  federal  work  opportunity  tax  credit.  The provisions of sections fifty-one and fifty-two of the  internal  revenue code,  as  such  sections  applied  on  October  first, nineteen hundred ninety-six, that apply to the work opportunity tax credit for vocational rehabilitation  referrals  shall  apply  to  the   credit   under   this subdivision  to  the  extent  that such sections are consistent with the specific provisions of this subdivision, provided that in the event of a conflict the provisions of this subdivision shall control.  (k) Credit for certain investments in certified capital companies. (1) A taxpayer shall be allowed a credit,  to  be  computed  as  hereinafter provided,  against  the  tax  imposed by this article. The amount of the credit shall be equal  to  one  hundred  percent  of  an  investment  of certified  capital  in  a  certified capital company program made by the taxpayer pursuant to section eleven of this chapter.  (2) Ten percent of such credit shall be allowed in the taxable year to which such investment  is  allocated  pursuant  to  subdivision  (h)  of section eleven of this chapter and in each of the nine following taxable years.  In  addition, in any taxable year subsequent to the taxable year for which such investment is so allocated, any  amount  carried  forward under  paragraphs  three  and  four  of  this subdivision may be carried forward indefinitely until such credits are utilized.  (3) No credit allowable pursuant to this subdivision shall reduce  the tax  payable  under  this  article to less than the minimum tax fixed by paragraph four of subdivision (a) of section fifteen hundred two of this article or by section fifteen hundred two-a of this  article,  whichever is  applicable.  If,  however, the amount of credit allowable under this subdivision for any taxable year reduces the tax  to  such  amount,  any amount  of  credit not taken in such taxable year may be carried over to the following year or years and may be deducted from the taxpayer's  tax for such year or years.  (4)  If  for any taxable year the credit allowable under paragraph two of this subdivision exceeds such minimum tax for such taxable year, then the amount by which such credit exceeds such minimum tax liability shall be carried forward as a credit under paragraph two of  this  subdivision to  the  following year or years and may be deducted from the taxpayer's tax for such year or years.  (5) Decertification of a certified capital company  from  a  certified capital  company  program shall cause the disallowance and the recapture of the credit allowed  under  paragraph  one  of  this  subdivision,  as follows:  (A)  Decertification  of  a certified capital company from a certified capital company program within two years of its starting date  prior  to meeting  the  requirements  of  subparagraph  (A)  of  paragraph  one of subdivision  (c)  of  section  eleven  of  this  chapter   shall   cause disallowance  of  one  hundred  percent  of  the  credit  allowed  under paragraph one of this subdivision with respect to such certified capital company program and the recapture of any portion of such credit that was previously taken.  (B) Decertification of a certified capital company  from  a  certified capital   company   program   which,  having  met  all  requirements  of subparagraph (A) of paragraph one of subdivision (c) of  section  eleven of  this  chapter,  subsequently  fails  to  meet  the  requirements for continued certification under the provisions of subparagraph (B) of such paragraph one, shall cause the disallowance of  eighty-five  percent  of the  credit allowed under paragraph one of this subdivision with respect to such certified capital company program and recapture of  any  portion of such credit in excess of fifteen percent that was previously taken.  (C)  Decertification  of  a certified capital company from a certified capital  company  program  which,  having  met   all   requirements   of subparagraphs (A) and (B) of paragraph one of subdivision (c) of section eleven  of this chapter, subsequently fails to meet the requirements for continued certification under the provisions of subparagraph (C) of such paragraph one, shall cause the disallowance of seventy  percent  of  the credit  allowed  under paragraph one of this subdivision with respect to such certified capital company program and the recapture of any  portion of such credit in excess of thirty percent that was previously taken.  (D)  Decertification  of  a certified capital company from a certified capital company program pursuant to paragraph two of subdivision (e)  of section eleven of this chapter, other than on the grounds of the failure of   such   certified  capital  company  to  meet  the  requirements  of subparagraphs (A), (B) or (C) of paragraph one  of  subdivision  (c)  of such  section,  shall  not  cause the disallowance of any of the credits allowed under paragraph one of this subdivision  with  respect  to  such certified  capital  company program, nor the recapture of any portion of such credits that was previously taken.  (E) If, after twelve years after a certified capital company  receives an  investment  of  certified  capital  under  certified capital company program four and any subsequent program, such certified capital  company has  failed  to  invest  one  hundred  percent  of its certified capital  allocable  to  such  certified  capital  company  program  in  qualified investments,  such certified capital company shall be required to pay to the department, for deposit in the general fund, an amount equal to  two times  the  amount  of  net profits on qualified investments as required under paragraph five of  subdivision  (d)  of  section  eleven  of  this chapter  at  such subsequent time when it has fully invested one hundred percent and has begun  to  make  a  distribution  of  its  net  profits; provided  that  such  requirement shall not apply to a certified capital company in which at least fifty percent of the  voting  stock,  capital, membership  interests,  or  other beneficial ownership interests, as the case may be, are owned  by  an  entity  that  is  managed,  directly  or indirectly,  by  a non-profit corporation. This amount of payment to the department shall not be reduced by the amount set forth in paragraph six of subdivision (d) of section eleven of this chapter,  and  a  certified capital  company  making  a  payment  under  this paragraph shall not be eligible to create a fund pursuant to such paragraph six of  subdivision (d)  of  section  eleven  of  this chapter for that particular certified capital company program.  (6) Revocation of  certification  from  a  certified  capital  company program  pursuant  to subdivision (f) of section eleven of this chapter, before the later of (i) the third anniversary of the certification  date of the certified capital company or (ii) the date on which the certified capital  company  satisfies  the  requirements  of  subparagraph  (C) of paragraph one of subdivision (c) of  section  eleven  of  this  chapter, shall  cause  disallowance  of one hundred percent of the credit allowed under paragraph one of this subdivision with respect to  such  certified capital  company program and the recapture of any portion of such credit that was previously taken.  (7) No credit shall be allowed in any tax year in which  the  taxpayer shall,  individually  or  with  or  through one or more affiliates, be a managing general partner of or underwrite or control  the  direction  of investments  of  a  certified  capital  company for which the credit was allowed under paragraph one of this subdivision.  