NY Tax L § 1201-A (2021)
2021 New York Laws TAX - Tax Article 29 - Taxes Authorized for Cities, Counties and School Districts Part 1 - Authority to Impose Taxes Sub Part A - Taxes Administered by Cities, Counties and School Districts 1201-A - Credits Against Taxes Administered by Cities of One Million or More.

§  1201-a. Credits against taxes administered by cities of one million or more.  (a) Any utility company subject  to  the  supervision  of  the public  service  commission  required  to  grant rebates or discounts on bills for energy services or natural gas in accordance with a local  law adopted  pursuant  to  article  two-F  of  the general city law shall be entitled to a credit for such rebates and discounts, as provided in such article of the general city law, against the amount of tax  to  be  paid pursuant  to  any  gross  receipts  tax  imposed  by a local law adopted pursuant to subdivision (a)  of  section  twelve  hundred  one  of  this chapter.  The amounts of such rebates and discounts shall not be treated as affecting or reducing the gross receipts  otherwise  subject  to  tax under  such  gross receipts tax or reducing the amount of tax imposed by or pursuant to any authorization contained in this chapter.  (b) Empire state film production credit. Any city in this state having a  population  of  one  million  or  more,  acting  through  its   local legislative  body, is hereby authorized to adopt and amend local laws to allow  a  credit  against  the   general   corporation   tax   and   the unincorporated business tax imposed pursuant to the authority of chapter seven  hundred  seventy-two  of  the  laws of nineteen hundred sixty-six which shall be substantially  identical  to  the  credit  allowed  under section  twenty-four  of this chapter, except that (A) the percentage of qualified production costs used to calculate such credit shall  be  five percent,  (B)  whenever  such  section twenty-four references the state, such words shall be read as referencing the city, (C) such credit  shall be  allowed  only  to  a  taxpayer  which is a qualified film production company, and (D) the effective date of such credit shall be July  first, two  thousand  six.  Such credit shall be applied in a manner consistent with the credit allowed under subdivision twenty of section two  hundred ten-B  of  this  chapter except as may be necessary to take into account differences between the general corporation tax and  the  unincorporated business tax.  (c)  Empire state commercial production credit. Any city in this state having a population of one million or more,  acting  through  its  local legislative  body, is hereby authorized to adopt and amend local laws to allow  a  credit  against  the   general   corporation   tax   and   the unincorporated business tax imposed pursuant to the authority of chapter seven  hundred  seventy-two  of  the  laws of nineteen hundred sixty-six which shall be substantially identical to the credit allowed  under  the provisions  of section twenty-eight of this chapter, except that (A) the percentage of qualified production costs used to calculate  such  credit shall be five percent, (B) whenever such section twenty-eight references the  state,  such  words shall be read as referencing the city, (C) such credit shall  be  allowed  only  to  a  taxpayer  that  is  a  qualified commercial production company, and (D) the effective date of such credit shall  be  as  provided in local laws. Such credit shall be applied in a manner consistent with the credit allowed under subdivision twenty-three of section two hundred ten-B of this chapter except as may be  necessary to take into account differences between the general corporation tax and unincorporated business tax.  (d)  Biotechnology  credit.  1.  Any  city  in  this  state  having  a population of one million or more, acting through its local  legislative body,  is  hereby  authorized  to  adopt and amend local laws to allow a credit against the general corporation tax, unincorporated business  tax and  the  banking  corporation  tax imposed pursuant to the authority of chapter seven hundred  seventy-two  of  the  laws  of  nineteen  hundred sixty-six  which  shall be substantially identical to the credit allowed under subdivision twelve-G of section two hundred ten of  this  chapter, except that (A) whenever subdivision twelve-G of section two hundred ten  of  this  chapter  references  the  state,  such  words shall be read as referencing the city, (B)  such  credit  shall  be  allowed  only  to  a taxpayer that (1) is a qualified emerging technology company pursuant to the provisions of paragraph (c) of subdivision one of