2023 New York Laws › TAX - Tax › Article 1 - Short Title; Definitions; Miscellaneous › 49*2 - Commercial Security Tax Credit.

* §  49.  Commercial security tax credit. (a) Allowance of credit. For
taxable  years  beginning  on  or  after  January  first,  two  thousand
twenty-four  and  before  January  first,  two  thousand  twenty-six,  a
taxpayer required to file a return pursuant to articles nine, nine-A  or
twenty-two  of  this chapter shall be allowed a credit against such tax,
pursuant to  the  provisions  referenced  in  subdivision  (f)  of  this
section.  The  amount  of  the  credit is equal to the amount determined
pursuant to section eight hundred forty-five-e of the executive law.  No
cost  or  expense  paid  or incurred by the taxpayer that is included as
part of the calculation of this credit shall be the basis of  any  other
tax credit allowed under this chapter.
(b)  To  be  eligible  for  the  commercial  security  tax credit, the
taxpayer shall have been issued a  certificate  of  tax  credit  by  the
division  of criminal justice services pursuant to section eight hundred
forty-five-e of the executive law, which certificate shall set forth the
amount of the credit that may be  claimed  for  the  taxable  year.  The
taxpayer  shall  be  allowed  to  claim  only  the  amount listed on the
certificate of tax credit for the taxable year. A  taxpayer  that  is  a
partner  in  a  partnership,  member  of  a limited liability company or
shareholder  in  a  subchapter  S  corporation  that  has   received   a
certificate  of  tax  credit  shall be allowed its pro rata share of the
credit  earned  by  the  partnership,  limited  liability   company   or
subchapter S corporation.
(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 division of
criminal justice services.
(d)  Information  sharing.  Notwithstanding  any  provision  of   this
chapter,  employees of the division of criminal justice services and the
department shall be allowed and are directed to share and exchange:
(1) information derived from tax returns or reports that  is  relevant
to  a  taxpayer's  eligibility to participate in the commercial security
tax credit program;
(2) information regarding the credit applied for, allowed  or  claimed
pursuant  to  this  section  and  taxpayers  that  are  applying for the
commercial security tax credit program or that are claiming such credit;
and
(3) information contained  in  or  derived  from  credit  claim  forms
submitted  to  the  department  and  applications for admission into the
commercial  security  tax  credit  program.  All  information  exchanged
between  the  department  and  the division of criminal justice services
shall not be subject to  disclosure  or  inspection  under  the  state's
freedom of information law.
(e)  Credit  recapture.  If  a certificate of tax credit issued by the
division of  criminal  justice  services  under  section  eight  hundred
forty-five-e of the executive law is revoked by the division, the amount
of credit described in this section and claimed by the taxpayer prior to
such  revocation  shall  be  added  back to tax in the taxable year such
revocation becomes final.
(f) Cross references. For application of the credit  provided  for  in
this section, see the following provisions of this chapter:
(1) article 9; section 187-r;
(2) article 9-A: section 210-B, subdivision 60;
(3) article 22: section 606, subdivision (ppp).
* NB There are two § 49's