NY Tax L § 210-B (2021)
2021 New York Laws TAX - Tax Article 9-A - Franchise Tax on Business Corporations 210-B - Credits.

§  210-B.  Credits.  1.  Investment tax credit (ITC).   (a) 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 the percent provided for hereinbelow 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 (b) 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 (b) 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  report the  term  investment  credit  base shall mean the sum of the investment credit base of each corporation included on such report. 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,  except  that  in the case of research and development property at the option of the taxpayer the applicable  percentage  shall be nine.  (b)  (i) 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 by the  taxpayer  in  the production of goods by manufacturing, processing, assembling,  refining,   mining,   extracting,   farming,   agriculture, horticulture,  floriculture,  viticulture  or  commercial  fishing,  (B) industrial  waste  treatment  facilities  or   air   pollution   control facilities,  used  in the taxpayer's trade or business, (C) research and development property, or (D) 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,  (E) 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,  (F)  principally  used in the ordinary course of the taxpayer's business as an exchange registered  as  a  national  securities  exchange within the meaning of sections 3(a)(1) and 6(a) of the Securities Exchange Act of 1934 or a board of  trade  as defined in subparagraph one of paragraph (a) of section fourteen hundred ten of the not-for-profit corporation law or as an entity that is wholly owned  by  one  or  more such national securities exchanges or boards of trade and that provides automation or technical services thereto, or (G) principally used as  a  qualified  film  production  facility  including qualified  film  production  facilities having a situs in an empire zone designated as  such  pursuant  to  article  eighteen-B  of  the  general municipal law, where the taxpayer is providing three or more services to any qualified film production company using the facility, including such services  as  a  studio  lighting  grid,  lighting  and  grip equipment, multi-line  phone  service,  broadband  information  technology  access, industrial  scale electrical capacity, food services, security services, and heating, ventilation and air conditioning. For purposes  of  clauses (D),  (E) and (F) of this subparagraph, property purchased by a taxpayer affiliated  with  a  regulated  broker,  dealer,  registered  investment advisor,  national  securities  exchange or board of trade, is allowed a credit under this subdivision if the property is used by its  affiliated regulated   broker,  dealer,  registered  investment  advisor,  national securities  exchange  or  board  of  trade  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  clauses (D)  and  (E)  of  this subparagraph may be aggregated. In addition, the uses by the  taxpayer,  its  affiliated  regulated  broker,  dealer  and registered  investment advisor under either or both of those clauses may be aggregated. Provided, however, a taxpayer shall not  be  allowed  the credit  provided by clauses (D), (E) and (F) of this subparagraph unless the property is first  placed  in  service  before  October  first,  two thousand  fifteen  and  (i)  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  (ii)  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 (iii) 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  clause (iii) of this subparagraph 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. For purposes  of  clause  (A)  of this   subparagraph,  tangible  personal  property  and  other  tangible property shall not include property principally used by the taxpayer  in the  production  or  distribution  of  electricity,  natural  gas  after extraction from wells, steam,  or  water  delivered  through  pipes  and mains.  (ii)  For  purposes of this paragraph, the following definitions shall apply--  (A) Manufacturing shall mean the process of working raw materials into wares suitable for use or which gives new shapes,  new  quality  or  new combinations  to  matter  which already has gone through some artificial process by the use of machinery, tools,  appliances  and  other  similar equipment.  Property  used  in  the  production  of  goods shall include machinery, equipment or other tangible  property  which  is  principally used  in  the  repair and service of other machinery, equipment or other tangible property used principally in the production of goods and  shall include  all  facilities  used  in  the  production operation, including storage of material to be used in production and of  the  products  that are produced.  (B)  Research  and  development  property shall mean property which is used for purposes of research and development  in  the  experimental  or laboratory  sense.  Such  purposes  shall  not  be deemed to include the ordinary testing or inspection of  materials  or  products  for  quality control,  efficiency  surveys,  management  studies,  consumer  surveys, advertising,  promotions,  or  research  in  connection  with  literary, historical or similar projects.  (C)   Industrial   waste  treatment  facilities  shall  mean  property constituting   facilities   for   the   treatment,   neutralization   or stabilization  of  industrial  waste  and  other  wastes  (as  the terms "industrial waste" and "other wastes" are defined in section 17-0105  of the  environmental  conservation law) from a point immediately preceding the point of such treatment,  neutralization  or  stabilization  to  the point  of  disposal,  including  the  necessary pumping and transmitting facilities, but excluding such  facilities  installed  for  the  primary purpose  of  salvaging  materials  which are usable in the manufacturing process or are marketable.  (D) Air pollution control facilities shall mean property  constituting facilities which remove, reduce, or render less noxious air contaminants emitted from an air contamination source (as the terms "air contaminant" and  "air  contamination  source"  are defined in section 19-0107 of the environmental conservation law) from a point immediately  preceding  the point  of such removal, reduction or rendering to the point of discharge of air, meeting emission standards as established by the  department  of environmental  conservation, but excluding such facilities installed for the primary purpose of salvaging  materials  which  are  usable  in  the manufacturing  process  or are marketable and excluding those facilities which rely for their efficacy on dilution, dispersion or assimilation of air contaminants in the ambient air  after  emission.  Such  term  shall further  include flue gas desulfurization equipment and attendant sludge disposal facilities, fluidized bed boilers, precombustion coal  cleaning facilities  or  other  facilities that conform with this subdivision and which comply with the provisions of the state  acid  deposition  control act  set  forth  in  title nine of article nineteen of the environmental conservation law.  (E) The terms "qualified film production facility" and "qualified film production  company"  shall  have  the  same  meaning  as   in   section twenty-four of this chapter.  (iii) However, such credit shall be allowed with respect to industrial waste  treatment facilities and air pollution control facilities only on condition  that  such  facilities  have  been  certified  by  the  state commissioner   of   environmental   conservation   or   his   designated representative,  pursuant  to  subdivision  one  of  section  17-0707 or subdivision one of section 19-0309  of  the  environmental  conservation law,  as  complying  with  applicable  provisions  of  the environmental conservation law, the public health law, the  state  sanitary  code  and codes, rules, regulations, permits or orders issued pursuant thereto.  (c)  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  regulated   broker,   dealer,   registered investment  adviser,  national securities exchange or board of trade (or other entity described in clause (F) of subparagraph  (i)  of  paragraph (b)  of  this  subdivision)  that  uses such property in accordance with clause (D), (E) or (F) of subparagraph (i)  of  paragraph  (b)  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.  Provided,  however,  in determining whether a taxpayer shall be allowed a credit under this subdivision  with  respect to  such  property,  any  election  made  with  respect to such property pursuant to the provisions of  paragraph  eight  of  subsection  (f)  of section  one  hundred  sixty-eight of the internal revenue code, as such paragraph was in effect for agreements entered  into  prior  to  January first,  nineteen hundred eighty-four, shall be disregarded. For purposes of this paragraph, the use of a qualified film production facility by  a qualified  film  production  company  shall not be considered a lease of such facility to such company.  (d) 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 fixed dollar minimum amount prescribed in paragraph (d) of subdivision one of section  two  hundred  ten  of  this article.   However,  if  the  amount  of  credit  allowable  under  this subdivision for any taxable year reduces the tax to such  amount  or  if the  taxpayer  otherwise  pays  tax  based  on  the fixed dollar minimum amount, any amount of credit allowed for a taxable year commencing prior to January first, nineteen hundred eighty-seven and  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 but in no event  shall  such credit be carried over to taxable years commencing on or after January first, two thousand  two,  and  any  amount  of  credit allowed  for  a  taxable  year  commencing  on  or  after January first, nineteen hundred eighty-seven and not deductible in  such  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 (f) 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 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.  (e) (1) 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.  (2) Except with respect to that property to which subparagraph four 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.  (3) Except with respect to that property to which subparagraph four 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.  (4)  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 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.  (5) For purposes of this paragraph, property (i) which is described in subparagraph  two,  three  or  four of this paragraph, and (ii) which is subject to subparagraph eleven of paragraph (a) of subdivision nine  and subparagraph  ten  of  paragraph  (b) of subdivision nine of section two hundred eight of this chapter, shall be treated  as  property  which  is depreciable  pursuant to section one hundred sixty-seven of the internal revenue code but is not subject to section one  hundred  sixty-eight  of such code.  (6)  For  purposes  of  this paragraph, where a credit is allowed with respect to  an  air  pollution  control  facility  on  the  basis  of  a certificate   of   compliance   issued  pursuant  to  the  environmental conservation law and the certificate is revoked pursuant to  subdivision three  of  section  19-0309  of the environmental conservation law, such revocation shall constitute a disposal or cessation  of  qualified  use, unless  such  facility is described in clause (A) or (C) of subparagraph (ii) of paragraph (b) of this subdivision. Also  for  purposes  of  this subparagraph,  the  use  of  an  air  pollution  control  facility or an industrial waste treatment facility for the primary purpose of salvaging materials  which  are  usable  in  the  manufacturing  process  or   are marketable  shall  constitute  a cessation of qualified use, unless such facility is described in clause (A)  or  (C)  of  subparagraph  (ii)  of paragraph (b) of this subdivision.  (7)  For  taxable years commencing on or after January first, nineteen hundred eighty-seven, 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 of taxation and finance pursuant to subsection (e) of section one thousand ninety-six, in effect  on  the last day of the taxable year.  (8)  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.  (9)  (A)  Where property with respect to which credit has been allowed under this subdivision is disposed of by transfer to the taxpayer  in  a qualified  transaction,  and such disposition requires, pursuant to this paragraph (without regard to this  subparagraph)  that  such  credit  be decreased (where the disposition occurs in the taxable year in which the property  is  placed  in service by the transferor) or that a portion of  such credit be added back by the transferor, then clause (B)  or  clause (C) of this subparagraph shall apply.  (B) If the taxpayer and the transferor jointly elect, at such time and in  such  manner  as the commissioner may prescribe, the following shall apply:  (i) such portion shall not  be  required  to  be  added  back  by  the transferor,  (ii)  the  amount  of  unused  credit  shall  not be deducted from tax otherwise due by the transferor on  any  return  (including  an  amended return), and shall not be so deducted as part of any audit adjustment or any other determination, and  (iii)  the  amount  of  unused credit shall be treated as an amount of credit of the taxpayer under this subdivision  carried  forward  by  the taxpayer  to its taxable year in which such transfer occurred, as if the credit allowed to the transferor  with  respect  to  such  property  had originally been allowed to the taxpayer both as to amount and first date of  qualified  use,  and  as  if  the  period  of  qualified  use by the transferor prior to the transfer had been a period of such  use  by  the taxpayer. Any amount of credit treated as carried forward to the taxable year  pursuant  to  this  subparagraph  shall  be applied as provided in clause (H) of this subparagraph.  (C) If the taxpayer and  the  transferor  do  not  make  the  election described  in clause (B) of this subparagraph, then the amount of credit required pursuant to this paragraph to be added back by  the  transferor shall  be  treated  as  an  amount  of credit of the taxpayer under this subdivision to be carried forward by the taxpayer to its taxable year in which such transfer occurred, as if the credit allowed to the transferor with respect to  such  property  had  originally  been  allowed  to  the taxpayer  both  as  to amount and first date of qualified use, and as if the period of qualified use by the transferor prior to the transfer  had been  a period of such use by the taxpayer. Any amount of credit treated as carried forward to the taxable year  pursuant  to  this  subparagraph shall be applied as provided in clause (H) of this subparagraph.  (D) The term "qualified transaction" shall mean a transaction which is a  reorganization  described  in  section  368(a)(1)(D)  of the internal revenue code, wherein  (i)  substantially  all  of  the  assets  of  the transferor  necessary  to  continue  the  operation  of  a  division  or divisions of the  transferor  are  transferred  to  the  taxpayer  in  a transaction to which section 351 of such code applies, and (ii) stock or securities  of  the  taxpayer  held  by  the  transferor are distributed pursuant to section 355 of such code.  (E) The term "unused credit" shall mean the amount of credit shown  as carried  forward  to the transaction year on the transferor's tax return for its taxable year immediately preceding  the  transaction  year  with respect to the property described in clause (A) of this subparagraph.  (F)  The  term  "transaction year" means the taxable year in which the qualified transaction occurs.  (G) Notwithstanding any other provision of law to the contrary, in the case of allowance of credit pursuant to this subparagraph to a  taxpayer the  commissioner shall have the authority to reveal to the taxpayer any information, with respect to the credit of the transferor, which is  the basis  for  the denial in whole or in part of the credit claimed by such taxpayer.  (H) Where  a  credit  is  allowed  to  a  taxpayer  pursuant  to  this subparagraph,  the  taxpayer  may  treat the amount of such credit 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. Such credit shall be allowed against the tax  imposed  by  this article  with  respect  to  the  second  succeeding  taxable  year  next following  the  transaction year, provided that not more than one-fourth of the amount of such credit may be applied by the taxpayer, whether  to reduce  tax  otherwise  due  or  to  be  treated as an overpayment to be credited or refunded, with respect to  such  second  succeeding  taxable year  and  each  of  the  next three taxable years following such second succeeding taxable year.  (f) For purposes of paragraph (d) of this subdivision, a new  business shall include any corporation, except a corporation which:  (1)  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 or one  hundred  eighty-five  of  article  nine;  or article thirty-three of this chapter; or  (2)  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, former  section  one  hundred  eighty-five or former section one hundred eighty-six of article nine; article thirty-two of this chapter  as  such article  was  in effect on December thirty-first, two thousand fourteen; article thirty-three 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 on 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 (d) of this subdivision with respect to refunding of credit to new business would be evaded; or  (3)  has  been  subject  to  tax  under this article or former article thirty-two of this chapter for more than five taxable  years  (excluding short taxable years).   2.  Employment  Incentive  Credit (EIC). (a)(i) Application of credit. Where a taxpayer is allowed a  credit  under  subdivision  one  of  this section,  other  than  at  the  optional rate applicable to research and development property, the taxpayer shall be allowed a credit for each of the two years next succeeding the taxable  year  for  which  the  credit under  such  subdivision  one  is allowed with respect to such property, whether or not deductible in such taxable year or in subsequent  taxable years  pursuant  to  paragraph  (d)  of  such subdivision one. Provided, however, that the  credit  allowable  under  this  subdivision  for  any taxable  year  shall  be allowed only if the average number of employees during such taxable year is at least one  hundred  one  percent  of  the average  number  of  employees  during  the  employment  base  year. The employment base year shall be the taxable year immediately preceding the taxable year for which the credit under such subdivision one is  allowed except  that  if  the taxpayer was not subject to tax and did not have a taxable year immediately preceding the taxable year for which the credit under such subdivision one of this section is  allowed,  the  employment base  year  shall  be  the  taxable  year in which the credit under such subdivision one is allowed.  (ii) Amount of credit. The amount of the  credit  allowed  under  this subdivision shall be as set forth in the following table: Average number of employees during the      Credit allowed under this taxable year expressed as a percentage      subdivision expressed as a of average employees in employment          percentage of the applicable base years                                  investment credit basis  Less than 102%                              1.5% At least 102% and less than 103%            2% At least 103%                               2.5%  (b)  Average number of employees. The average number of employees in a taxable year shall be computed by ascertaining the number  of  employees within  the  state,  except  general executive officers, 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 in the taxable year, by adding together the number of employees ascertained on each of such dates and dividing the sum so obtained by the number  of such  above  mentioned dates occurring within the taxable year. However, with respect to the  employment  base  year,  there  shall  be  excluded therefrom  any employee with respect to whom a credit provided for under subdivision six of this section is claimed, for the taxable year,  based on  employment within a zone equivalent area designated as such pursuant to article eighteen-B of the general municipal law.  (c) Carryover. In no event shall the credit  herein  provided  for  be allowed  in an amount which will reduce the tax payable to less than the fixed dollar minimum amount prescribed in paragraph (d)  of  subdivision one  of  section two hundred ten of this article. However, if the amount of credit allowable under this subdivision for any taxable year  reduces the  tax  to  such amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum amount, any amount of credit not deductible  in such  taxable  year  may  be  carried  over to the fifteen taxable years immediately following such taxable year and may  be  deducted  from  the taxpayer's tax for such year or years.   3. Empire zone investment tax credit (EZ-ITC). (a) A taxpayer shall be allowed  a  credit,  to  be computed as herein provided, against the tax imposed by this article if the taxpayer has been certified  pursuant  to article  eighteen-B  of  the  general  municipal  law. The amount of the credit shall be ten percent of 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 (b) of this subdivision, which is located within an empire zone designated as such pursuant to article eighteen-B of such law, but  only  if  the  acquisition,  construction,  reconstruction  or erection of such property occurred or was commenced on or after the date of  such  designation  and  prior  to  the expiration thereof. Provided, however,  that  in   the   case   of   an   acquisition,   construction, reconstruction  or  erection  which was commenced during such period and continued or completed subsequently, such credit shall be ten percent of the portion of the cost or other basis for federal income  tax  purposes attributable  to  such  period,  which  portion  shall be ascertained by multiplying such cost or basis by a  fraction  the  numerator  of  which shall  be  the expenditures paid or incurred during such period for such purposes and the  denominator  of  which  shall  be  the  total  of  all expenditures  paid  or  incurred  for  such  acquisition,  construction, reconstruction or erection.  (b)  Qualified  property.  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  (i) are depreciable pursuant to section one hundred sixty-seven of the internal revenue code,  (ii) have a useful life of four years or more,  (iii)  are  acquired  by  purchase  as  defined in section one hundred seventy-nine (d) of the internal revenue code,  (iv) have a situs in an empire zone designated  as  such  pursuant  to article eighteen-B of the general municipal law, and  (v)  are  (A)  principally  used  by the taxpayer in the production of goods  by  manufacturing,  processing,  assembling,  refining,   mining, extracting,    farming,    agriculture,    horticulture,   floriculture, viticulture or commercial fishing,  (B) industrial waste treatment facilities  or  air  pollution  control facilities used in the taxpayer's trade or business,  (C) research and development property,  (D) 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,  (E) 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,  (E-1) principally used in the ordinary course of the taxpayer's  trade or  business of providing investment advisory services or the service of managing investment portfolios to achieve specific investment objectives for accounts over one million dollars of accredited investors  (as  that term  is  defined  in  rule 501 of regulation D of the Securities Act of 1933), if the taxpayer satisfies the following criteria:  (I) the taxpayer is a regulated broker or dealer or an affiliate of  a regulated broker or dealer,  (II) the taxpayer is registered as an investment adviser under section two  hundred  three  of the Investment Advisers Act of 1940, as amended, and  (III) at least one client of the taxpayer is  a  regulated  investment company  as  defined  in section eight hundred fifty-one of the internal revenue code that has assets of one hundred million dollars, or  (F) principally used in the ordinary course of the taxpayer's business as an exchange registered as a national securities exchange  within  the meaning  of  sections 3(a)(1) and 6(a) of the Securities Exchange Act of 1934 or a board of trade as defined in subdivision one of paragraph  (a) of section fourteen hundred ten of the not-for-profit corporation law or as  an  entity  that  is  wholly  owned  by  one  or  more such national securities exchanges or boards or trade and that provides automation  or technical services thereto.  (vi)  For  purposes of clauses (D), (E), (E-1) and (F) of subparagraph (v) of this paragraph, property purchased by a taxpayer affiliated  with a  regulated  broker,  dealer,  registered  investment adviser, national securities exchange or board of trade is allowed  a  credit  under  this subdivision  if the property is used by its affiliated regulated broker, dealer, registered investment adviser or national securities exchange or board of trade 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  clauses  (D),  (E)  and  (E-1)  of subparagraph  (v)  of this paragraph may be aggregated. In addition, the  uses by the  taxpayer,  its  affiliated  regulated  broker,  dealer  and registered  investment  adviser  under  any  of  those  clauses  may  be aggregated. Provided, however, a  taxpayer  shall  not  be  allowed  the credit  provided  by clauses (D), (E), (E-1) and (F) of subparagraph (v) of this paragraph unless  (I)  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  (II) 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  (III) 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.  (vii) For the purposes of clause (III) of subparagraph  (vi)  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.  (viii) For the purpose of this subdivision, the term "goods" shall not include electricity.  (ix)  For purposes of this subdivision, "manufacturing" shall mean the process of working raw materials into wares suitable for  use  or  which gives  new  shapes,  new  quality  or  new  combinations to matter which already  has  gone  through  some  artificial  process  by  the  use  of machinery,  tools, appliances and other similar equipment. Property used in the production of goods shall include machinery, equipment  or  other tangible property which is principally used in the repair and service of other  machinery,  equipment or other tangible property used principally in the production of goods and shall include all facilities used in  the production  operation,  including  storage  of  material  to  be used in production and of the products that are produced. For purposes  of  this subdivision,  the terms "research and development property", "industrial waste treatment facilities",  and  "air  pollution  control  facilities" shall  have  the  meanings ascribed thereto by clauses (B), (C) and (D), respectively, of subparagraph (iv) of paragraph (b) of  subdivision  one of  this  section,  and  the  provisions  of  subparagraph  (v)  of such paragraph (b) shall apply.  (c) Nonqualified property. A taxpayer shall not be  allowed  a  credit under  this  subdivision  with respect to any 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 regulated   broker,  dealer,  registered  investment  adviser,  national securities  exchange  or  board  of  trade  or other entity described in clause (F) of subparagraph (v) of paragraph (b) of this subdivision that uses such property in accordance with clause (D), (E), (E-1) or  (F)  of subparagraph  (v)  of paragraph (b) 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. Provided, however, in determining whether a taxpayer shall be allowed  a credit  under  this  subdivision  with  respect  to  such  property, any election made with respect to such property pursuant to  the  provisions of  paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code,  as  such  paragraph  was  in  effect  for agreements  entered  into  prior  to  January  first,  nineteen  hundred eighty-four, shall be disregarded.  (d) Carryover. The credit  allowed  under  this  subdivision  for  any taxable year shall not reduce the tax due for such year to less than the fixed  dollar  minimum amount prescribed in paragraph (d) of subdivision one of section two hundred ten of this article. Provided, however,  that if  the  amount of credit allowed under this subdivision for any taxable year reduces the tax to such amount or if the  taxpayer  otherwise  pays tax  based  on the fixed dollar minimum 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. In lieu of such carryover, any such taxpayer  which  qualifies as a new business under paragraph (f) of subdivision one of this section may elect, on its report for its taxable year with respect to which such credit  is  allowed,  to  treat  fifty  percent  of  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. In addition, any taxpayer which is approved as  the  owner of  a  qualified  investment project or a significant capital investment project pursuant to subdivision (w) of section nine  hundred  fifty-nine of  the  general  municipal law, on its report for its taxable year with respect to which such credit is allowed, in lieu of such carryover,  may elect  to  treat  fifty percent of the amount of such carryover which is attributable to the credit allowed under this subdivision  for  property which is part of such project 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,  such  owner  shall  be allowed  such  refund for a maximum of ten taxable years with respect to such  qualified  investment  project  and   each   significant   capital investment  project,  starting  with  the  first  taxable  year in which property  comprising  such  project  is  placed  in  service.  Provided, further,  however,  the  provisions  of  subsection  (c)  of section one thousand eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.  (d-1) Any carryover 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.  (e) At the option of the taxpayer, the taxpayer may  choose  to  claim the  credit  described in paragraph (a) of this subdivision for property which also qualifies for the credit provided under  subdivision  one  of this  section.  A  taxpayer  shall  not  be  allowed a credit under this subdivision with respect to any property described in paragraph  (a)  of  this  subdivision  if  a  credit is taken pursuant to subdivision one of this section.  (f)  Recapture.  (i)  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.  (ii)  Except  with respect to that property to which subparagraph (iv) 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.  (iii)  Except with respect to that property to which subparagraph (iv) 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.  (iv) 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 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.  (v) For purposes of this paragraph, disposal or cessation of qualified use  shall  not  be  deemed  to  have  occurred  solely by reason of the termination or expiration of an empire zone's designation as such.  (vi)(A) For purposes of  this  paragraph,  the  decertification  of  a business  enterprise  with  respect to an empire zone shall constitute a disposal or cessation of qualified use of  the  property  on  which  the credit   was   taken   which  is  located  in  the  zone  to  which  the decertification applies, on the effective date of such decertification.  (B) Where a business  enterprise  has  been  decertified  based  on  a finding  pursuant  to  clause  one,  two,  or five of subdivision (a) of section nine hundred fifty-nine of the general municipal law, the amount required to be added back by reason of this paragraph shall be  (I)  the amount  of  credit, with respect to the property which is disposed of or ceases to be in qualified use, which was deducted  from  the  taxpayer's tax  otherwise  due  under  this  article  for  all prior taxable years, reduced (but not below zero) by (II) the credit allowed for actual  use. For  purposes of this subparagraph, the attribution to specific property of credit amounts deducted from tax shall be established  in  accordance with  the  date  of  placement in service of such property in the empire zone.  (C) In no event shall the amount of the  credit  allowed  pursuant  to this  subdivision  be  rendered,  solely by reason of clause (A) of this subparagraph, less than the amount of the credit to which  the  taxpayer would otherwise be entitled under subdivision one of this section.  (D)  Notwithstanding  any  other provision of this subdivision, in the case of a business enterprise which has been decertified, any amount  of credit  allowed with respect to the property of such business enterprise located in the zone  to  which  the  decertification  applies  which  is carried  over pursuant to paragraph (d) of this subdivision shall not be carried over beyond the seventh taxable year next following the  taxable year  with  respect to which the credit provided for in this subdivision was allowed.  (vii) For purposes of this paragraph, where a credit is  allowed  with respect  to  an  air  pollution  control  facility  on  the  basis  of a certificate  of  compliance  issued  pursuant   to   the   environmental conservation  law and the certificate is revoked pursuant to subdivision three of section 19-0309 of the  environmental  conservation  law,  such revocation  shall  constitute  a disposal or cessation of qualified use, except with respect to property contained in or comprising such facility which is described in clause (A), (B), or (C)  of  subparagraph  (v)  of paragraph (b) of this subdivision other than as part of or comprising an air pollution control facility. Also for purposes of this paragraph, the use  of  an  air  pollution  control  facility  or  an  industrial waste treatment facility for the primary purpose of salvaging materials  which  are  usable  in  the  manufacturing  process  or  are  marketable  shall constitute a cessation of qualified use, except with respect to property contained in or comprising such facility which is  described  in  clause (A) or (C) of subparagraph (v) of paragraph (b) of this subdivision.  (viii)  Except  as provided in this subparagraph, this paragraph shall not apply to a credit allowed by this subdivision to a taxpayer that  is a  partner  in  a  partnership  in  the  case of manufacturing property; provided, at the time such  property  was  placed  in  service  by  such partnership  in an empire zone the basis for federal income tax purposes for such property (or a project that includes such property) equaled  or exceeded  three  hundred  million  dollars  and  such  partner owned its partnership interest for  at  least  three  years  from  the  date  such property  was  placed  in  service.  If  such  property  ceases to be in qualified use after it is placed in service, this paragraph shall  apply to  such  partner  in  the year such property ceases to be in qualifying use.  (ix) If a taxpayer, which is approved by the commissioner of  economic development  as  the  owner  of  a  qualified  investment  project  or a significant capital investment project pursuant to  subdivision  (w)  of section  nine  hundred fifty-nine of the general municipal law, fails to (A) create at least the minimum  number  of  jobs  at  such  project  as required  by  the  provisions  of subdivision (s) or (t) of section nine hundred  fifty-seven  and  subdivision  (w)  of  section  nine   hundred fifty-nine of the general municipal law or (B) place in service property comprising  such  qualified  investment  project  or significant capital investment project with a basis for federal income tax purposes equaling or exceeding the applicable minimum required basis as provided  in  such subdivision  (s)  or  (t), whichever is relevant, by the last day of the fifth taxable year following the taxable year in which a credit is first allowed under this subdivision for the  property  which  comprises  such qualified  investment  project  or  such  significant capital investment project, the total amount of the credit allowed under  this  subdivision for  all taxable years with respect to the property which comprises such project which has been refunded to such taxpayer shall be added back  in such taxable year.  (g)  Notwithstanding  the expiration of the empire zones program under article eighteen-B of the general municipal  law,  a  taxpayer  that  is certified  as  a  qualified  investment project pursuant to such article eight-B on the day  immediately  preceding  the  day  the  empire  zones program expired shall continue to be deemed certified under such article eighteen-B  for  purposes  of  this subdivision for the remainder of the taxable  year  in  which  the  expiration  occurred  and  for  the  next succeeding  nine  taxable  years.  In  addition, the areas designated as empire  zones  in  which  the  taxpayer  is  certified  as  a  qualified investment  project  on the day immediately preceding the day the empire zones program expired shall continue  to  be  deemed  empire  zones  for purposes  of  this  subdivision for the remainder of the taxable year in which the expiration occurred and for the next succeeding  nine  taxable years.  (h)  Notwithstanding  the expiration of the empire zones program under article eighteen-B of the general municipal law and except  as  provided in paragraph (g) of this subdivision, a taxpayer that is certified as an empire  zone  business  pursuant  to  such article eighteen-B on the day immediately preceding the day the  empire  zone  program  expired  shall continue  to  be  deemed  certified  under  such  article eighteen-B for purposes of this subdivision until April first, two  thousand  fourteen. In  addition, the areas designated as empire zones in which the taxpayer is certified as an empire zone business on the day immediately preceding  the day the empire zones program expired shall  continue  to  be  deemed empire  zones  for  purposes of this subdivisions until April first, two thousand fourteen.   4.  Empire  zone employment incentive credit (EZ-EIC). (a) Application of credit. Where a taxpayer is allowed a credit under subdivision  three of  this section, the taxpayer shall be allowed a credit for each of the three years next succeeding the taxable year for which the credit  under such  subdivision  three  is  allowed,  with  respect  to such property, whether or not deductible in such taxable year or in subsequent  taxable years  pursuant  to  paragraph  (d) of such subdivision three, of thirty percent of the credit allowable under such subdivision three;  provided, however,  that  the  credit  allowable  under  this  subdivision for any taxable year shall only be allowed if the average  number  of  employees employed  by  the  taxpayer  in  the empire zone, designated pursuant to article eighteen-B of the general municipal law, in which such  property is  located during such taxable year is at least one hundred one percent of the average number of employees employed  by  the  taxpayer  in  such empire  zone,  during the taxable year immediately preceding the taxable year for which the credit under such subdivision three  is  allowed  and provided,  further,  that if the taxpayer was not subject to tax and did not have a taxable year immediately preceding the taxable year for which the credit under subdivision three  of  this  section  is  allowed,  the credit  allowable  under  this subdivision for any taxable year shall be allowed if the average number of employees employed in such empire  zone in  such taxable year is at least one hundred one percent of the average number of such employees during the taxable year  in  which  the  credit under such subdivision three is allowed.  (b)  Average  number  of  employees.  The  average number of employees employed in an empire zone in  a  taxable  year  shall  be  computed  by ascertaining  the  number  of  such  employees  within  such zone except general executive officers, 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 in the taxable year, by adding together the number of employees ascertained on each of such  dates  and dividing the sum so obtained by the number of such above-mentioned dates occurring within the taxable year.  (c)  Carryover.  In  no  event shall the credit herein provided for be allowed in an amount which will reduce the tax payable to less than  the fixed  dollar  minimum amount prescribed in paragraph (d) of subdivision one of section two hundred ten of this article. Provided, however,  that if the amount of credit allowable under this subdivision for any taxable year  reduces  the  tax to such amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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.  In  lieu  of  such  carryover,  any  such taxpayer, which is approved as the owner of a qualified investment project or a significant capital investment project pursuant to subdivision (v) of  section  nine hundred  fifty-nine  of  the  general  municipal  law, may elect, on its report for its taxable  year  with  respect  to  which  such  credit  is allowed,  to  treat  fifty percent of 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,  in the case of such owner of a qualified investment project or a significant capital investment project,  only  fifty  percent  of  the amount  of  such  carryover  which is attributable to the credit allowed under this subdivision with respect to property which is  part  of  such project shall be allowed to be credited or refunded and such owner shall  be  allowed  such credit or refund only for those taxable years in which such owner would be allowed a  credit  or  refund  of  the  empire  zone investment  tax credit pursuant to paragraph (d) of subdivision three of this  section.  Provided, further, however, the provisions of subsection (c)   of   section   one   thousand   eighty-eight   of   this   chapter notwithstanding, no interest shall be paid thereon.  (c-1)  Any  carryover 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.  (d)  Notwithstanding  the expiration of the empire zones program under article eighteen-B of the general municipal  law,  a  taxpayer  that  is certified  as  a  qualified  investment project pursuant to such article eighteen-B on the day immediately preceding the  day  the  empire  zones program expired shall continue to be deemed certified under such article eighteen-B  for  purposes  of  this subdivision for the remainder of the taxable  year  in  which  the  expiration  occurred  and  for  the  next succeeding  nine  taxable  years.  In  addition, the areas designated as empire  zones  in  which  the  taxpayer  is  certified  as  a  qualified investment  project  on the day immediately preceding the day the empire zones program expired shall continue  to  be  deemed  empire  zones  for purposes  of  this  subdivision for the remainder of the taxable year in which the expiration occurred and for the next succeeding  nine  taxable years.  (e)  Notwithstanding  the expiration of the empire zones program under article eighteen-B of the general municipal law and except  as  provided in paragraph (d) of this subdivision, a taxpayer that is certified as an empire  zone  business  pursuant  to  such article eighteen-B on the day immediately preceding the day the empire  zones  program  expired  shall continue  to  be  deemed  in  the  empire zone in which the taxpayer was certified as an empire zone business on the  day  immediately  preceding the  day  the  empire  zones program expired for each of the three years next succeeding the taxable year for which the credit under  subdivision three of this section is allowed.   5.  QEZE  credit  for  real property taxes. (a) 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.  (b)  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  fixed  dollar  minimum  amount prescribed in paragraph (d) of subdivision one of section two hundred ten of this article. However,  if the amount of credit allowed under this subdivision for any taxable year reduces  the  tax  to  such amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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.   6.  QEZE  tax  reduction  credit.  (a) 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.  (b) 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 fixed dollar minimum amount  prescribed  in  paragraph  (d)  of subdivision  one  of  section two hundred ten of this article. Provided, however, this paragraph shall not  apply  to  a  taxpayer  with  a  zone allocation factor of one hundred percent.   7.  Qualified  emerging  technology  company  employment  credit.  (a) Application of credit. A taxpayer shall  be  allowed  a  credit,  to  be computed  as  hereinafter  provided,  against  the  tax  imposed by this article, provided:  (i) the taxpayer is a qualified emerging technology  company  pursuant to  the  provisions  of  section  thirty-one hundred two-e of the public authorities law; and  (ii) the average number of  individuals  employed  full  time  by  the taxpayer  in  New  York  state  during  the taxable year is at least one hundred one percent of the taxpayer's  base  year  employment.  For  the purposes  of  this subdivision, "base year employment" means the average number of individuals employed full-time by the taxpayer  in  the  state during  the  three taxable years immediately preceding the first taxable year in which  the  credit  is  claimed.  Where  the  taxpayer  provided full-time  employment  within  the  state  during only a portion of such three-year period, then the first effective date for the company to take advantage of this credit shall be the next year following the first full taxable year that the company  had  full-time  employment  in  New  York state.  For  the purposes of this paragraph the term "three years" shall be deemed to refer instead to  the  prior  year's  full-time  employment after  the  first  year  and  the average of the first eight quarters of employment after the first two taxable years in New York state.  (b) Credit limitation. The credit shall be allowed only in  the  first taxable  year in which the credit is claimed and in each of the next two taxable years, provided that the conditions of  paragraph  (a)  of  this subdivision are satisfied in each taxable year.  (c) Average number of individuals employed full-time. For the purposes of  this  subdivision,  average number of individuals employed full-time shall be computed by adding the number of such individuals  employed  by the  taxpayer  at  the  end  of each quarter during each taxable year or other applicable period and dividing the sum so obtained by  the  number of  such quarters occurring within such taxable year or other applicable period; provided however, except that in computing base year employment, there shall be excluded therefrom any employee with respect  to  whom  a credit  provided  for  under subdivision nineteen of section two hundred ten of this article, as such  subdivision  was  in  effect  on  December thirty-first, two thousand fourteen, was claimed for the taxable year.  (d) Amount of credit. The amount of the credit shall equal the product of  one  thousand  dollars  times  the  number  of  individuals employed full-time by the taxpayer in the taxable year that are in excess of  one hundred percent of the taxpayer's base year employment.  (e)  Carryover.  The  credit  allowed  under  this subdivision for any taxable year shall not reduce the tax due for such year to less than the fixed dollar minimum amount prescribed in paragraph (d)  of  subdivision one  of  section two hundred ten of this article. However, if the amount of credit allowed under this subdivision for any  taxable  year  reduces the  tax  to  such amount or if the taxpayer otherwise pays tax based on the  fixed  dollar  minimum  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.    8.  Qualified  emerging  technology  company  capital  tax credit. (a) Amount of credit. A taxpayer shall be allowed a credit against  the  tax imposed  by this article. The amount of the credit shall be equal to one of the  following  percentages,  per  each  qualified  investment  in  a qualified  emerging  technology company as defined in section thirty-one hundred two-e of the public authorities law,  made  during  the  taxable year, and certified by the commissioner, either:  (1)  ten  percent  of  qualified  investments  in  qualified  emerging technology companies, 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 provided,  however, that  the  taxpayer  certifies  to  the  commissioner that the qualified investment will not be sold, transferred, traded, or disposed of  during the  four years following the year in which the credit is first claimed; or  (2) twenty percent of  qualified  investments  in  qualified  emerging technology  companies, 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 provided, however, that the taxpayer certifies  to  the  commissioner  that  the  qualified investment  will not be sold, transferred, traded, or disposed of during the nine years following the year in which the credit is first claimed.  (b)   Qualified   investment.   "Qualified   investment"   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  one hundred  fifty thousand dollars in the case of investments made pursuant to subparagraph one of paragraph (a) of this subdivision and  shall  not exceed  three  hundred  thousand dollars in the case of investments made pursuant to subparagraph two of paragraph (a) of this subdivision.  (c) Carryover. In no event shall the  credit  and  carryover  of  such credit  allowed  under  this  subdivision  for  any taxable year, in the aggregate, reduce the tax due for such  year  to  less  than  the  fixed dollar  minimum amount prescribed in paragraph (d) of subdivision one of section two hundred ten of this  chapter.  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 the  taxpayer  otherwise  pays  tax  based  on  the fixed dollar minimum 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 the tax imposed under section two hundred nine of this article computed without regard to  any credit provided for by this section.  (d)  Recapture.  (1)  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 subparagraph one of paragraph (a) of this subdivision, or where an investment  which  was  the  basis for such allowance is, in whole or in part, recovered by such  taxpayer,  and  such  disposition  or  recovery occurs  during  the  taxable  year or within forty-eight months from the close of the taxable year with respect to which such credit is  allowed, the  taxpayer  shall add back, with respect to the taxable year in which the disposition or  recovery  described  above  occurred,  the  required portion of the credit originally allowed.  (2)  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 subparagraph  two  of  paragraph  (a)  of  this subdivision, or where an 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  one  hundred  eight months  from  the  close  of the taxable year with respect to which such credit is allowed, the taxpayer shall add  back,  with  respect  to  the taxable   year  in  which  the  disposition  or  recovery  described  in subparagraph one of this paragraph occurred the required portion of  the credit originally allowed.  (3) The required portion of the credit originally allowed shall be the product  of  (A) the portion of such credit attributable to the property disposed of and (B) the applicable percentage.  (4) The applicable percentage shall be:  (A) for credits allowed pursuant to subparagraph one of paragraph  (a) of this subdivision:  (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)  seventy-five 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,  (iii)  fifty  percent, if the disposition or recovery occurs more than twenty-four months but not more than thirty-six months after the end  of the taxable year with respect to which the credit is allowed, or  (iv)  twenty-five  percent, if the disposition or recovery occurs more than thirty-six months but not more than forty-eight  months  after  the end of the taxable year with respect to which the credit is allowed; or  (B)  for credits allowed pursuant to subparagraph two of paragraph (a) of this subdivision:  (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) eighty percent, if the disposition or recovery occurs  more  than twelve but not more than forty-eight months after the end of the taxable year with respect to which the credit is allowed,  (iii)  sixty  percent, if the disposition or recovery occurs more than forty-eight months but not more than seventy-two months after the end of the taxable year with respect to which the credit is allowed,  (iv) forty percent, if the disposition or recovery  occurs  more  than seventy-two  months but not more than ninety-six months after the end of the taxable year with respect to which the credit is allowed, or  (v) twenty percent, if the disposition or recovery  occurs  more  than ninety-six  months  but not more than one hundred eight months after the end of the taxable year with respect to which the credit is allowed.    9. Credit for the special additional  mortgage  recording  tax.  (a) Application  of  credit.  A  taxpayer  shall  be allowed a credit, to be credited against the tax imposed by this article, equal to 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. 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  area.  Provided further, 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.  (b) Carryover or refund. In no event shall the credit herein  provided for  be  allowed  in an amount which will reduce the tax payable to less than the fixed dollar minimum amount  prescribed  in  paragraph  (d)  of subdivision one of section two hundred ten of this article. If, however, the  amount  of  credit allowable under this subdivision for any taxable year, including any credit carried  over  from  a  prior  taxable  year, reduces  the  tax  to  such amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum  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.  In lieu of carrying over to the following year or years, the unused  portion  of  credits  attributable  to  the  special  additional mortgage recording tax paid by the taxpayer as mortgagee with respect to mortgages 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, such taxpayer may elect to treat such unused portion as  an  overpayment of tax to be credited or refunded in accordance with the provisions of section ten hundred eighty-six of this chapter, except that no interest shall be paid on such overpayment.   10.  Credit  for  servicing  certain  mortgages.  (a)  General.  Every taxpayer  meeting  the  requirements  of  the state of New York mortgage agency applicable to the servicing of mortgages acquired by such  agency pursuant  to the state of New York mortgage agency act, which shall have entered into a contract with the state of New York  mortgage  agency  to service  mortgages  acquired by such agency pursuant to the state of New York mortgage agency act, shall have credited to it annually  an  amount equal  to  two  and  ninety-three one hundredths per centum of the total principal and interest collected by the taxpayer during its taxable year on each such mortgage secured by a lien on real  estate  improved  by  a one-family  to  four-family residential structure and an amount equal to the interest collected by the taxpayer during its taxable year  on  each such mortgage secured by a lien on real property improved by a structure occupied  as the residence of five or more families living independently of each other, multiplied by a fraction the denominator of  which  shall be  the  interest rate payable on the mortgage (computed to five decimal places) and the numerator of which shall be .00125 in the case of such a mortgage acquired by such agency for less than one million dollars,  and .00100  in  the  case of such a mortgage acquired by such agency for one million dollars or more. In no event shall the credit allowed under this subdivision reduce the tax to less than the fixed dollar minimum  amount  prescribed  in  paragraph  (d) of subdivision one of section two hundred ten of this article. In computing such tax credit for the  servicing  of mortgages  on  one-family  to  four-family  residential  structures, the taxpayer  shall  not  be  entitled  to  credit  for  the  collection  of curtailment or payments in discharge  of  any  such  mortgage.  For  the purposes of this subdivision,  (b)(i) a "curtailment" shall mean amounts paid by mortgagors  (A)  in  excess  of  the  monthly  constant  due  during  the month of collection and  (B) in reduction of the unpaid principal balance of the  mortgage;  in the absence of clear evidence to the contrary, amounts paid in excess of the  monthly constant due during the month of collection shall be deemed to be in reduction of the unpaid principal balance of the mortgage; and  (ii) "monthly  constant"  shall  mean  the  amount  of  principal  and interest which is due and payable according to the mortgage documents on each periodic payment date.   11.  Agricultural  property  tax credit. (a) General. In the case of a taxpayer which is an eligible farmer or an eligible farmer who has  paid taxes  pursuant  to a land contract, there shall be allowed a credit for the allowable school district property taxes. The term "allowable school district property taxes" means the school district property  taxes  paid during  the  taxable year on qualified agricultural property, subject to the acreage limitation provided in paragraph (e) of this subdivision and the income limitation provided in paragraph (f) of this subdivision.  (b) Eligible farmer.  For  purposes  of  this  subdivision,  the  term "eligible  farmer"  means  a  taxpayer  whose  federal gross income from farming for the taxable year is at least two-thirds  of  excess  federal gross  income.  The  term  "eligible farmer" also includes a corporation other than the taxpayer of record for qualified agricultural land  which has  paid  the school district property taxes on such land pursuant to a contract for the future  purchase  of  such  land;  provided  that  such corporation has a federal gross income from farming for the taxable year which  is  at  least  two-thirds  of  excess  federal  gross income; and provided  further  that,  in  determining  such  income  eligibility,  a taxpayer  may,  for  any  taxable  year, use the average of such federal gross income from farming for that taxable year and such income for  the two  consecutive  taxable years immediately preceding such taxable year. Excess federal gross income means the amount  of  federal  gross  income from  all  sources  for  the  taxable  year in excess of thirty thousand dollars. For the purposes of this paragraph, payments from  the  state's farmland   protection   program,   administered  by  the  department  of agriculture and markets, shall be included as federal gross income  from farming for otherwise eligible farmers.  (c)  School district property taxes. For purposes of this subdivision, the term "school district property  taxes"  means  all  property  taxes, special   ad  valorem  levies  and  special  assessments,  exclusive  of penalties and interest, levied  for  school  district  purposes  on  the qualified agricultural property owned by the taxpayer.  (d) Qualified agricultural property. For purposes of this subdivision, the  term  "qualified  agricultural property" means land located in this state which is used in agricultural production, and  land  improvements, structures  and  buildings  (excluding buildings used for the taxpayer's residential purpose) located on such land which are used or occupied  to carry out such production. Qualified agricultural property also includes land  set  aside  or  retired  under a federal supply management or soil conservation program or land that at the time it becomes  subject  to  a conservation easement met the requirements under this paragraph.  (e)  Acreage  limitation.  (i)  Eligible  taxes. In the event that the qualified agricultural property owned by the taxpayer includes  land  in excess  of the base acreage as provided in this paragraph, the amount of school  district  property  taxes  eligible  for   credit   under   this subdivision  shall be that portion of the school district property taxes which bears the same ratio to the total school district  property  taxes paid  during  the  taxable  year,  as  the  acreage allowable under this paragraph bears to the entire acreage of such land.  (ii) Allowable acreage. The allowable acreage is the sum of  the  base acreage  set  forth  below and fifty percent of the incremental acreage. The incremental acreage is the excess of the entire acreage of qualified agricultural land owned by the taxpayer over the base acreage. Except as provided in subparagraph (iii) of this paragraph, the  base  acreage  is three hundred fifty acres. The  total  base  acreage  may  be  increased by any acreage enrolled or participating  during  the  taxable  year  in  a  federal  environmental conservation  acreage  reserve  program  pursuant  to title three of the federal agriculture improvement  and  reform  act  of  nineteen  hundred ninety-six.  (iii)  Base  acreage of related persons. Where the taxpayer and one or more related persons each own qualified  agricultural  property  on  the first day of March of any year, the base acreage under subparagraph (ii) of  this  paragraph  shall  be  divided  equally  and allotted among the taxpayer and such related persons, and the taxpayer's base  acreage  for the taxable year which includes such March first shall be limited to its allotted  share. Provided, however, if the taxpayer and all such related persons consent (at such time and in such manner as the commissioner may prescribe) to an unequal division, the taxpayer's base acreage for  such taxable  year  shall be limited to its allotted share under such unequal division.  (iv) Related persons. (A) For purposes of subparagraph (iii)  of  this paragraph, the term "related person" means:  (I)  a  corporation  subject  to  tax  under  this  article, where the taxpayer and the corporation are members of the same  controlled  group, as defined in section 267(f) of the internal revenue code;  (II)  an  individual,  partnership,  estate  or trust, where more than fifty percent in value of the  outstanding  stock  of  the  taxpayer  is owned,  directly  or indirectly, by or for such individual, partnership, estate or trust or by or for the grantor of such trust;  (III)  a  corporation  subject  to  tax  under  this  article,  or   a partnership,  estate  or  trust, if the same person owns more than fifty percent in value of the outstanding stock of the taxpayer and more  than fifty  percent in value of  the outstanding stock of the corporation, or more than fifty percent of  the  capital  or  profits  interest  in  the partnership,  or  more  than fifty percent of the beneficial interest in the estate or trust;  (IV) a partnership, estate  or  trust  of  which  the  taxpayer  owns, directly  or indirectly, more than fifty percent of the capital, profits or beneficial interest.  (B) In determining whether a person is a  related  person  within  the meaning of this subparagraph:  (I)  stock  owned,  directly  or  indirectly, by or for a corporation, partnership,  estate  or  trust  shall  be  considered  as  being  owned proportionately by or for its shareholders, partners or beneficiaries;  (II)  an  individual  shall  be  considered as owning the stock owned, directly or indirectly, by or for his spouse;  (III) stock  constructively  owned  by  a  person  by  reason  of  the application  of  item  (I)  of  this  clause  shall,  for the purpose of  applying item (I) or (II) of this clause, be treated as  actually  owned by such person.  (f)  Income  limitation. (i) In the event that the modified entire net income of  the  taxpayer  exceeds  two  hundred  thousand  dollars,  the allowable  school  district  property  taxes under paragraph (a) of this subdivision shall be  the  eligible  taxes  under  subparagraph  (i)  of paragraph  (e)  of this subdivision reduced by the product of the amount of  such  eligible  taxes  and  a  percentage,  such  percentage  to  be determined  by  multiplying  one  hundred  percent  by  a  fraction, the numerator of which is the lesser of one hundred thousand dollars or  the excess  of  the  taxpayer's  modified entire net income over two hundred thousand dollars and the denominator of which is  one  hundred  thousand dollars.  For  purposes  of  the  preceding sentence, the term "eligible taxes",  where  the  acreage  limitation  of  paragraph  (e)   of   this subdivision  does  not  apply,  shall  mean  the  total  school district property taxes paid during the taxable year.  (ii) The term "modified entire net income" means the entire net income for the taxable year reduced by the amount of  principal  paid  on  farm indebtedness during the taxable year. The term "farm indebtedness" means debt incurred or refinanced which is secured by farm property, where the proceeds  of  the  debt  are  disbursed for expenditures incurred in the business of farming.  (g) Carryover. In no event shall the credit provided herein be allowed in an amount which will reduce the tax payable to less  than  the  fixed dollar  minimum amount prescribed in paragraph (d) of subdivision one of section two hundred ten of this article.  If,  however,  the  amount  of credit allowable under this subdivision for any taxable year reduces the tax  to  such  amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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. Provided, however, in lieu of carrying over the unused portion of such credit, the taxpayer may elect to treat such unused portion as an overpayment of tax to be credited or refunded in accordance with the provisions of  section one thousand eighty-six of this chapter except that no interest shall be paid on such overpayment.  (h)  Nonqualified  use. (i) No credit in conversion year. In the event that qualified agricultural property is converted  by  the  taxpayer  to nonqualified  use,  credit  under  this subdivision shall not be allowed with respect to such property for the taxable year  of  conversion  (the conversion year).  (ii)  Credit recapture. If the conversion by the taxpayer of qualified agricultural property to nonqualified use occurs during  the  period  of the  two  taxable  years following the taxable year for which the credit under this subdivision was first claimed with respect to such  property, the  credit  allowed with respect to such property for the taxable years prior to the conversion year must be added back in the conversion  year. Where  the property converted includes land, and where the conversion is of only a portion of such land, the credit allowed with respect  to  the property  converted shall be determined by multiplying the entire credit under this subdivision for the taxable years  prior  to  the  conversion year  by a fraction, the numerator of which is the acreage converted and the denominator of which is the entire acreage of such land owned by the taxpayer immediately prior to the conversion.  (iii) Exception to recapture.  Subparagraph  (ii)  of  this  paragraph shall not apply to the conversion of property where the conversion is by reason  of  involuntary  conversion,  within  the meaning of section one thousand thirty-three of the internal revenue code.  (iv) Conversion to nonqualified use. For purposes of this paragraph, a sale or other disposition of qualified agricultural property alone shall not constitute a conversion to a nonqualified use.  (i) Special rules. For purposes of this subdivision, the term "federal gross   income  from  farming"  shall  include  gross  income  from  the production of maple syrup, cider, Christmas trees derived from a managed Christmas tree operation whether dug for transplanting or cut  from  the stump,  or  from  a  commercial  horse  boarding operation as defined in subdivision thirteen of section three hundred one of the agriculture and markets law, or from the sale of wine from a  licensed  farm  winery  as provided  for  in  article six of the alcoholic beverage control law, or from the sale of cider from a licensed farm cidery as  provided  for  in section fifty-eight-c of the alcoholic beverage control law.  (j)  Election  to  deem  gross  income  of  New  York C corporation to shareholders. For purposes of this  subdivision,  federal  gross  income from  farming  shall  be  zero  for  any  taxable  year  of a New York C corporation for which the election under paragraph  nine  of  subsection (n) of section six hundred six of this chapter is in effect.   12.  Credit for employment of persons with disabilities. (a) 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.  (b) Qualified employee. A qualified employee is an individual:  (1) 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  (2)  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.  (c) Amount of credit. Except as provided  in  paragraph  (d)  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.  (d)  Credit  where  federal  work opportunity tax credit applies. With respect to any qualified employee whose qualified first-year wages under paragraph (c) 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.  (e)  Carryover.  The  credit  allowed  under  this subdivision for any taxable year shall not reduce the tax due for such year to less than the fixed dollar minimum amount prescribed in paragraph (d)  of  subdivision  one  of  section two hundred ten of this chapter. However, if the amount of credit allowable under this subdivision for any taxable year  reduces the  tax  to  such amount or if the taxpayer otherwise pays tax based on the  fixed dollar minimum 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)  Coordination  with  federal  work  opportunity  tax  credit.  The provisions of section 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 federal 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.   13. Credit for purchase of  an  automated  external  defibrillator.  A taxpayer  shall  be  allowed  a  credit,  to  be computed 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  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 fixed  dollar  minimum amount  prescribed  in  paragraph  (d) of subdivision one of section two hundred ten of this chapter.   14. Credit for purchase of long-term care insurance.  (a)  General.  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.  (b)  Carryover. The credit allowed under this subdivision for any year shall not reduce the tax due for such year to less than the fixed dollar minimum amount prescribed in paragraph (d) of subdivision one of section two hundred ten of this article.  If,  however,  the  amount  of  credit allowable under this subdivision for any taxable year reduces the tax to such  amount  or  if  the taxpayer otherwise pays tax based on the fixed dollar minimum 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.   15. Low-income housing credit. (a) 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.  (b)  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 fixed dollar minimum amount prescribed in paragraph (d) of subdivision one  of section  two  hundred  ten  of  this  article. 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 the taxpayer otherwise pays  tax  based  on  the  fixed  dollar  minimum amount,  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.  (c)  Credit  recapture.  For provisions requiring recapture of credit, see subdivision (b) of section eighteen of this chapter.   16.  Green  building credit. (a) Allowance of credit. A taxpayer shall be allowed a credit, to be computed as provided in section  nineteen  of this chapter, against the tax imposed by this article.  (b) Carryovers. 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 fixed  dollar  minimum amount  prescribed  in  paragraph  (d) of subdivision one of section two hundred ten of this  article.  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  the  taxpayer otherwise  pays tax based on the fixed dollar minimum amount, 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.   17. Brownfield redevelopment tax credit. (a) Allowance  of  credit.  A taxpayer  shall  be  allowed  a  credit,  to  be computed as provided in section twenty-one of this chapter, against  the  tax  imposed  by  this article.  (b)  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  fixed  dollar  minimum  amount prescribed in paragraph (d) of subdivision one of section two hundred ten of this article. However,  if the  amount  of  credits  allowed under this subdivision for any taxable year reduces the tax to such amount or if the  taxpayer  otherwise  pays tax  based on the fixed dollar minimum 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.   18. Remediated brownfield credit for real property taxes for qualified sites. (a) 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.  (b) 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 fixed dollar minimum amount  prescribed  in  paragraph  (d)  of subdivision  one of section two hundred ten of this article. However, if the amount of credit allowed under this subdivision for any taxable year reduces the tax to such amount or if the  taxpayer  otherwise  pays  tax based  on the fixed dollar minimum 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.   19. Environmental  remediation  insurance  credit.  (a)  Allowance  of credit.    A  taxpayer  shall  be  allowed  a  credit, to be computed as provided in section  twenty-three  of  this  chapter,  against  the  tax imposed by this article.  (b)  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  fixed  dollar  minimum  amount prescribed in paragraph (d) of subdivision one of section two hundred ten of this article. However,  if the  amount  of  credits  allowed under this subdivision for any taxable year  reduces  the  tax to such amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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.   20.  Empire  state  film production credit. (a) Allowance of credit. A taxpayer who is eligible pursuant to section twenty-four of this chapter shall be allowed a credit to be computed as  provided  in  such  section twenty-four against the tax imposed by this article.  (b)  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  fixed  dollar  minimum  amount prescribed in paragraph (d) of subdivision one of section two hundred ten of  this  article.  Provided, however,  that  if  the  amount  of  the  credit  allowable  under  this subdivision for any taxable year reduces the tax to such  amount  or  if the  taxpayer  otherwise  pays  tax  based  on  the fixed dollar minimum amount, the excess 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.   21. Security training tax credit. (a) 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.  (b) 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 fixed dollar minimum amount  prescribed  in  paragraph  (d)  of subdivision  one of section two hundred ten of this chapter. However, if the amount of credits allowed under this  subdivision  for  any  taxable year  reduces  the  tax to such amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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.   22.  Conservation easement tax credit. (a) Credit allowed. In the case of a taxpayer who owns land that is subject to a  conservation  easement held  by a public or private conservation agency, there shall be allowed a credit for twenty-five  percent  of  the  allowable  school  district, county  and town real property taxes on such land. In no such case shall the credit allowed under this subdivision in combination with any  other credit  for  such  school  district, county and town real property taxes under this section exceed such taxes.  (b) Conservation easement. For purposes of this subdivision, the  term "conservation  easement"  means  a  perpetual and permanent conservation easement  as  defined  in  article  forty-nine  of   the   environmental conservation  law  that  serves  to  protect open space, scenic, natural resources,  biodiversity,  agricultural,   watershed   and/or   historic preservation resources. Any conservation easement for which a tax credit is  claimed under this subdivision shall be filed with the department of environmental conservation, as provided for in article forty-nine of the environmental conservation law  and  such  conservation  easement  shall  comply  with  the  provisions  of  title  three of such article, and the provisions of subdivision (h) of section 170  of  the  internal  revenue code.  Dedications  of  land  for  open  space  through the execution of conservation   easements   for   the   purpose   of  fulfilling  density requirements to obtain subdivision or  building  permits  shall  not  be considered a conservation easement under this subdivision.  (c)  Land.  For  purposes of this subdivision, the term "land" means a fee simple title to real property located in this state, with or without improvements  thereon;  rights  of  way;  water  and  riparian   rights; easements;  privileges  and all other rights or interests of any land or description in, relating to or connected with real  property,  excluding buildings, structures, or improvements.  (d)  Public  or  private  conservation  agency.  For  purposes of this subdivision, the term "public or private conservation agency" means  any state,   local,   or   federal   governmental   body;   or  any  private not-for-profit charitable corporation or trust which is authorized to do business in the state of New York, is organized and operated to  protect land  for  natural  resources,  conservation  or  historic  preservation purposes, is exempt from federal income taxation under section 501(c)(3) of the internal revenue code, and has the power  to  acquire,  hold  and maintain land and/or interests in land for such purposes.  (e) Credit limitation. The amount of the credit that may be claimed by a  taxpayer  pursuant  to this subsection shall not exceed five thousand dollars in any given year.  (f)  Application  of  the  credit.  The  credit  allowed  under   this subdivision  for  any taxable year shall not reduce the tax due for such year to  less  than  the  fixed  dollar  minimum  amount  prescribed  in paragraph  (d)  of  subdivision  one  of section two hundred ten of this article. However, if  the  amount  of  the  credit  allowed  under  this subdivision  for  any  taxable year reduces the tax to such amount or if the taxpayer otherwise pays  tax  based  on  the  fixed  dollar  minimum amount,  any  amount  of  the 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 subsection (c) of section one thousand eighty-eight of this  chapter,  except  that,  no  interest shall be paid thereon.   23.  Empire  state  commercial  production  credit.  (a)  Allowance of credit.  A taxpayer that is eligible pursuant to provisions  of  section twenty-eight of this chapter shall be allowed a credit to be computed as provided in such section against the tax imposed by this article.  (b)  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  fixed  dollar  minimum  amount prescribed in paragraph (d) of subdivision one of section two hundred ten of  this  article.  Provided, however,  that  if  the  amount  of  the  credit  allowable  under  this subdivision for any taxable year reduces the tax to such  amount  or  if the  taxpayer  otherwise  pays  tax  based  on  the fixed dollar minimum amount, fifty percent of the excess 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.  The balance of such credit not credited or refunded in such taxable year may be  carried  over  to the immediately succeeding taxable year and may be deducted from the taxpayer's tax for such year. The excess, if  any,  of the  amount  of  credit  over  the tax for such succeeding 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.  (c)  Expiration  of  credit. The credit allowed under this subdivision shall not be applicable to taxable years beginning on or  after  January first, two thousand twenty-four.   24.  Biofuel  production  credit.  (a)  General.  A  taxpayer shall be allowed a credit, to be computed as provided in section twenty-eight  of this  chapter  added  as  part X of chapter sixty-two of the laws of two thousand six, against the  tax  imposed  by  this  article.  The  credit allowed under this subdivision for any taxable year shall not reduce the tax  due  for  such  year  to  less than the fixed dollar minimum amount prescribed in paragraph (d) of subdivision one of  section  two  hundred ten of this article. However, if the amount of credit allowed under this subdivision  for  any  taxable year reduces the tax to such amount or if the taxpayer otherwise pays  tax  based  on  the  fixed  dollar  minimum 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. The tax credit allowed pursuant to  this section shall apply to taxable years beginning before January first, two thousand twenty.   25.  Clean  heating  fuel  credit.  (a) General. A taxpayer shall be allowed a credit against the tax imposed by this article.  Such  credit, to  be computed as hereinafter provided, shall be allowed for bioheating fuel, used for space heating or hot  water  production  for  residential purposes  within this state purchased before January first, two thousand twenty-three. Such credit shall be $0.01 per percent  of  biodiesel  per gallon  of  bioheating  fuel,  not  to  exceed  twenty cents per gallon, purchased by such taxpayer.  Provided, however, that on or after January first, two thousand seventeen, this credit shall not apply to bioheating fuel that is less than six percent biodiesel per  gallon  of  bioheating fuel.  (b)  Definitions.  For  purposes  of  this  subdivision, the following definitions shall apply:  (i) "Biodiesel" shall mean a fuel comprised exclusively of  mono-alkyl esters  of  long chain fatty acids derived from vegetable oils or animal fats, designated  B100,  which  meets  the  specifications  of  American Society of Testing and Materials designation D 6751.  (ii)  "Bioheating  fuel"  shall  mean a fuel comprised of biodiesel or renewable hydrocarbon diesel blended with conventional home heating oil, which meets the specifications of the American Society  of  Testing  and Materials designation D 396 or D 975.  (c)  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  fixed  dollar  minimum  amount prescribed in paragraph (d) of subdivision one of section two hundred ten of this article. However,  if the amount of credit allowed under this subdivision for any taxable year reduces  the  tax  to  such amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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.    26. Credit for rehabilitation of historic properties.  (a) Application of  credit.   (i) 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 for the same  taxable  year 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.  (ii)  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  for the same taxable year determined without regard to ratably allocating the credit over a five year period as required by  subsection (a)  of  section  47  of  the  internal  revenue code, with respect to a certified historic structure under subsection (c)(3) of  section  47  of the internal revenue code 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 or a shareholder in a New York S corporation, then the credit caps imposed  in  subparagraph (A)  of this paragraph shall be applied at the entity level, so that the aggregate credit allowed to all the partners  or  shareholders  of  each such  entity  in the taxable year does not exceed the credit cap that is applicable in that taxable year.  (b) Tax credits allowed pursuant to this subdivision shall be  allowed in  the  taxable  year  that  the  qualified rehabilitation is placed in service under section 167 of the federal internal revenue code.  (c) 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 must be added back in  the  same  taxable year and in the same proportion as the federal credit.  (d)  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  (d) of subdivision one of section two hundred ten of this article. However, if the amount of the credit allowed  under this  subdivision for any taxable year reduces the tax to such amount or if the taxpayer otherwise pays tax based on  the  fixed  dollar  minimum amount,  any  amount  of credit thus not deductible in such taxable year shall be treated as an overpayment of tax to be recredited  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.  (e)  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.  (f)  For  purposes of this subdivision "small project" means qualified rehabilitation expenditures totaling two million five  hundred  thousand dollars or less.   27.  Credits  of New York S corporations. (a) General. Notwithstanding the provisions of this section, no carryover of credit  allowable  in  a New  York C year shall be deducted from the tax otherwise due under this article in a New York S year, and no credit allowable in a  New  York  S year,  or  carryover  of  such  credit,  shall  be deducted from the tax imposed by this article. However, a New York S year shall be treated  as a  taxable  year for purposes of determining the number of taxable years to  which  a  credit  may  be   carried   over   under   this   section. Notwithstanding  the  first  sentence  of this subdivision, however, the credit for the  special  additional  mortgage  recording  tax  shall  be allowed  as  provided  in  subdivision  nine  of  this  section, and the carryover of any such credit  shall  be  determined  without  regard  to whether  the  credit  is  carried from a New York C year to a New York S year or vice-versa.   29. Hire a vet credit.   (a) 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.  (b) Qualified veteran. A qualified veteran is an individual:  (1)  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;  (2)  who  commences  employment  by the qualified taxpayer on or after January first, two thousand fourteen,  and  before  January  first,  two thousand twenty-two; and  (3)  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.  (c)  Employer prohibition. An employer shall not discharge an employee and hire a qualifying veteran solely for the purpose of  qualifying  for this credit.  (d) 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.  (e)  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 (d) of subdivision  one  of  section  two hundred  ten of this article. However, if the amount of credit allowable under this subdivision for any taxable year  reduces  the  tax  to  such amount  or  if the taxpayer otherwise pays tax based on the fixed dollar minimum 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.   30. Alternative fuels and electric vehicle recharging property credit. (a)  General.  A  taxpayer  shall be allowed a credit, to be computed as hereinafter provided, against  the  tax  imposed  by  this  article  for alternative  fuel  vehicle  refueling  and  electric  vehicle recharging property placed in service during the taxable year.  (b) (i) Alternative  fuel  vehicle  refueling  property  and  electric vehicle  recharging  property.  The  credit  under  this subdivision for alternative  fuel  vehicle  refueling  property  and  electric   vehicle recharging  property  shall  equal for each installation of property the lesser of five thousand dollars or the product of fifty percent and  the cost  of  any  such  property  less  any costs paid from the proceeds of grants.  (ii) To qualify for the credit, the property must:  (A) be located in this state;  (B) must constitute alternative fuel  vehicle  refueling  property  or electric vehicle recharging property; and  (C) not be paid for from the proceeds of grants awarded before January first,  two  thousand  fifteen, including grants from the New York state energy  research  and  development  authority  or  the  New  York  power authority.  (c)  Definitions.  (i)  The  term  "alternative fuel vehicle refueling property" means all of the equipment needed  to  dispense  any  fuel  at least eighty-five percent of the volume of which consists of one or more of   the  following:  natural  gas,  liquified  natural  gas,  liquified petroleum, or hydrogen.  (ii) The term "electric vehicle recharging property" means all of  the equipment  needed  to  convey  electric  power from the electric grid or another power source to an onboard vehicle energy storage system.  (d) Carryovers. In no event shall the credit under this subdivision be allowed in an amount which will reduce the tax payable to less than  the amount  prescribed  in  paragraph  (d) of subdivision one of section two hundred ten of this article. Provided, however, that if  the  amount  of credit allowable under this subdivision for any taxable year reduces the  tax  to  such  amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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.  (e)  Credit  recapture. If, at any time before the end of its recovery period,  alternative  fuel  vehicle  refueling   or   electric   vehicle recharging  property  ceases to be qualified, a recapture amount must be added back in the year in which such cessation occurs.  (i) Alternative fuel vehicle refueling property  or  electric  vehicle recharging property ceases to be qualified if:  (I)  the  property  no  longer  qualifies  as alternative fuel vehicle refueling property or electric vehicle recharging property; or  (II) fifty percent or more of the use of the  property  in  a  taxable year is other than in a trade or business in this state; or  (III)  the  taxpayer receiving the credit under this subdivision sells or disposes of the property and knows or has reason  to  know  that  the property  will  be used in a manner described in clauses (I) and (II) of this subparagraph.  (ii) Recapture amount. The recapture amount is  equal  to  the  credit allowable under this subdivision multiplied by a fraction, the numerator of  which is the total recovery period for the property minus the number of recovery years prior to, but not including, the recapture  year,  and the denominator of which is the total recovery period.  (f)   Termination.  The  credit  allowed  by  paragraph  (b)  of  this subdivision shall not apply in taxable years  beginning  after  December thirty-first, two thousand twenty-two.   31. Excelsior jobs program credit. (a) Allowance of credit. A taxpayer will  be  allowed  a  credit,  to  be  computed  as  provided in section thirty-one of this chapter, against the tax imposed by this article.  (b) Application of credit. The credit allowed under  this  subdivision for  any  taxable  year may not reduce the tax due for such year to less than the amount prescribed  in  paragraph  (d)  of  subdivision  one  of section  two  hundred  ten  of  this  article. However, if the amount of credit allowed under this subdivision for any taxable year  reduces  the tax  to  such  amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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.   32. Empire state film post production credit. (a) Allowance of credit. A taxpayer who is  eligible  pursuant  to  section  thirty-one  of  this chapter  shall  be  allowed  a credit to be computed as provided in such section thirty-one against the tax imposed by this article.  (b) 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 amount prescribed  in  paragraph  (d)  of  subdivision  one  of section  two hundred ten of this article. Provided, however, that if the amount of the credit allowable under this subdivision  for  any  taxable year  reduces  the  tax to such amount or if the taxpayer otherwise pays tax based on the fixed dollar  minimum  amount,  fifty  percent  of  the excess  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. The balance of such credit not credited or refunded in such taxable year may be a  carryover  to  the immediately succeeding taxable year and may be deducted from the taxpayer's tax for such year. The excess, if any, of the amount  of  the credit  over  the  tax  for  such succeeding 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.   33. Temporary deferral nonrefundable payout credit. (a)  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.  (b) 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 amount prescribed  in  paragraph  (d)  of  subdivision  one  of section  two  hundred  ten  of  this  article. However, if the amount of credit allowed under this subdivision for any taxable year  reduces  the tax  to  such  amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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.   34. Temporary deferral refundable  payout  credit.  (a)  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.  (b) Application of credit. In no event shall  the  credit  under  this subdivision  be  allowed  in an amount which will reduce the tax to less than the amount prescribed  in  paragraph  (d)  of  subdivision  one  of section  two  hundred  ten  of  this article. If, however, the amount of credit allowed under this subdivision for any taxable year  reduces  the tax  to  such  amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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.   35.  Economic  transformation  and  facility redevelopment program tax credit. (a) Allowance of credit. A taxpayer shall be allowed  a  credit, to  be  computed  as  provided  in  section thirty-five of this chapter, against the tax imposed by this article.  (b) Application of credit. The credit allowed under  this  subdivision for  any  taxable  year may not reduce the tax due for such year to less than the amount prescribed  in  paragraph  (d)  of  subdivision  one  of section  two  hundred  ten  of  this  article. However, if the amount of credit allowed under this subdivision for any taxable year  reduces  the tax  to  such  amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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.   36. New York youth jobs program tax credit.  (a) A taxpayer  that  has been  certified  by  the  commissioner  of labor as a qualified employer pursuant to section twenty-five-a of  the  labor  law  and  received  an annual  final  certificate of tax credit from such commissioner shall be allowed a credit against the tax imposed by this article  equal  to  the amount  listed  on  the annual final certificate of tax credit issued by the commissioner of labor pursuant to section twenty-five-a of the labor  law. If the qualified employer's taxable year is a  calendar  year,  the employer  shall  be  entitled  to  claim the credit as calculated on the annual final certificate of tax credit on the calendar year  return  for which  the  annual  final  certificate  of tax credit was issued. If the qualified employer's taxable year is a fiscal year, the  employer  shall be  entitled  to  claim  the  credit  as  calculated on the annual final certificate of tax credit  on  the  return  for  the  fiscal  year  that encompasses the date on which the annual final certificate of tax credit is  issued.  