This  provision  shall not  preclude a certified investor, insurance company or any other party from exercising its legal rights and remedies (which may include interim management of a certified capital company) in the event that a certified capital company is in  default  of  its  statutory  obligations  or  its contractual obligations to such certified investor, insurance company or other  party  or from monitoring the certified capital company to ensure its compliance with section eleven of this chapter  or  disallowing  any investments  that  have not been approved by the superintendent pursuant to subparagraph (D) of paragraph one of subdivision (c) of such  section eleven.  For purposes of this paragraph, affiliate shall mean a business entity in which the taxpayer holds at least  a  ten  percent  beneficial interest.  (8)  A  certified  investor  allowed  a  credit  against its state tax liability earned through an investment in a  certified  capital  company shall  not  be  required  to  pay  any additional retaliatory tax levied pursuant to section eleven hundred twelve of  the  insurance  law  as  a result of claiming such credit.  (9)  A  taxpayer  is permitted to transfer or sell tax credits allowed under this subdivision, in whole or in part, to any affiliate within  an affiliated  group  of  taxpayers,  who  are subject to tax in this state under this article. Such transfer or sale  shall  not  affect  the  time schedule  for  claiming  the  credit  transferred  or  sold.  Any credit recaptured shall be the liability of the taxpayer who  actually  claimed the  credit.  The  claim  of a transferee shall be permitted in the same manner and subject to the same provisions  and  limitations  of  section  eleven of this chapter as applied to the taxpayer to whom the credit was originally allowed. For purposes of this paragraph, the term "affiliated group"  shall  have  the  same  meaning  as described in section fifteen hundred  four  of  the  internal  revenue  code, without exclusion for a company listed under paragraph two of subsection (b) of section  fifteen hundred four of the internal revenue code, except that the references to "at  least eighty percent" in such section fifteen hundred four shall be read as "more than fifty percent".  Whenever  a  taxpayer  transfers  or sells  a  tax  credit  pursuant  to  this paragraph, such taxpayer shall notify the department and the department of financial services  of  such transfer or sale within forty-five days.  (l)  Credit  for  purchase  of  an automated external defibrillator. A taxpayer shall be allowed a credit as hereinafter provided, against  the tax  imposed by this article for the purchase, other than for resale, of an automated external defibrillator, as such term is defined in  section three  thousand-b  of  the  public  health law. The amount of the credit shall be the cost to the taxpayer of automated  external  defibrillators purchased  during  the  taxable  year,  such  credit  not to exceed five hundred dollars with respect to each unit purchased. The credit  allowed under this subdivision for any taxable year shall not reduce the tax due for  such  year  to less than the minimum tax fixed by paragraph four of subdivision (a) of section fifteen hundred two of  this  article  or  by section fifteen hundred two-a of this article, whichever is applicable.  (m)  (1)  A taxpayer shall be allowed a credit against the tax imposed by this article equal to twenty percent of the premium paid  during  the taxable  year for long-term care insurance. In order to qualify for such credit, the taxpayer's premium payment must be for the  purchase  of  or for  continuing  coverage  under  a long-term care insurance policy that qualifies for such credit pursuant to section one thousand  one  hundred seventeen of the insurance law.  (2)  In no event shall the credit herein provided for be allowed in an amount which will reduce the tax payable to less than  the  minimum  tax fixed  by  paragraph  four of subdivision (a) of section fifteen hundred two of this article or by section fifteen hundred two-a of this article, whichever is applicable. If, however, the  amount  of  credit  allowable under  this  subdivision  for  any  taxable year reduces the tax to such amount, any amount of credit not deductible in such taxable year may  be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years.  (n)  Low-income  housing  credit.  (1) Allowance of credit. A taxpayer shall be allowed a credit against the tax imposed by this  article  with respect  to  the ownership of eligible low-income buildings, computed as provided in section eighteen of this chapter.  (2) Application of credit. The credit and carryovers  of  such  credit allowed  under  this  subdivision for any taxable year shall not, in the aggregate, reduce the tax due for such year to less than the minimum tax fixed by paragraph four of subdivision (a) of  section  fifteen  hundred two of this article or by section fifteen hundred two-a of this article, whichever  is applicable. However, if the amount of credit or carryovers of such credit, or both, allowed under this subdivision for any  taxable year  reduces  the  tax  to  such  amount,  then any amount of credit or carryovers of such credit thus not deductible in such taxable  year  may be  carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years.  (3) Credit recapture. For provisions requiring  recapture  of  credit, see subdivision (b) of section eighteen of this chapter.  (o)  Green  building credit. (1) Allowance of credit. A taxpayer shall be allowed a credit, to be computed as provided in section  nineteen  of this chapter, against the taxes imposed by this article.  (2)  Carryover. The credit and carryovers of such credit allowed under this subdivision for any taxable  year  shall  not,  in  the  aggregate, reduce  the  tax due for such year to less than the minimum tax fixed by paragraph four of subdivision (a) of section fifteen hundred two of this article or by section fifteen hundred two-a of this  article,  whichever is  applicable.  However,  if the amount of credit or carryovers of such credit, or both, allowed under this subdivision  for  any  taxable  year reduces  the tax to such amount, then any amount of credit or carryovers of such credit thus not deductible in such taxable year may  be  carried over  to  the  following  year  or  years  and  may be deducted from the taxpayer's tax for such year or years.  (p) Credit for transportation improvement contributions. (1) Allowance of credit. A taxpayer shall be allowed  a  credit,  to  be  computed  as provided in section twenty of this chapter, against the taxes imposed by this article.  (2)  Application  of credit. The credit allowed under this subdivision for any taxable year shall not reduce the tax due for such year to  less than  the  minimum  tax  fixed  by  paragraph four of subdivision (a) of section fifteen hundred two  of  this  article  or  by  section  fifteen hundred  two-a of this article, whichever is applicable. However, if the amount of credit allowed under this subdivision  for  any  taxable  year reduces  the  tax  to  such  amount,  then any amount of credit thus not deductible in such taxable year shall be treated as  an  overpayment  of tax  to  be  credited  or  refunded in accordance with the provisions of section ten hundred eighty-six of this chapter. Provided,  however,  the provisions of subsection (c) of section ten hundred eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.  (3)  Credit  recapture.  For provisions requiring recapture of credit, see subdivision (c) of section twenty of this chapter.  (q) Investment tax credit (ITC). (1) A taxpayer  shall  be  allowed  a credit,  to be computed as hereinafter provided, against the tax imposed by this article. Provided, however, a taxpayer shall not be allowed such credit provided by this subdivision unless (A) eighty percent or more of the  employees  performing  the  administrative  and  support  functions resulting  from  or related to the qualifying uses of such equipment are located in this state, or (B)  the  average  number  of  employees  that perform  the  administrative  and  support  functions  resulting from or related to the qualifying uses of such equipment and are located in this state during the taxable year for which the credit is claimed  is  equal to  or  greater  than  ninety-five  percent  of  the  average  number of employees that perform these functions and are  located  in  this  state during  the  thirty-six  months immediately preceding the year for which the credit is claimed, or (C) the number of employees  located  in  this state  during  the taxable year for which the credit is claimed is equal to or greater than ninety percent of the number of employees located  in this  state  on December thirty-first, nineteen hundred ninety-eight or, if the taxpayer was not a calendar year  taxpayer  in  nineteen  hundred ninety-eight,  the  last  day  of  its  first  taxable year ending after December thirty-first, nineteen hundred ninety-eight.  If  the  taxpayer becomes subject to tax in this state after the taxable year beginning in nineteen  hundred  ninety-eight,  then  the  taxpayer is not required to satisfy the employment test provided in the preceding sentence  of  this subparagraph  for  its  first taxable year. For purposes of subparagraph (C) of this paragraph the employment test will be based on the number of employees located in this state on the last day  of  the  first  taxable  year  the  taxpayer  is subject to tax in this state. If the uses of the property must  be  aggregated  to  determine  whether  the  property  is principally  used  in  qualifying uses, then either each affiliate using the  property  must satisfy this employment test or this employment test must be satisfied through  the  aggregation  of  the  employees  of  the taxpayer,  its  affiliated  regulated  broker,  dealer,  and  registered investment adviser using the property. The amount of the credit shall be the percent provided for herein below of the investment credit base. The investment credit base is the cost or other basis for federal income tax purposes of tangible personal  property  and  other  tangible  property, including buildings and structural components of buildings, described in paragraph  two  of this subdivision, less the amount of the nonqualified nonrecourse financing with respect to such property to the  extent  such financing  would  be excludible from the credit base pursuant to section 46(c)(8) of the Internal Revenue Code (treating such property as section thirty-eight  property  irrespective  of  whether  or  not  it  in  fact constitutes  section  thirty-eight  property).  If,  at  the  close of a taxable year following the taxable  year  in  which  such  property  was placed in service, there is a net decrease in the amount of nonqualified nonrecourse  financing  with respect to such property, such net decrease shall be treated as if it were the  cost  or  other  basis  of  property described  in  paragraph  two of this subdivision acquired, constructed, reconstructed or erected during the year of the decrease in  the  amount of nonqualified nonrecourse financing. In the case of a combined return, the  term  investment  credit  base shall mean the sum of the investment credit base of each corporation included on such return. The  percentage to  be  used  to compute the credit allowed pursuant to this subdivision shall be five percent with respect to  the  first  three  hundred  fifty million  dollars  of  the  investment credit base, and four percent with respect to the investment credit base in excess of three  hundred  fifty million dollars.  (2)  A  credit shall be allowed under this subdivision with respect to tangible  personal  property  and  other  tangible  property,  including buildings and structural components of buildings, which are: depreciable pursuant  to  section  one  hundred  sixty-seven of the Internal Revenue Code, have a useful life of four years or more, are acquired by purchase as defined in section one  hundred  seventy-nine  (d)  of  the  Internal Revenue Code, have a situs in this state and are (A) principally used in the  ordinary  course of the taxpayer's trade or business as a broker or dealer in connection with the purchase or sale (which shall include  but not  be  limited  to  the  issuance,  entering into, assumption, offset, assignment,  termination,  or  transfer)  of  stocks,  bonds  or   other securities as defined in section four hundred seventy-five (c)(2) of the Internal  Revenue  Code,  or  of  commodities as defined in section four hundred  seventy-five  (e)  of  the  Internal  Revenue  Code,   or   (B) principally  used  in  the  ordinary  course  of the taxpayer's trade or business of providing  investment  advisory  services  for  a  regulated investment  company as defined in section eight hundred fifty-one of the Internal Revenue Code, or lending, loan arrangement or loan  origination services  to  customers  in  connection with the purchase or sale (which shall include but  not  be  limited  to  the  issuance,  entering  into, assumption,  offset, assignment, termination, or transfer) of securities as defined in section four hundred seventy-five (c)(2) of  the  Internal Revenue  Code.  For  purposes  of  subparagraphs  (A)  and  (B)  of this paragraph, property purchased by a taxpayer affiliated with a  regulated broker,  dealer  or  registered  investment  adviser is allowed a credit under this subdivision  if  the  property  is  used  by  its  affiliated regulated  broker, dealer or registered investment adviser in accordance  with this subdivision. For purposes of determining if  the  property  is principally  used in qualifying uses, the uses by the taxpayer described in subparagraphs (A) and (B) of this paragraph  may  be  aggregated.  In addition,  the  uses  by  the taxpayer, its affiliated regulated broker, dealer and registered investment adviser under either or  both  of  such subparagraphs may be aggregated.  (3)  A  taxpayer  shall not be allowed a credit under this subdivision with respect to tangible personal property and other tangible  property, including  buildings  and  structural  components of buildings, which it leases to any other person or corporation except where a taxpayer leases property to an  affiliated  broker,  dealer,  or  registered  investment adviser  that  uses such property in accordance with subparagraph (A) or (B) of paragraph two of this subdivision. For purposes of the  preceding sentence, any contract or agreement to lease or rent or for a license to use such property shall be considered a lease.  (4) Except as otherwise provided in this paragraph, the credit allowed under this subdivision for any taxable year shall not reduce the tax due for  such  year  to  less  than  the  amount  fixed  as a minimum tax by paragraph four of subdivision (a) of section fifteen hundred two of this article or by section fifteen hundred two-a of this  article,  whichever is  applicable.  