2023 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.
(a-1)  For  a  taxpayer  that  is  an  eligible  farmer, as defined in
subdivision eleven of this section, the percentage to be used to compute
the credit allowed under this subdivision shall be  twenty  percent  for
property  described  in  subparagraph  (i)  of  paragraph  (b)  of  this
subdivision that is principally used by the taxpayer in  the  production
of   goods   by  farming,  agriculture,  horticulture,  floriculture  or
viticulture.
(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, (i) 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, and  (ii)  any  such  taxpayer  that  is  an

eligible  farmer,  as defined in subdivision eleven of this section, may
for  taxable  years  beginning  before  January  first,   two   thousand
twenty-eight,  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 one thousand 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.
(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-nine.
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-six. 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  thirty,  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 thirty, 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.
(a-1)  If  the taxpayer is a partner in a partnership or a shareholder
in a New York S corporation, then the credit caps imposed  in  paragraph
(a)  of  this  subdivision 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-six, 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
twelve  continuous  and uninterrupted months (hereinafter referred to as
the twelve-month  period)  in  a  full-time  or  part-time  position,  a
qualified veteran within the state. The taxpayer may claim the credit in
the  year  in  which  the  qualified  veteran completes the twelve-month
period 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,  space  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, or who served in the active uniformed services
of the United States as a  member  of  the  commissioned  corps  of  the
national  oceanic  and  atmospheric  administration  or the commissioned
corps of the United States public health service; who (i)  was  released
from  such  service,  or  (ii) has a qualifying condition, as defined in
section one of the veterans' services law, and has received a  discharge
other  than bad conduct or dishonorable from such service, or (iii) is a
discharged LGBT veteran, as defined in  section  one  of  the  veterans'
services  law,  and  has  received a discharge other than bad conduct or
dishonorable from such service;
(2) who commences employment by the qualified  taxpayer  on  or  after
January  first,  two  thousand  fourteen,  and before January first, two
thousand twenty-five; 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 fifteen
percent of the total amount of  wages  paid  to  the  qualified  veteran
during  the veteran's first twelve-month period 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 twenty  percent
of  the  total  amount of wages paid to the qualified veteran during the
veteran's first twelve-month period of employment.  The  credit  allowed
pursuant  to  this subdivision shall not exceed in any taxable year: (1)
fifteen thousand  dollars  for  any  qualified  veteran,  other  than  a
disabled  veteran,  employed  in  a  full-time position for one thousand
eight hundred twenty or more  hours  in  one  twelve-month  period,  (2)
twenty  thousand  dollars  for  any  qualified veteran who is a disabled
veteran employed in a full-time position for one thousand eight  hundred
twenty or more hours in one twelve-month period, (3) seven thousand five
hundred  dollars  for  any  qualified  veteran,  other  than  a disabled
veteran, employed in a part-time position  for  at  least  one  thousand
forty  hours but not more than one thousand eight hundred nineteen hours
in one twelve-month  period,  and  (4)  ten  thousand  dollars  for  any
qualified  veteran  who  is  a  disabled veteran employed in a part-time
position for at least one thousand forty hours but  not  more  than  one
thousand eight hundred nineteen hours in one twelve-month period.
(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-five.
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  fifteen  thousand dollars per electric
vehicle and ten thousand dollars per any other 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 fifteen thousand dollars per electric
vehicle and ten thousand dollars per any other vehicle.
(b)  Definitions.   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 the Federal Motor
Vehicle Safety Standards, Code of Federal Regulations,  title  49,  part
571.  The  term  "electric  vehicle"  shall,  for  the  purposes of this
subdivision, have the same meaning as  in  section  sixty-six-s  of  the
public service law.
(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-nine.
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.
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.
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
55. Empire state digital gaming media production credit. (a) Allowance
of credit. A taxpayer who is eligible pursuant to section forty-five  of
this  chapter  shall  be  allowed a credit to be computed as provided in
such section forty-five against the tax imposed by this  article.  Under
no  circumstances  may  a  single taxpayer receive more than one million
five hundred thousand dollars in tax credits per year.
(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, 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, no interest shall be paid thereon.
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.
56-a.  Additional  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-a  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, 2026
* 58.  Farm  employer  overtime  credit.  (a)  Allowance  of credit. A
taxpayer shall be allowed a  credit,  to  be  computed  as  provided  in
section  forty-two-a  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 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.
* NB There are 3 sb 58's
* 58. COVID-19 capital costs tax credit. (a) Allowance  of  credit.  A
taxpayer  shall  be  allowed  a  credit,  to  be computed as provided in
section forty-seven 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.
* NB There are 3 sb 58's
* 58.  Grade no. 6 heating oil conversion tax credit. (a) Allowance of
credit. A taxpayer will be allowed a credit, to be computed as  provided
in  section  forty-seven  of  this chapter, against the taxes imposed by
this article.
(b) Application of credit. The credit allowed under  this  subdivision
for  the  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 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 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 3 sb 58's
59. Child care creation and expansion tax  credit.  (a)  Allowance  of
credit. A taxpayer shall be allowed a credit, to be computed as provided
in  section  forty-eight  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.
* 60. Newspaper and broadcast media jobs tax credit. (a) Allowance  of
credit. A taxpayer shall be allowed a credit, to be computed as provided

in section forty-nine 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 allowable 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.
* NB There are 2 sb 60's
* 60.*2 Commercial security tax credit. (a)  Allowance  of  credit.  A
taxpayer  shall  be  allowed  a  credit,  to  be computed as provided in
section forty-nine 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 allowable 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.
* NB There are 2 sb 60's