section thirty-one hundred  two-e  of  the public authorities law, except that such company shall mean a company located in such city,  (2)  engages  in  activities referenced  in  subparagraph five of paragraph (b) of subdivision one of section thirty-one hundred two-e of the public authorities law, and  (3) meets  the  eligibility  requirements  in  paragraph  (b) of subdivision twelve-G of section two  hundred  ten  of  this  chapter,  and  (C)  the effective  date  of  such  credit  shall  be  as provided in local laws. Subject  to  the  limitations  set  forth  in  paragraph  two  of   this subdivision,  such  credit  shall be applied in a manner consistent with the credit allowed under subdivision twelve-G of section two hundred ten of this chapter  except  as  may  be  necessary  to  take  into  account differences  between  article  nine-A  of  this  chapter and the general corporation  tax,  the  unincorporated  business  tax  or  the   banking corporation tax.   2.  (A)  The percentage of the credit allowed to a taxpayer under this subdivision in any calendar year shall be:  (1) If the average number  of  individuals  employed  full-time  by  a taxpayer  in  the  city  during the calendar year in which the credit is claimed is at least one hundred five percent of the taxpayer's base year employment, one hundred percent, except that in no case shall the credit allowed under this clause exceed two hundred fifty thousand dollars  per calendar  year.  Provided, however, the increase in base year employment shall not apply to a taxpayer allowed a credit  under  this  subdivision that  was,  (i) located outside of the city, (ii) not doing business, or (iii) did not have any employees, in the year preceding the  first  year that the credit was claimed.  (2)  If  the  average  number  of  individuals employed full-time by a taxpayer in the city during the calendar year in  which  the  credit  is claimed  is  less  than  one hundred five percent of the taxpayer's base year employment, fifty percent, except that in no case shall the  credit allowed  under  this  clause  exceed  one  hundred  twenty-five thousand dollars per calendar year. In the case of an entity located in the  city of New York receiving space and business support services by an academic incubator  facility, as defined in subparagraph (vi) of paragraph (e) of subdivision twelve-G of section two hundred ten of this chapter, if  the average number of individuals employed full-time by such facility in the city  during  the  calendar  year in which the credit allowed under this subdivision is claimed is less than one  hundred  five  percent  of  the taxpayer's base year employment, the credit shall be zero.  (B) For the purposes of this subdivision, "base year employment" means the  average number of individuals employed full-time by the taxpayer in the city in the year preceding the first  calendar  year  in  which  the credit is claimed.  (C)   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  calendar  year or other applicable period and dividing the sum so obtained by the number of such  quarters  occurring  within  such calendar year or other applicable period.   3.  The aggregate amount of tax credits allowed under this subdivision in any calendar  year  shall  be  up  to  three  million  dollars.  Such aggregate  amount  of  credits  shall  be allocated by the New York city department of finance among eligible taxpayers  on  a  pro  rata  basis. Taxpayers  eligible  for such pro rata allocation shall be determined by  the  New  York  city  department  of  finance  no  later  than  February twenty-eighth  of  the  succeeding  calendar  year  in  which the credit provided in this subdivision is applied.   4.  The New York city department of finance shall establish by rule by October thirty-first, two thousand nine, procedures for  the  allocation of  tax  credits  as required by paragraph two of this subdivision. Such rules shall include provisions describing the application  process,  the due  dates  for  such  applications, the standards that shall be used to evaluate the applications, the documentation that will  be  provided  to taxpayers  to  substantiate  the amount of tax credits allocated to such taxpayers,  and  such  other  provisions   as   deemed   necessary   and appropriate.   5.  Any local law adopted pursuant to this subdivision may provide for a credit as authorized by  this  subdivision  for  a  maximum  of  three consecutive  calendar years, provided, however, that any such credit may not apply to taxable years beginning before January first, two  thousand ten or beginning on or after January first, two thousand nineteen.