For  the  purposes of this subdivision, the term "qualified employee" shall have the same meaning as set forth in subdivision (b) of section twenty-five-a of the labor law.  (b) The credit allowed under this subdivision for any taxable year may not reduce the tax due for that year to less than the amount  prescribed in  paragraph  (d) of subdivision one of section two hundred ten of this article. However, if  the  amount  of  the  credit  allowed  under  this subdivision  for  any  taxable year reduces the tax to that amount or if the taxpayer otherwise pays  tax  based  on  the  fixed  dollar  minimum amount, any amount of credit not deductible in that 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, no interest will be paid thereon.  (c)  The  taxpayer  shall  be required to attach to its tax return its annual final certificate of tax credit issued  by  the  commissioner  of labor  pursuant  to  section twenty-five-a of the labor law. In no event shall the taxpayer be allowed a credit greater than the  amount  of  the credit   listed   on   the  annual  final  certificate  of  tax  credit. Notwithstanding any provision of  this  chapter  to  the  contrary,  the commissioner  and the commissioner's designees may release the names and addresses of any taxpayer claiming this credit and  the  amount  of  the credit  earned  by the taxpayer. Provided, however, if a taxpayer claims this credit because it is a member of a limited liability company  or  a partner in a partnership, only the amount of credit earned by the entity and not the amount of credit claimed by the taxpayer may be released.   37.  Empire  state  jobs  retention  program  credit. (a) Allowance of credit.  A taxpayer will be allowed a credit, to be computed as provided in section thirty-six of this chapter, against the taxes imposed by this article.  (b) 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 amount prescribed  in  paragraph  (d)  of  subdivision  one  of section  two  hundred  ten  of  this  article. However, if the amount of credit allowed under this subdivision for any taxable year  reduces  the tax  to  such  amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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.   38. Credit for companies who  provide  transportation  to  individuals with  disabilities.  (a) Allowance and amount of credit. A taxpayer, who provides  a  taxicab  service  as  defined  in   section   one   hundred forty-eight-a  of  the  vehicle  and traffic law, or a livery service as defined in section one hundred twenty-one-e of the vehicle  and  traffic law,  shall  be  allowed  a  credit,  to be computed as provided in this subdivision, against the tax imposed by this article. The amount of  the credit  shall be equal to the incremental cost associated with upgrading a vehicle so that it is accessible by individuals with  disabilities  as  defined  in  paragraph  (b) of this subdivision. Provided, however, that such credit shall not exceed  ten  thousand  dollars  per  vehicle.  For purposes  of  this  subdivision,  purchases  of  new  vehicles  that are initially   manufactured   to   be   accessible   for  individuals  with disabilities and for which there is no comparable make  and  model  that does  not  include  the  equipment necessary to provide accessibility to individuals with disabilities, the credit shall be ten thousand  dollars per vehicle.  (b) Definition. The term "accessible by individuals with disabilities" shall,  for  the  purposes  of this subdivision, refer to a vehicle that complies with federal regulations promulgated pursuant to the  Americans with  Disabilities  Act  applicable  to  vans  under  twenty-two feet in length, by the federal Department of Transportation, in Code of  Federal Regulations,  title 49, parts 37 and 38, and by the federal Architecture and  Transportation  Barriers  Compliance  Board,  in  Code  of  Federal Regulations,  title  36,  section 1192.23, and the Federal Motor Vehicle Safety Standards, Code of Federal Regulations, title 49, part 57.  (c) Application of credit. In no event shall the credit allowed  under this  subdivision  for any taxable year reduce the tax due for such year to less than the amount prescribed in paragraph (d) of  subdivision  one of  section  two  hundred ten of this article. However, if the amount of credit allowed under this subdivision for any taxable year  reduces  the tax  to  such  amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum amount, any amount of credit thus not deductible in such taxable year shall be carried over to the following year or  years, and  may be deducted from the taxpayer's tax for such year or years. The tax credit allowed pursuant to  this  subdivision  shall  not  apply  to taxable  years  beginning  on  or  after  January  first,  two  thousand twenty-three.   39. Alcoholic beverage production credit. A taxpayer shall be  allowed a  credit,  to  be  computed as provided in section thirty-seven of this chapter, against the tax imposed by this article. In no event shall  the credit  allowed  under  this subdivision for any taxable year reduce the tax due for such year to less than the amount  prescribed  in  paragraph (d)  of  subdivision  one  of  section  two hundred ten of this article. However, if the amount of credit allowed under this subdivision for  any taxable year reduces the tax to such amount or if the taxpayer otherwise pays  tax based on the fixed dollar minimum 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.   40. Minimum wage reimbursement credit.  (a)  Allowance  of  credit.  A taxpayer  shall  be  allowed  a  credit,  to  be computed as provided in section thirty-eight of this chapter, against the tax  imposed  by  this article.  (b)  Application  of credit. The credit allowed under this subdivision for any taxable year may not reduce the tax due for such  year  to  less than  the  amount  prescribed  in  paragraph  (d)  of subdivision one of section two hundred ten of this  article.  However,  if  the  amount  of credit  allowed  under this subdivision for any taxable year reduces the tax to such amount or if the taxpayer otherwise pays tax  based  on  the fixed dollar minimum 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.   41.  The  tax-free NY area tax elimination credit. A taxpayer shall be allowed a credit to be computed as provided in  section  forty  of  this chapter,  against  the  tax imposed by this article. Unless the taxpayer has a tax-free NY area allocation factor of  one  hundred  percent,  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  (d)  of  subdivision  one  of section two hundred ten of this article. However, if the amount  of  the  credit  allowable  under  this subdivision  for  any  taxable year reduces the tax to such amount or if the taxpayer otherwise pays  tax  based  on  the  fixed  dollar  minimum amount,  any  amount of credit 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.   42. Alternative base credit. (a) If the tax imposed on a  taxpayer  by subdivision  one  of  section  two  hundred  nine of this article is the amount prescribed in clause (ii) of subparagraph one of paragraph (b) of subdivision one of section two hundred ten of this article, the taxpayer shall be allowed a credit against the tax  imposed  under  this  article equal  to the amount of tax paid to another state computed on a tax base identical to the tax base prescribed in such paragraph (b). If  the  tax imposed  on a taxpayer by subdivision one of section two hundred nine of this article is the  highest  amount  prescribed  in  paragraph  (d)  of subdivision one of section two hundred ten of this article applicable to the  taxpayer,  the  taxpayer  shall be allowed a credit against the tax imposed under this article equal to the amount of tax  paid  to  another state  computed  on  a  tax base identical to the tax base prescribed in such paragraph (d).  (b) In no event shall the credit allowed under  this  subdivision  for any  taxable  year  reduce  the  tax  due for such year to less than the amount prescribed in paragraph (d) of subdivision  one  of  section  two hundred  ten  of  this article. However, if the amount of credit allowed under this subdivision for any taxable year  reduces  the  tax  to  such amount  or  if the taxpayer otherwise pays tax based on the fixed dollar minimum amount, any amount of credit thus not deductible in such taxable year shall be carried over to the following year or years,  and  may  be deducted from the taxpayer's tax for such year or years.   43.  Real  property  tax credit for manufacturers. (a) A qualified New York manufacturer, as defined in subparagraph (vi) of paragraph  (a)  of subdivision  one  of  section  two  hundred ten of this article, will be allowed a credit equal to twenty percent of the  real  property  tax  it paid   during   the  taxable  year  for  real  property  owned  by  such manufacturer in New York which was principally used during  the  taxable year for manufacturing to the extent not deducted in determining  entire net  income.  This credit will not be allowed if the real property taxes that are the basis for this credit are included in  the  calculation  of another credit claimed by the taxpayer.  (b)  (1)  For purposes of this subdivision, the term real property tax means a charge imposed upon real property by or on behalf of  a  county, city,  town, village or school district for municipal or school district purposes, provided that the charge is  levied  for  the  general  public welfare  by  the  proper  taxing  authorities at a like rate against all property over which such authorities  have  jurisdiction,  and  provided that  where taxes are levied pursuant to article eighteen or nineteen of  the real property tax law, the property must have been taxed at the rate determined for the class in which it is contained, as provided  by  such article  eighteen  or  nineteen,  whichever is applicable. The term real property tax does not include a charge for local benefits, including any portion  of  that  charge  that  is  properly  allocated  to  the  costs attributable to maintenance or interest, when (i) the  property  subject to  the charge is limited to the property that benefits from the charge, or (ii) the amount of the charge is determined by  the  benefit  to  the property  assessed,  or  (iii)  the  improvement for which the charge is assessed tends to increase the property value.  (2) In addition, the term real property tax includes taxes paid by the taxpayer upon real property principally used during the taxable year  by the  taxpayer  in  manufacturing  where  the  taxpayer  leases such real property from an unrelated third party if the following  conditions  are satisfied:  (i)  the tax must be paid by the taxpayer as lessee pursuant to explicit requirements in a written lease, and (ii)  the  taxpayer  as lessee  has  paid  such  taxes  directly to the taxing authority and has received a  written  receipt  for  payment  of  taxes  from  the  taxing authority.  In the case of a combined group that constitutes a qualified New York manufacturer, the conditions  in  the  preceding  sentence  are satisfied  if  one  corporation  in the combined group is the lessee and another corporation in the combined group  makes  the  payments  to  the taxing  authority.  In  the  case of a taxpayer that, during the taxable year, is principally engaged in the  production  of  goods  by  farming, agriculture,  horticulture,  floriculture,  viticulture,  or  commercial fishing,  the  taxpayer  is  eligible  if  the  taxpayer  satisfies  the conditions  stipulated  in this subdivision and the taxpayer leases such real property from a related or unrelated party.  (3) The term real property tax does not include a payment made by  the taxpayer  in  connection  with  an  agreement for the payment in lieu of taxes on real property, whether such property is owned or leased by  the taxpayer.  (4)  The  real property taxes must be paid by the taxpayer in the year such taxes become a lien on the real property.  (c) Credit recapture. Where a qualified New York  manufacturer's  real property  taxes  which  were  the  basis for the allowance of the credit provided for under this subdivision are subsequently reduced as a result of a final order in any proceeding  under  article  seven  of  the  real property tax law or other provision of law, the taxpayer shall add back, in  the  taxable year in which such final order is issued, the excess of (1) the amount of credit originally allowed for a taxable year over  (2) the  amount  of  credit  determined based upon the reduced real property taxes. If such final order reduces real property taxes for more than one year, the  taxpayer  must  determine  how  much  of  such  reduction  is attributable  to each year covered by such final order and calculate the amount of credit which is required by this subdivision to be  recaptured for each year based on such reduction.  (d)  The  credit  allowed  under this subdivision for any taxable year shall not reduce the tax due for such  year  to  less  than  twenty-five dollars.   44.  The  tax-free  NY  area  excise tax on telecommunication services credit. A taxpayer that is a business or owner of  a  business  that  is located in a tax-free NY area approved pursuant to article twenty-one of the  economic  development  law  shall  be allowed a credit equal to the excise tax on telecommunication services imposed by section one  hundred eighty-six-e  of this chapter and passed through to such business during the taxable year to the  extent  not  otherwise  deducted  in  computing entire  net  income  under  this  article.  However, except as otherwise  provided for in this subdivision, if the amount of the credit  allowable under  this  subdivision  for  any  taxable  year reduces the tax to the amount prescribed in paragraph (d) of subdivision  one  of  section  two hundred  ten of this chapter or if the taxpayer otherwise pays tax based on the fixed dollar minimum amount, any amount of credit 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. This credit may be claimed only where any tax imposed by such section one hundred eighty-six-e has  been separately  stated  on  a  bill  from  the provider of telecommunication services and paid  by  such  business  with  respect  to  such  services rendered  within  a tax-free NY area during the taxable year. Unless the taxpayer has a  tax-free  NY  area  allocation  factor  of  one  hundred percent,  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  (d) of subdivision one of section two hundred ten 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.   45. Order of credits.  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.   46.  Notwithstanding  the repeal of the credit provisions contained in section two hundred ten of this article or in article thirty-two of this chapter and the enactment of this section by a chapter of  the  laws  of two thousand fourteen:  (a) A taxpayer shall be allowed to utilize any carryforward amounts of credits  to  which  the  taxpayer  was  entitled  as of the close of the taxable year beginning on or after January first, two thousand  fourteen and   before  January  first,  two  thousand  fifteen,  other  than  the carryforward amount of the minimum tax credit provided under subdivision thirteen of section two hundred ten, as that subdivision was  in  effect on December thirty-first, two thousand fourteen.  (b)  A  taxpayer  shall  be required in a taxable year beginning on or after January first, two thousand fifteen, to recapture all or a portion of a credit allowed under a credit provision in section two hundred  ten or article thirty-two of this chapter for a taxable year beginning prior to  January  first,  two  thousand  fifteen if recapture would have been required under such credit provision.   * 47. Musical and  theatrical  production  credit.  (a)  Allowance  of credit.  A taxpayer who is eligible pursuant to section twenty-four-a of this chapter shall be allowed a credit to be  computed  as  provided  in such section against the tax imposed by this article.  (b)  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  amount  prescribed  in  paragraph  (d)  of subdivision one of section two hundred ten of this article. Provided, however, that if  the amount  of  the  credit allowable under this subdivision for any taxable year reduces the tax to such amount or if the  taxpayer  otherwise  pays tax  based  on  the  fixed  dollar  minimum  amount, the excess 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, further, the provisions  of  subsection  (c)  of  section  one  thousand  eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.   * NB Repealed January 1, 2026   * 48.  Workers with disabilities tax credit. (a) A qualified employer, as defined in paragraph one of subdivision (b) of section  twenty-five-b of  the labor law, shall be entitled to a credit against the tax imposed by this article. The amount of the credit shall be: fifteen  percent  of the  qualified wages paid after January first, two thousand fifteen to a qualified full-time employee who is  employed  for  not  less  than  six months  and  who  works at least thirty hours per week; and shall be ten percent of the qualified wages paid after January  first,  two  thousand fifteen  to  a qualified part-time employee who is employed for not less than six months and works at least eight  hours  per  week.  The  credit allowed  pursuant  to  this  subdivision  shall  not  exceed, during any taxable year, five thousand dollars for any qualified full time employee and two thousand five  hundred  dollars  for  any  qualified  part  time employee.  "Qualified  wages"  means  wages  paid  or  incurred  by  the qualified employer during the taxable year to a qualified employee which are attributable, with respect to such employee, to services rendered by the qualified employee.  (b) 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  (d) of subdivision one of section two hundred ten of this article. However, if the amount of credit  allowable under  this  subdivision  for  any  taxable year reduces the tax to such amount or if the taxpayer otherwise pays tax based on the  fixed  dollar minimum 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 qualified employer's tax for such years.  (c) The taxpayer shall attach to its tax return its final  certificate of  eligibility  issued by the commissioner of labor pursuant to section twenty-five-b of the labor law for each taxable year that the credit  is claimed. In no event shall the taxpayer be allowed a credit greater than the amount of the credit listed on the final certificate of eligibility. Notwithstanding  any  provision  of  this  chapter  to the contrary, the commissioner and the commissioner's designees may release the names  and addresses  of  any  taxpayer  claiming this credit and the amount of the credit earned by the taxpayer.  (d) A qualified employer may not claim the workers  with  disabilities tax  credit  if  it  claims  any  of the other credits for employment of persons with disabilities under either subsection  (o)  of  section  six hundred  six,  subdivision twelve of this section, or subdivision (j) of section fifteen hundred eleven of this chapter.   * NB Repealed January 1, 2023   49. Empire state apprenticeship tax credit. (a) A  taxpayer  that  has been  certified  by  the  commissioner  of labor as a certified employer pursuant to section twenty-five-c of the labor law shall  be  allowed  a credit  against  the  tax  imposed  by  this article equal to the amount specified under subdivision (c) of section twenty-five-c  of  the  labor law. In no event shall the taxpayer be allowed a credit greater than the amount of the credit listed on the final certificate of eligibility.  (b) The credit allowed under this subdivision for any taxable year may not  reduce the tax due for that year to less than the amount prescribed in paragraph (d) of subdivision one of section two hundred ten  of  this article.  However,  if  the  amount  of  the  credit  allowed under this subdivision for any taxable year reduces the tax to that  amount  or  if the  taxpayer  otherwise  pays  tax  based  on  the fixed dollar minimum amount, any amount of credit not deductible in that 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, no interest will be paid thereon.   50.  Employee  training  incentive  program tax credit. (a) A taxpayer that has been approved by the commissioner of  economic  development  to participate  in  the  employee  training  incentive program and has been issued a certificate of tax credit  pursuant  to  section  four  hundred forty-three  of the economic development law shall be allowed to claim a credit against the tax imposed by this article. The credit  shall  equal fifty percent of a taxpayer's eligible training costs, up to a credit of ten  thousand dollars per employee completing eligible training pursuant to paragraph (a) of subdivision three of section four hundred  forty-one of the economic development law. The credit shall equal fifty percent of the  stipend paid to an intern, up to a credit of three thousand dollars per intern completing eligible training pursuant  to  paragraph  (b)  of subdivision  three  of  section  four  hundred forty-one of the economic development law. In no event  shall  a  taxpayer  be  allowed  a  credit greater  than  the  amount  of  credit  listed on the certificate of tax credit issued by the commissioner of economic  development.  The  credit will  be  allowed  in the taxable year in which the eligible training is completed.  (b) The credit allowed under this subdivision for any taxable year may not reduce the tax due for that year to less than the amount  prescribed in  paragraph  (d) of subdivision one of section two hundred ten of this article. However, if the amount of credit allowed under this subdivision for any taxable year reduces the tax to such amount, or if the  taxpayer otherwise  pays tax based on the fixed dollar minimum amount, any amount of credit thus not deductible in that 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.  (c)  The  taxpayer  may  be  required  to attach to its tax return its certificate of  tax  credit  issued  by  the  commissioner  of  economic development pursuant to section four hundred forty-three of the economic development  law.  In  no  event  shall the taxpayer be allowed a credit greater than the amount of the credit listed in the certificate  of  tax credit,  or  in the case of a taxpayer who is a partner in a partnership or a member of a limited liability company, its pro rata  share  of  the amount  of  credit listed in the certificate of tax credit issued to the partnership or limited liability company.   * NB Repealed January 1, 2020   51. Farm workforce  retention  credit.  (a)  Allowance  of  credit.  A taxpayer  shall  be  allowed  a  credit,  to  be computed as provided in section forty-two of this chapter,  against  the  tax  imposed  by  this article.  (b)  Application  of credit. The credit allowed under this subdivision for any taxable year may not reduce the tax due for such  year  to  less than  the  amount  prescribed  in  paragraph  (d)  of subdivision one of section two hundred ten of this  article.  However,  if  the  amount  of credit  allowed  under this subdivision for any taxable year reduces the tax to such amount or if the taxpayer otherwise pays tax  based  on  the fixed dollar minimum 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.   * 52. Life sciences research and development tax credit. (a) Allowance of  credit.  A taxpayer that is eligible pursuant to section forty-three of this chapter shall be allowed a credit to be computed as provided  in such section against the tax imposed by this article.  (b)  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  amount  prescribed  in  paragraph  (d)  of subdivision one of section two hundred ten of this article. Provided, however, that if  the amount  of  the  credit allowable under this subdivision for any taxable year reduces the tax to such amount or if the  taxpayer  otherwise  pays tax  based  on  the  fixed  dollar  minimum  amount, the excess 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, further, 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 52's   * 52. Credit for farm donations to food pantries. (a) General. In  the case  of a taxpayer that is an eligible farmer, there shall be allowed a credit, to be computed as hereinafter provided against the  tax  imposed by  this article for taxable years beginning on and after January first, two thousand eighteen. The amount of the  credit  shall  be  twenty-five percent  of  the fair market value of the taxpayer's qualified donations made to any eligible food pantry during the taxable year, not to  exceed five  thousand dollars per taxable year. If the taxpayer is a partner in a partnership, then the cap imposed by the preceding sentence  shall  be applied at the entity level, so that the aggregate credit allowed to all partners  of  such  entity  in  the  taxable  year  does not exceed five thousand dollars.  (b) Eligible farmer.  For  purposes  of  this  subdivision,  the  term "eligible  farmer"  means  a  taxpayer  whose  federal gross income from farming for the taxable year is at least two-thirds  of  excess  federal gross  income.  Excess  federal gross income means the amount of federal gross income from all sources for the taxable year in excess  of  thirty thousand  dollars.  For  purposes  of  this paragraph, payments from the state's farmland protection program, administered by the  department  of agriculture  and markets, shall be included as federal gross income from farming for otherwise eligible farmers.  (c) Qualified donation. For purposes of  this  subdivision,  the  term "qualified  donation"  means a donation of apparently wholesome food, as defined in section 170(e)(3)(C)(vi) of the internal revenue code,  grown or produced within this state, by an eligible farmer to an eligible food pantry.  (d)  Eligible  food pantry. For purposes of this subdivision, the term "eligible food pantry" means  any  food  pantry,  food  bank,  or  other emergency  food  program  operating within this state that has qualified for tax exemption under section 501(c)(3) of the internal revenue code.  (e)  Determination  of  fair  market  value.  For  purposes  of   this subdivision,  to determine the fair market value of apparently wholesome food donated to an eligible food pantry, the standards set  forth  under section 170(e)(3)(C)(v) of the internal revenue code shall apply.  (f)  Record  of  donation. To claim a credit under this subdivision, a taxpayer must get and keep a  receipt  from  the  eligible  food  pantry showing:  (i)  the  name  of the eligible food pantry; (ii) the date and location of the qualified donation;  and  (iii)  a  reasonably  detailed description  of  the  qualified  donation.  A  letter  or  other written  communication from the eligible food pantry acknowledging receipt of the contribution and containing the information in subparagraphs (i),  (ii), and (iii) of this paragraph will serve as a receipt.  (g)  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  amount  prescribed  in  paragraph  (d)  of subdivision one of section two hundred ten of this  article.  However,  if  the  amount  of credit  allowed  under this subdivision for any taxable year reduces the tax to such amount or if the taxpayer otherwise pays tax  based  on  the fixed dollar minimum 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 2 sb 52's   * 53.  Employer-provided child care credit. (a) 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.  (b) Application of credit. The credit allowed under  this  subdivision for  any  taxable  year may not reduce the tax due for such year to less than the amount prescribed  in  paragraph  (d)  of  subdivision  one  of section  two  hundred ten of this article. However, if the amount of the credit allowed under this subdivision for any taxable year  reduces  the tax  to  such  amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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 shall be paid thereon.  (c) Credit recapture. For provisions requiring  recapture  of  credit, see section forty-four of this chapter.   * NB There are 2 sb 53's   * 53. Recovery tax credit. (a) Allowance of credit. A taxpayer that is a certified 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.  (b)  Application  of credit. The credit allowed under this subdivision for any taxable year may not reduce the tax due for that  year  to  less than  the  amount  prescribed  in  paragraph  (d)  of subdivision one of section two hundred ten of this article. However, if the amount  of  the credit  allowed  under this subdivision for any taxable year reduces the tax to that amount or if the taxpayer otherwise pays tax  based  on  the fixed dollar minimum amount, any amount of credit not deductible in that 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, no interest will be paid thereon.  (c) 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 53's   * 54. Television writers' and directors' fees and salaries credit. (a) Allowance  of  credit.  A  taxpayer  who is eligible pursuant to section twenty-four-b of this chapter shall be allowed a credit to  be  computed as provided in such section against the tax imposed by this article.  (b)  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  amount  prescribed  in  paragraph  (d)  of subdivision one of section two hundred ten of this article. Provided, however, that if  the amount  of  the  credit allowable under this subdivision for any taxable year reduces the tax to such amount or if the  taxpayer  otherwise  pays tax  based  on  the  fixed  dollar  minimum  amount, the excess 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, further, the provisions  of  subsection  (c)  of section  one  thousand  eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.   * NB Effective on the first of January next succeeding  the  date  the department  of  economic  development provides notice to the legislative bill drafting commission of a determination pursuant to § 6 sb 2 (b)  of chapter 683 of 2019   56.  Restaurant  return-to-work tax credit. (a) Allowance of credit. A taxpayer shall be allowed a  credit,  to  be  computed  as  provided  in section  forty-six  of  this  chapter, against the taxes imposed by this article.  (b) Application of credit. The credit allowed under  this  subdivision for  the taxable year shall not reduce the tax due for such year to less than the amount prescribed  in  paragraph  (d)  of  subdivision  one  of section  two  hundred  ten  of  this  article. However, if the amount of credit allowed under this subdivision for the taxable year  reduces  the tax  to  such  amount or if the taxpayer otherwise pays tax based on the fixed dollar minimum 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 will be paid thereon.   * 57. New York city musical and theatrical production tax credit.  (a) Allowance  of  credit.  A  taxpayer  shall  be  allowed  a credit, to be computed as provided in section twenty-four-c of this  chapter,  against the taxes imposed by this article.  (b)  Application  of credit. The credit allowed under this subdivision for the taxable year shall not reduce the tax due for such year to  less than  the  amount  prescribed  in  paragraph  (d)  of subdivision one of section two hundred ten of this  article.  However,  if  the  amount  of credit  allowed  under this subdivision for the taxable year reduces the tax to such amount or if the taxpayer otherwise pays tax  based  on  the fixed dollar minimum 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 Repealed January 1, 2024