However,  if  the amount of credit allowable under this subdivision for any taxable year reduces the tax  to  such  amount,  any amount  of  credit allowed for a taxable year may be carried over to the fifteen taxable years next  following  such  taxable  year  and  may  be deducted from the taxpayer's tax for such year or years. In lieu of such carryover,  any  such  taxpayer  which qualifies as a new business under paragraph seven of this subdivision may elect to  treat  the  amount  of such  carryover  as  an overpayment of tax to be credited or refunded in accordance with the provisions of section  one  thousand  eighty-six  of this  chapter,  provided,  however,  the provisions of subsection (c) of section one thousand eighty-eight of  this  chapter  notwithstanding  no interest shall be paid thereon.  (5)  At  the  option of the taxpayer an eligible business facility for which a credit is allowed under subdivision (d) of this section  may  be treated  as  property (A) principally used in the ordinary course of the taxpayer's trade or business as a broker or dealer  in  connection  with the  purchase  or  sale  (which  shall include but not be limited to the issuance, entering into, assumption, offset, assignment, termination, or transfer) of stocks, bonds or other securities  as  defined  in  section four  hundred  seventy-five  (c)(2)  of the Internal Revenue Code, or of commodities as defined in section four hundred seventy-five (e)  of  the Internal Revenue Code, or (B) principally used in the ordinary course of the  taxpayer's  trade  or  business  of  providing  investment advisory services for a regulated investment company as defined in section  eight hundred  fifty-one  of  the  Internal  Revenue  Code,  or  lending, loan arrangement or loan origination services to customers in connection with the purchase or sale (which shall include but  not  be  limited  to  the issuance, entering into, assumption, offset, assignment, termination, or transfer)  of securities as defined in section four hundred seventy-five (c)(2) of the Internal Revenue  Code  provided  the  property  otherwise qualifies  under  paragraph  two  of  this subdivision, in which event a credit shall not be allowed under subdivision (d) of this section.  (6) (A) With respect to property  which  is  depreciable  pursuant  to section  one hundred sixty-seven of the Internal Revenue Code but is not subject to the provisions of section one  hundred  sixty-eight  of  such code  and which is disposed of or ceases to be in qualified use prior to the end of the taxable year in which the credit  is  to  be  taken,  the amount of the credit shall be that portion of the credit provided for in  this  subdivision  which  represents  the  ratio  which  the  months  of qualified use bear to the months of useful life. If  property  on  which credit  has  been  taken is disposed of or ceases to be in qualified use prior  to  the end of its useful life, the difference between the credit taken and the credit allowed for actual use must be added  back  in  the year  of disposition. Provided, however, if such property is disposed of or ceases to be in qualified use after it has been in qualified use  for more  than  twelve  consecutive  years, it shall not be necessary to add back the credit as provided in this subparagraph. The amount  of  credit allowed  for  actual use shall be determined by multiplying the original credit by the ratio which the months of qualified use bear to the months of useful life. For  purposes  of  this  subparagraph,  useful  life  of property  shall  be  the  same  as  the  taxpayer  uses for depreciation purposes when computing his federal income tax liability.  (B) Except with respect to that property to which subparagraph (D)  of this  paragraph applies, with respect to three-year property, as defined in subsection (e) of section one hundred  sixty-eight  of  the  Internal Revenue  Code,  which  is  disposed  of or ceases to be in qualified use prior to the end of the taxable year in which the credit is to be taken, the amount of the credit shall be that portion of  the  credit  provided for  in  this subdivision which represents the ratio which the months of qualified use bear to thirty-six. If property on which credit  has  been taken  is  disposed of or ceases to be in qualified use prior to the end of thirty-six months, the difference between the credit  taken  and  the credit  allowed  for  actual  use  must  be  added  back  in the year of disposition. The amount of  credit  allowed  for  actual  use  shall  be determined  by  multiplying  the  original credit by the ratio which the months of qualified use bear to thirty-six.  (C) Except with respect to that property to which subparagraph (D)  of this  paragraph  applies,  with  respect  to  property  subject  to  the provisions of section one hundred sixty-eight of  the  Internal  Revenue Code,  other  than  three-year  property as defined in subsection (e) of such section one hundred sixty-eight which is disposed of or  ceases  to be  in  qualified  use prior to the end of the taxable year in which the credit is to be taken, the amount of the credit shall be that portion of the credit provided for in this subdivision which represents  the  ratio which  the  months  of qualified use bear to sixty. If property on which credit has been taken is disposed of or ceases to be  in  qualified  use prior  to  the  end  of  sixty months, the difference between the credit taken and the credit allowed for actual use must be added  back  in  the year  of  disposition. The amount of credit allowed for actual use shall be determined by multiplying the original credit by the ratio which  the months of qualified use bear to sixty.  (D)  With  respect  to  any  property  to  which  section  one hundred sixty-eight of the Internal Revenue Code applies, which is a building or a structural component of a building and which is disposed of or  ceases to  be  in a qualified use prior to the end of the taxable year in which the credit is to be taken, the  amount  of  the  credit  shall  be  that portion  of the credit provided for in this subdivision which represents the ratio which the months of qualified use bear to the total number  of months  over which the taxpayer chooses to deduct the property under the Internal Revenue Code. If property on which credit  has  been  taken  is disposed  of  or  ceases  to be in qualified use prior to the end of the period over which the taxpayer chooses to deduct the property under  the Internal  Revenue  Code, the difference between the credit taken and the credit allowed for actual  use  must  be  added  back  in  the  year  of disposition.  Provided,  however,  if  such  property  is disposed of or ceases to be in qualified use after it has been  in  qualified  use  for  more  than  twelve  consecutive  years, it shall not be necessary to add back the credit as provided in this subparagraph. The amount  of  credit allowed  for  actual use shall be determined by multiplying the original credit  by the ratio which the months of qualified use bear to the total number of months over which the taxpayer chooses to deduct the  property under the Internal Revenue Code.  (E)  The  amount  required to be added back pursuant to this paragraph shall be augmented by an amount equal to the product of such amount  and the  underpayment  rate of interest (without regard to compounding), set by the commissioner pursuant to subsection (e) of section  one  thousand ninety-six  of  this  chapter,  in effect on the last day of the taxable year.  (F) If, as of the close of the taxable year, there is a  net  increase with  respect  to the taxpayer in the amount of nonqualified nonrecourse financing (within the  meaning  of  section  46(c)(8)  of  the  Internal Revenue  Code)  with  respect  to any property with respect to which the credit  under  this  subdivision  was  limited  based  on   attributable nonqualified nonrecourse financing, then an amount equal to the decrease in such credit which would have resulted from reducing, by the amount of such  net  increase,  the  cost  or  other basis taken into account with respect to such property must be added back in such  taxable  year.  