2023 New York Laws › TAX - Tax › Article 1 - Short Title; Definitions; Miscellaneous › 31 - Excelsior Jobs Program Credit.

* §  31.  Excelsior  jobs  program  credit.
(a) General. A taxpayer
subject to tax under article nine-A, twenty-two or thirty-three of  this
chapter  shall  be  allowed  a  credit against such tax, pursuant to the
provisions referenced in subdivision (g) of this section. The amount  of
the  credit,  allowable  for up to ten consecutive taxable years, is the
sum of the following four credit components:
(1) the excelsior jobs tax credit component;
(2) the excelsior investment tax credit component;
(2-a) the excelsior child care services tax credit component;
(3) the excelsior research and development tax credit component; and
(4) the excelsior real property tax credit component.
(b) To be eligible for the excelsior jobs program credit, the taxpayer
shall have been issued a "certificate of tax credit" by  the  department
of  economic  development  pursuant to subdivision four of section three
hundred fifty-four of the economic development  law,  which  certificate
shall  set forth the amount of each credit component that may be claimed
for the  taxable  year.  A  taxpayer  may  claim  such  credit  for  ten
consecutive  taxable years commencing in the first taxable year that the
taxpayer receives a certificate of tax credit or the first taxable  year
listed  on  its  preliminary  schedule  of benefits, whichever is later,
provided that no tax credits may be allowed for taxable years  beginning
on  or  after  January  first, two thousand forty. The taxpayer shall be
allowed to claim only the amount listed on the certificate of tax credit
for that  taxable  year.  Such  certificate  must  be  attached  to  the
taxpayer's  return.  No cost or expense paid or incurred by the taxpayer
shall be the basis for more than one component of  this  credit  or  any
other tax credit, except as provided in section three hundred fifty-five
of the economic development law.
(c)  Election of credit. A taxpayer who or which is qualified to claim
the excelsior investment tax credit component and is also  qualified  to
claim  the  investment  tax credit provided for under subdivision one of
section two hundred ten-B or subsection (a) of section six  hundred  six
of  this  chapter,  may claim either the excelsior investment tax credit
component or the investment tax credit, but not both with  regard  to  a
particular  piece  of  property. In addition, a taxpayer who or which is
qualified to claim the excelsior investment tax credit component and  is
also   qualified  to  claim  the  brownfield  tangible  property  credit
component under section twenty-one of this article, as added by  chapter
one  of  the  laws of two thousand three, may claim either the excelsior
investment  tax  credit  component  or  such  tangible  property  credit
component,  but  not both with regard to a particular piece of property.
The election to claim the excelsior investment tax credit component, the
investment  tax  credit  or  the  brownfield  tangible  property  credit
component, with regard to the same property, is irrevocable.
(d)   Information  sharing.  Notwithstanding  any  provision  of  this
chapter,  employees  and  officers  of  the   department   of   economic
development  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  excelsior jobs
program;
(2) information regarding the component or components  of  the  credit
applied  for, allowed, or claimed pursuant to this section and taxpayers
who are applying for the credit or who are claiming the credit; and
(3) information contained  in  or  derived  from  credit  claim  forms
submitted  to  the  department  and  applications for admission into the
excelsior jobs program.
Other than the information required to  be  contained  in  the  report
issued  pursuant  to  subdivision  (e)  of this section, all information
exchanged  between  the  department  of  economic  development  and  the
department  shall  not  be subject to disclosure or inspection under the
state's freedom of information law.
(e)  Excelsior  jobs  program credit report. (1) The commissioner must
publish an excelsior jobs program tax credit  report  annually  by  June
thirtieth.  The  first  report  must be published by June thirtieth, two
thousand twelve.
(2) The credit report must contain the following information about the
excelsior jobs program tax credit claimed under this chapter during  the
previous calendar year:
(i)  the name of each taxpayer claiming a credit; provided however, if
the taxpayer claims a credit because the  taxpayer  is  a  member  of  a
limited  liability  company, a partner in a partnership or a shareholder
in a subchapter S  corporation,  the  name  of  each  limited  liability
company,  partnership  or  subchapter  S  corporation earning any of the
credit must be included in the report instead of information  about  the
taxpayer claiming the credit; and
(ii)  the  amount  of  each  credit component earned by each taxpayer;
provided however, if the taxpayer claims a credit because  the  taxpayer
is  a  member of a limited liability company, a partner in a partnership
or a shareholder in a subchapter S corporation,  the  amount  of  credit
earned  by  each  entity  must  be  included  in  the  report instead of
information about the taxpayer claiming the credit.
(3) The credit report may also contain any other information  received
by  the  commissioner  with  regard to the excelsior jobs program credit
that the commissioner deems to be useful in evaluating the  use  of  the
credit.   The information included in the credit report will be based on
the information filed with the department during the  previous  calendar
year, to the extent that it is practicable to use that information.
(f) Credit recapture. If a certificate of eligibility or a certificate
of  tax  credit  issued  by the department of economic development under
article seventeen of the economic development law  is  revoked  by  such
department   because   the   taxpayer  does  not  meet  the  eligibility
requirement set forth  in  subdivision  six  of  section  three  hundred
fifty-three  of  the  economic  development  law,  the  amount of credit
described in this section and claimed by  the  taxpayer  prior  to  that
revocation  shall  be added back to tax in the taxable year in which any
such revocation becomes final.
(f-1) Credit recapture for unrealized job creation. If, in  any  given
year, a taxpayer who has satisfied the eligibility criteria specified in
section  three  hundred  fifty-three  of  the  economic  development law
realizes job  creation  less  than  the  estimated  amount,  the  credit
described  in  this section allowed in that year shall be reduced by the
proportion of actual job creation to the estimated amount, provided  the
proportion is at least seventy-five percent of the jobs estimated.
(g)  Cross-references.  For  application of the credit provided for in
this section, see the following provisions of this chapter:
(2) article 9-A: section 210-B: subdivision 31.
(3) article 22: section 606: subsection (qq).
(4) article 33: section 1511: subdivision (y).
* NB There are 2 § 31's