2023 New York Laws › TAX - Tax › Article 1 - Short Title; Definitions; Miscellaneous › 47 - Covid-19 Capital Costs Tax Credit.

* §  47. COVID-19 capital costs tax credit. (a) Allowance of credit. A
taxpayer subject to tax under  article  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 four
hundred eighty-five of the economic development law. No cost or  expense
paid  or  incurred  by  the  taxpayer  which  is included as part of the
calculation of this credit shall be the basis of any  other  tax  credit
allowed under this chapter.
(b)  Eligibility.  To  be  eligible for the COVID-19 capital costs tax
credit, the taxpayer shall have been issued a certificate of tax  credit
by  the department of economic development pursuant to subdivision three
of section four hundred eighty-four of  the  economic  development  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 that 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 commissioner of
the department of economic development.
(d)  Information  sharing.  Notwithstanding  any  provision  of   this
chapter,  employees  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 COVID-19 capital costs
tax credit program;
(2)  information  regarding the credit applied for, allowed or claimed
pursuant to this section and taxpayers that are applying for the  credit
or that 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
COVID-19  capital  costs  tax  credit  program.  Except  as  provided in
paragraph two of this subdivision, 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) Credit recapture. If a certificate of tax  credit  issued  by  the
department  of  economic  development  under  article  twenty-six of the
economic development law is revoked by such department,  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)  Cross  references.  For application of the credit provided for in
this section, see the following provisions of this chapter:
(1) article 9-A: section 210-B, subdivision 58;
(2) article 22: section 606, subsection (nnn).
* NB There are 3 § 47's