The amount  of  nonqualified  nonrecourse  financing shall not be treated as increased by reason of a transfer of  (or  agreement  to  transfer)  any evidence  of  an indebtedness if such transfer occurs (or such agreement is entered into) more than one year after the date such indebtedness was incurred.  (7) For purposes of paragraph four of this subdivision, a new business shall include any corporation, except a corporation which:  (A) over fifty percent of the number of shares of stock entitling  the holders  thereof  to  vote  for the election of directors or trustees is owned or controlled,  either  directly  or  indirectly,  by  a  taxpayer subject to tax under this article; section one hundred eighty-three, one hundred  eighty-four,  former  section one hundred eighty-five or former section one hundred  eighty-six  of  article  nine;  article  nine-A  or article thirty-two of this chapter; or  (B)  is  substantially  similar  in  operation  and  in ownership to a business entity (or entities) taxable, or previously taxable, under this article; section one hundred eighty-three, one hundred eighty-four,  one hundred  eight-five  or  one hundred eighty-six of article nine; article nine-A or article thirty-two of this chapter;  article  twenty-three  of this  chapter or which would have been subject to tax under such article twenty-three (as such article was in effect of January  first,  nineteen hundred  eighty)  or  the  income  (or  losses)  of  which  is  (or was) includable under article twenty-two of this chapter whereby  the  intent and  purpose  of  this  paragraph and paragraph four of this subdivision with respect to refunding of credit to new business would be evaded; or  (C) has been subject to tax under this  article  for  more  than  five taxable years (excluding short taxable years).  (8)(A)(i)  If  a  taxpayer  is  required  by  paragraph  six  of  this subdivision to add back a portion of the credit taken  because  property was destroyed or ceased to be in qualified use as a direct result of the September  eleventh,  two  thousand one terrorist attacks, such taxpayer may elect to defer the amount to be recaptured for all such property  to the  taxable  year  next  succeeding  the  taxable  year  in  which  the destruction or cessation of qualified use occurred. The taxable year  in which  the  destruction  or cessation of qualified use occurred shall be hereinafter referred to as the "recapture event taxable  year".  If  the taxpayer's  total  employment  number  in  the  state on the last day of  taxable year next succeeding the  recapture  event  taxable  year  is  a significant percentage of the taxpayer's average total employment number in the state for the taxpayer's recapture event taxable year and the two taxable  years  immediately  preceding the recapture event taxable year, then the taxpayer shall not be required to  recapture  any  credit  with respect  to  such property. If the taxpayer's total employment number in the state on the last day  of  the  taxable  year  next  succeeding  the recapture  event  taxable  year  is  not a significant percentage of the taxpayer's  average  total  employment  number  in  the  state  for  the taxpayer's  recapture  event  taxable  year  and  the  two taxable years immediately preceding the recapture event  taxable  year,  the  taxpayer shall  be  required  to  recapture the portion of the credit taken under this subdivision, as required by paragraph six of this subdivision,  for all  of its property destroyed or which ceased to be in qualified use as a direct result of the September eleventh, two  thousand  one  terrorist attacks.  The  amount  required  to  be recaptured shall be augmented as required  pursuant  to  subparagraph  (E)  of  paragraph  six  of   this subdivision  by  using  an  interest rate equal to two times the rate of interest specified in such subparagraph (E) applicable for  the  taxable year in which the recapture occurs.  (ii)   The  taxpayer's  total  employment  number  shall  include  all employees of the taxpayer employed full-time  by  the  taxpayer  in  the state.  The average total employment number for the taxpayer's recapture event taxable year and the two taxable years immediately  preceding  the recapture  event  taxable  year  shall  be  computed  by determining the taxpayer's total employment number on the thirty-first day of March, the thirtieth  day  of  June,  the  thirtieth  day  of  September  and   the thirty-first day of December during the applicable taxable years, adding together  the number of such individuals determined to be so employed on each of such dates and dividing the sum so obtained  by  the  number  of such  dates  occurring within such applicable taxable years. However, in the case of the taxable year  which  included  September  eleventh,  two thousand  one, the average total employment number for such taxable year shall be determined by using the total employment  number  on  September first, two thousand one in lieu of September thirtieth, two thousand one and,  if  such taxable year included December thirty-first, two thousand one, by excluding the total employment number on December  thirty-first, two thousand one.  (B)  In  lieu  of  subparagraph  (A) of this paragraph, a taxpayer may elect  to  recapture  the  portion  of  the  credit  taken  under   this subdivision,  as  required by paragraph six of this subdivision, for all of its property destroyed or which ceased to be in qualified  use  as  a direct  result  of  the  September  eleventh, two thousand one terrorist attacks, in the taxable year in which the destruction  or  cessation  of qualified use occurred. If the taxpayer makes such election and acquires property  (hereinafter referred to as "replacement property") to replace any property destroyed as a direct result of the September eleventh, two thousand one terrorist attacks (regardless of  when  such  property  was placed  in  service  and  whether  a credit was claimed on that property pursuant to this subdivision), and such replacement property is  similar or  related in service or use to such destroyed property, the investment credit base of the replacement  property  shall  be  determined  without regard  to  any basis reduction required pursuant to section 1033 of the internal revenue code.  (C) The election made by the taxpayer under subparagraph (A) or (B) of this paragraph shall be made in the manner and form  prescribed  by  the commissioner.  (D) A taxpayer, over fifty percent of whose employees died as a direct result  of  the  September eleventh, two thousand one terrorist attacks, may  make  the  election  provided  for  in  subparagraph  (A)  of  this paragraph,  and  shall  not  be  required  to  recapture any credit with respect  to  property  which  was  destroyed  or  which  ceased to be in qualified use as a direct result of such  attacks,  whether  or  not  it meets the employment test specified in clause (i) of subparagraph (A) of this paragraph.  (r)  QEZE  credit  for real property taxes. (1) Allowance of credit. A taxpayer which is a qualified empire zone enterprise shall be allowed  a credit  for  eligible real property taxes, to be computed as provided in section fifteen of  this  chapter,  against  the  tax  imposed  by  this article.  (2)  Application  of credit. The credit allowed under this subdivision for any taxable year shall not reduce the tax due for such year to  less than  the  minimum  tax  fixed  by  paragraph four of subdivision (a) of section fifteen hundred two  of  this  article  or  by  section  fifteen hundred  two-a of this article, whichever is applicable. However, if the amount of credit allowed under this subdivision  for  any  taxable  year reduces  the  tax  to  such  amount,  then any amount of credit thus not deductible in such taxable year shall be treated as  an  overpayment  of tax  to  be  credited  or  refunded in accordance with the provisions of section ten hundred eighty-six of this chapter. Provided,  however,  the provisions of subsection (c) of section ten hundred eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.  (s)  QEZE  tax  reduction  credit. (1) Allowance of credit. A taxpayer which is a qualified empire zone enterprise shall be allowed a QEZE  tax reduction  credit, to be computed as provided in section sixteen of this chapter, against the tax imposed by this article.  (2) Application of credit. The credit allowed under  this  subdivision for  any taxable year shall not reduce the tax due for such year to less than the minimum tax fixed by  paragraph  four  of  subdivision  (a)  of section  fifteen  hundred  two  of  this  article  or by section fifteen hundred two-a of this article, whichever is applicable.  (t) Order of credits. Notwithstanding the succeeding sentences of this subdivision, the credits provided for in subdivisions  (g)  and  (h)  of this  section shall be deducted before any other credits allowable under this article, and the credit provided for in such subdivision (g)  shall be deducted after the credit provided for in such subdivision (h). After application  of  the  first  sentence  of  this subdivision, the credits allowable under this article which cannot be carried over and which  are not  refundable  shall  be  deducted first. Credits allowable under this article which can be carried over, and carryovers of such credits, shall be deducted next, and among such credits, those whose  carryover  is  of limited  duration  shall  be deducted before those whose carryover is of unlimited duration. Credits  allowable  under  this  article  which  are refundable  shall  be  deducted last. Credits under subdivisions (g) and (h) of this section may not be  deducted  from  the  limitation  on  tax computed  pursuant to subdivision (a) of section fifteen hundred five of this article.  (u) Brownfield redevelopment tax credit. (1) Allowance  of  credit.  A taxpayer  shall  be  allowed  a  credit,  to  be computed as provided in section twenty-one of this chapter, against the taxes  imposed  by  this article.  (2)  Application  of credit. The credit allowed under this subdivision for any taxable year shall not reduce the tax due for such year to  less than  the  minimum fixed by paragraph four of subdivision (a) of section fifteen hundred two of this article. However, if the amount  of  credits  allowed  under  this subdivision for any taxable year reduces the tax to such amount, any amount of credit thus not deductible  in  such  taxable year  shall  be  treated  as  an  overpayment  of  tax to be credited or refunded  in  accordance  with  the  provisions  of  section ten hundred eighty-six  of  this  chapter.  Provided,  however,  the  provisions  of subsection  (c)  of  section  ten  hundred  eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.  (v) Remediated brownfield credit for real property taxes for qualified sites. (1) Allowance of credit. A taxpayer which is  a  developer  of  a qualified  site  shall  be  allowed  a credit for eligible real property taxes, to  be  computed  as  provided  in  subdivision  (b)  of  section twenty-two of this chapter, against the tax imposed by this article. For purposes of this subdivision, the terms "qualified site" and "developer" shall  have  the  same meaning as set forth in paragraphs two and three, respectively, of subdivision (a) of section twenty-two of this chapter.  (2) Application of credit. The credit allowed under  this  subdivision for  any taxable year shall not reduce the tax due for such year to less than the minimum tax fixed by  paragraph  four  of  subdivision  (a)  of section  fifteen  hundred two of this article. However, if the amount of credit allowed under this subdivision for any taxable year  reduces  the tax  to  such  amount,  any amount of credit thus not deductible in such taxable year shall be treated as an overpayment of tax to be credited or refunded in accordance  with  the  provisions  of  section  ten  hundred eighty-six  of  this  chapter.  Provided,  however,  the  provisions  of subsection (c) of section  ten  hundred  eighty-eight  of  this  chapter notwithstanding, no interest shall be paid thereon.  (w)  Environmental  remediation  insurance  credit.  (1)  Allowance of credit.   A taxpayer shall be  allowed  a  credit,  to  be  computed  as provided  in  section  twenty-three  of  this chapter, against the taxes imposed by this article.  (2) Application of credit. The credit allowed under  this  subdivision for  any taxable year shall not reduce the tax due for such year to less than the minimum fixed by paragraph four of subdivision (a)  of  section fifteen  hundred  two  or section fifteen hundred two-a of this article. However, if the amount of credits allowed under this subdivision for any taxable year reduces the tax to such amount, any amount of  credit  thus not  deductible  in such taxable year shall be treated as an overpayment of tax to be credited or refunded in accordance with the  provisions  of section  one thousand eighty-six of this chapter. Provided, however, the provisions of subsection (c) of section  one  thousand  eighty-eight  of this chapter notwithstanding, no interest shall be paid thereon.   * (x)  Security  training  tax  credit.  (1)  Allowance  of  credit. A taxpayer shall be allowed a  credit,  to  be  computed  as  provided  in section  twenty-six  of  this  chapter,  against the tax imposed by this article.  (2) Application of credit. The credit allowed under  this  subdivision for  any taxable year shall not reduce the tax due for such year to less than the minimum fixed by paragraph four of subdivision (a)  of  section fifteen  hundred  two  or section fifteen hundred two-a of this article. However, if the amount of credits allowed under this subdivision for any taxable year reduces the tax to such amount, any amount of  credit  thus not  deductible  in such taxable year shall be treated as an overpayment of tax to be credited or refunded in accordance with the  provisions  of section  one thousand eighty-six of this chapter. Provided, however, the provisions of subsection (c) of section  one  thousand  eighty-eight  of this chapter notwithstanding, no interest shall be paid thereon.   * NB There are 2 sb (x)'s    * (x) Credit for fuel cell electric generating equipment expenditures. (1)  Allowance  of  credit.  For  taxable years beginning before January first, two thousand nine, a taxpayer shall be allowed a  credit  against the  tax  imposed  by  this  article,  equal  to its qualified fuel cell electric generating equipment expenditures. This credit shall not exceed one  thousand  five  hundred dollars per generating unit with respect to any taxable year. The credit provided for in this subdivision  shall  be allowed with respect to the taxable year in which the fuel cell electric generating equipment is placed in service.  (2)  Qualified  fuel  cell electric generating equipment expenditures. (A) Qualified fuel cell electric generating equipment  expenditures  are the  costs,  incurred  on  or  after  July  first,  two  thousand  five, associated with the purchase of  on-site  electricity  generation  units utilizing  proton  exchange  membrane  fuel  cells,  providing  a  rated baseload capacity of no less than one kilowatt  and  no  more  than  one hundred kilowatts of electricity, which are located in this state at the time  the qualified fuel cell electric generating equipment is placed in service.  (B) Qualified fuel cell  electric  generating  equipment  expenditures shall  also include costs, incurred on or after July first, two thousand five,  for  materials,  labor  for  on-site  preparation,  assembly  and original  installation, engineering services, designs and plans directly related to construction or installation and utility compliance costs.  (C) Such qualified expenditures shall not include  interest  or  other finance charges.  (D)  The  amount  of any federal, state or local grant received by the taxpayer, which was used for the purchase and/or  installation  of  such equipment  and which was not included in the federal gross income of the taxpayer, shall  not  be  included  in  the  amount  of  such  qualified expenditures.  (3)  Application  of credit. The credit allowed under this subdivision for any taxable year shall not reduce the tax due for such year to  less than  the  minimum  tax  fixed  by  paragraph four of subdivision (a) of section fifteen hundred two  of  this  article  or  by  section  fifteen hundred  two-a of this article, whichever is applicable. However, if the amount of credit allowed under this subdivision  for  any  taxable  year reduces the tax to such amount, any amount of credit thus not deductible in  such taxable year may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years.   * NB There are 2 sb (x)'s   * (y) Excelsior jobs program tax credit. (1) Allowance  of  credit.  A taxpayer will be allowed a credit, to be computed as provided in section thirty-one of this chapter, against the taxes imposed by this article.  (2)  Application  of credit. The credit allowed under this subdivision for any taxable year will not reduce the tax due for such year  to  less than  the  minimum  tax fixed by this article. However, if the amount of credit allowed under this subdivision for any taxable year  reduces  the tax  to  such  amount,  any amount of credit thus not deductible in such taxable year will be treated as an overpayment of tax to be credited  or refunded  in  accordance  with  the  provisions  of section one thousand eighty-six  of  this  chapter.  Provided,  however,  the  provisions  of subsection  (c)  of  section  one  thousand eighty-eight of this chapter notwithstanding, no interest will be paid thereon.   * NB There are 3 sb§ (y)'s   * (y) Temporary deferral nonrefundable payout credit. (1) Allowance of credit. A taxpayer shall be allowed a credit, to be computed as provided in subdivision one of section thirty-four of this chapter,  against  the tax imposed by this article.  (2)  Application  of credit. The credit allowed under this subdivision for any taxable year shall not reduce the tax due for that year to  less than  the  minimum  tax  fixed  by  paragraph four of subdivision (a) of section fifteen hundred two  of  this  article  or  by  section  fifteen hundred  two-a of this article, whichever is applicable. However, if the amount of credit allowed under this subdivision  for  any  taxable  year reduces the tax to such amount, any amount of credit thus not deductible in  such taxable year may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years.   * NB There are 3 sb§ (y)'s   * (y) Credit for rehabilitation of historic properties.  (1)  (A)  For taxable  years beginning on or after January first, two thousand ten and before January first, two thousand  twenty-five,  a  taxpayer  shall  be allowed  a  credit  as  hereinafter provided, against the tax imposed by this article, in an amount equal to one hundred percent of the amount of credit allowed  the  taxpayer  with  respect  to  a  certified  historic structure, and one hundred fifty percent of the amount of credit allowed the  taxpayer  with  respect to a certified historic structure that is a small project, under internal revenue code section 47(c)(3),  determined without  regard to ratably allocating the credit over a five year period as required by subsection (a) of such section  47,  with  respect  to  a certified   historic  structure  located  within  the  state.  Provided, however, the credit shall not exceed five million dollars.  For  taxable years  beginning  on or after January first, two thousand twenty-five, a taxpayer shall be allowed a credit as hereinafter provided, against  the tax imposed by this article, in an amount equal to thirty percent of the amount  of  credit  allowed  the  taxpayer  with  respect to a certified historic  structure  under  internal  revenue  code  section   47(c)(3), determined  without  regard to ratably allocating the credit over a five year period as required by  subsection  (a)  of  such  section  47  with respect  to  a  certified  historic  structure located within the state. Provided, however, the credit shall  not  exceed  one  hundred  thousand dollars.  (B)  If  the  taxpayer  is  a  partner  in a partnership, then the cap imposed in subparagraph (A) of this paragraph shall be  applied  at  the entity  level,  so that the aggregate credit allowed to all the partners of such partnership in the taxable year does not exceed the  credit  cap that is applicable in that taxable year.  (2)  Tax  credits allowed pursuant to this subsection shall be allowed in the taxable year that  the  qualified  rehabilitation  is  placed  in service under section 167 of the federal internal revenue code.  (3)  If the taxpayer is allowed a credit pursuant to section 47 of the internal revenue code with respect to a qualified rehabilitation that is also the subject of the credit allowed  by  this  subdivision  and  that credit  pursuant to such section 47 is recaptured pursuant to subsection (a) of section 50 of the internal revenue code, a portion of the  credit allowed  under  this  subdivision  in  the  taxable  year the credit was claimed must be added back in the same taxable  year  and  in  the  same proportion as the federal recapture.  (4)  The  credit  allowed  under this subdivision for any taxable year shall not reduce the tax due for such year  to  less  than  the  minimum fixed  by  paragraph  four of subdivision (a) of section fifteen hundred two or section fifteen hundred  two-a  of  this  article,  whichever  is applicable.  However,  if  the  amount  of  credits  allowed  under this subdivision for any taxable year reduces the tax  to  such  amount,  any amount  of  credit  thus  not  deductible  in such taxable year shall be treated as  an  overpayment  of  tax  to  be  credited  or  refunded  in accordance  with  the  provisions  of section one thousand eighty-six of  this chapter. Provided, however, the provisions  of  subsection  (c)  of section  one  thousand  eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.  (5)   Except  in  the  case  of  a  qualified  rehabilitation  project undertaken within a state park, state historic site, or other land owned by the state, that is under the jurisdiction of  the  office  of  parks, recreation  and  historic  preservation,  to  be eligible for the credit allowable under this subdivision, the rehabilitation project shall be in whole or in part located within a census tract which  is  identified  as being  at or below one hundred percent of the state median family income as calculated as of April first of each year using the most recent  five year estimate from the American community survey published by the United States  Census bureau. If there is a change in the most recent five year estimate, a census tract  that  qualified  for  eligibility  under  this program  before  information  about  the change was released will remain eligible for a credit under  this  subdivision  for  an  additional  two calendar years.  (6)  For  purposes of this subdivision "small project" means qualified rehabilitation expenditures totaling two million five  hundred  thousand dollars or less.   * NB There are 3 sb§ (y)'s  (z)  Temporary  deferral  refundable  payout  credit. (1) Allowance of credit. A taxpayer shall be allowed a credit, to be computed as provided in subdivision two of section thirty-four of this chapter,  against  the tax imposed by this article.  (2)  Application  of  credit.  In no event shall the credit under this section be allowed in an amount which will reduce the tax to  less  than the  minimum  tax  fixed by paragraph four of subdivision (a) of section fifteen hundred two of this article or by section fifteen hundred  two-a of  this  article,  whichever  is applicable. If, however, the amount of credit allowed under this section for any taxable year reduces  the  tax to such amount, any amount of credit not deductible in such taxable year shall  be  treated as an overpayment of tax to be refunded in accordance with the provisions of section one thousand eighty-six of this  chapter, provided however, that no interest shall be paid thereon.   * (aa)  Economic transformation and facility redevelopment program tax credit. (1) Allowance of credit. A taxpayer will be allowed a credit, to be computed as provided in section thirty-five of this chapter,  against the taxes imposed by this article.  (2)  Application  of credit. The credit allowed under this subdivision for any taxable year will not reduce the tax due for such year  to  less than  the  minimum  tax fixed by this article. However, if the amount of credit allowed under this subdivision for any taxable year  reduces  the tax  to  such  amount,  any amount of credit thus not deductible in such taxable year will be treated as an overpayment of tax to be credited  or refunded  in  accordance  with  the  provisions  of section one thousand eighty-six  of  this  chapter.  Provided,  however,  the  provisions  of subsection  (c)  of  section  one  thousand eighty-eight of this chapter notwithstanding, no interest will be paid thereon.   * NB Repealed December 31, 2026  (bb) Empire state jobs retention  program  credit.  (1)  Allowance  of credit. A taxpayer shall be allowed a credit, to be computed as provided in section thirty-six of this chapter, against the taxes imposed by this article.  (2)  Application  of credit. The credit allowed under this subdivision for any taxable year will not reduce the tax due for such year  to  less than  the  minimum  tax fixed by this article. However, if the amount of credit allowed under this subdivision for any taxable year  reduces  the  tax  to  such  amount,  any amount of credit thus not deductible in such taxable year will be treated as an overpayment of tax to be credited  or refunded  in  accordance  with  the  provisions  of section one thousand eighty-six  of  this  chapter.  Provided,  however,  the  provisions  of subsection (c) of section one  thousand  eighty-eight  of  this  chapter notwithstanding, no interest will be paid thereon.  (cc)  Minimum  wage  reimbursement  credit. (1) Allowance of credit. A taxpayer shall be allowed a credit, to be  computed  as  provided  under section  thirty-eight  of  this chapter, against the tax imposed by this article.  (2) Application of credit. The credit allowed under  this  subdivision for  any taxable year shall not reduce the tax due for such year to less than the minimum tax fixed by  paragraph  four  of  subdivision  (a)  of section  fifteen  hundred  two  of  this  article  or by section fifteen hundred two-a of this article, whichever is applicable. However, if  the amount  of  credit  allowed  under this subdivision for any taxable year reduces the tax to such amount, then  any  amount  of  credit  thus  not deductible  in  such  taxable year shall be treated as an overpayment of tax to be credited or refunded in  accordance  with  the  provisions  of section  one thousand eighty-six of this chapter. Provided, however, the provisions of subsection (c) of section  one  thousand  eighty-eight  of this chapter notwithstanding, no interest shall be paid thereon.   * (dd) Employer-provided child care credit. (1) Allowance of credit. A taxpayer  shall  be  allowed  a  credit,  to  be computed as provided in section forty-four of this chapter, against  the  tax  imposed  by  this article.  (2)  Application  of credit. The credit allowed under this subdivision shall not reduce the tax due for such year to be less than  the  minimum fixed  by  paragraph  four of subdivision (a) of section fifteen hundred two or section fifteen hundred  two-a  of  this  article,  whichever  is applicable.  However,  if  the  amount  of the credit allowed under this subdivision for any taxable year reduces  the  taxpayer's  tax  to  such amount,  any  amount of credit thus not deductible will be treated as an overpayment of tax to be credited or refunded  in  accordance  with  the provisions of section one thousand eighty-six of this chapter. Provided, however,  the  provisions of subsection (c) of one thousand eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.  (3) Credit recapture. For provisions requiring  recapture  of  credit, see section forty-four of this chapter.   * NB There are 2 sb (dd)'s   * (dd)  Recovery  tax credit. (1) Allowance of credit. A taxpayer that is a qualified employer pursuant to section 32.38 of the mental  hygiene law  that has received a certificate of tax credit from the commissioner of the office of  alcoholism  and  substance  abuse  services  shall  be allowed  a  credit  against the tax imposed by this article equal to the amount shown on such certificate of tax credit. A  taxpayer  that  is  a partner  in  a partnership or member of a limited liability company that has been certified by the commissioner of the office of  alcoholism  and substance  abuse  services  as  a qualified employer pursuant to section 32.38 of the mental hygiene law shall be allowed its pro rata  share  of the credit earned by the partnership or limited liability company.  (2)  Application  of credit. The credit allowed under this subdivision for any taxable year shall not reduce the tax due for such year to  less than  the  minimum  tax  fixed  by  paragraph four of subdivision (a) of section fifteen hundred two  of  this  article  or  by  section  fifteen hundred  two-a of this article, whichever is applicable. However, if the amount of credit allowed under this subdivision  for  any  taxable  year reduces  the  tax  to  such  amount,  then any amount of credit thus not  deductible in such taxable year shall be treated as  an  overpayment  of tax  to  be  credited  or  refunded in accordance with the provisions of section one thousand eighty-six of this chapter. Provided, however,  the provisions  of  subsection  (c)  of section one thousand eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.  (3) Tax return requirement. The taxpayer shall be required  to  attach to  its  tax return in the form prescribed by the commissioner, proof of receipt of its certificate of tax credit issued by the  commissioner  of the  office  of  alcoholism  and  substance  abuse  services pursuant to section 32.38 of the mental hygiene law.   * NB There are 2 sb (dd)'s