2023 New York Laws › TAX - Tax › Article 1 - Short Title; Definitions; Miscellaneous › 36 - Empire State Jobs Retention Program Credit.

§  36.  Empire  state jobs retention program credit.  (a) Allowance of
credit. A taxpayer subject to tax under article  nine-A,  twenty-two  or
thirty-three of this chapter shall be allowed a credit against such tax,
pursuant  to  the  provisions  referenced  in  subdivision  (e)  of this
section. The amount of the credit, allowable  for  ten  consecutive  tax
years,  is  equal  to  the  amount  determined  pursuant to section four
hundred twenty-five of the economic development law.
(b) Eligibility. To be eligible for the empire  state  jobs  retention
credit,  the taxpayer shall have been issued a certificate of tax credit
by the department of economic development pursuant to  subdivision  four
of  section  four  hundred  twenty-four of the economic development law,
which certificate shall set forth the amount of the credit that  may  be
claimed for the taxable year. A taxpayer may claim such credit for up to
ten  consecutive taxable years commencing in the first taxable year that
the taxpayer receives a certificate of tax credit or the  first  taxable
year listed on its preliminary schedule of benefits, whichever is later.
However,  a  taxpayer  shall not be allowed to claim the credit prior to
the tax year commencing on or after January first, two  thousand  twelve
and  before  January first, two thousand thirteen. The taxpayer shall be
allowed to claim only the amount listed on the certificate of tax credit
for  that  taxable  year.  Such  certificate,   if   required   by   the
commissioner,  shall  be  attached  to the taxpayer's return. No cost or
expense paid or incurred by the taxpayer which is included  as  part  of
the  calculation  of  this  credit  shall  be the basis of any other tax
credit.
(c) Information sharing. (1) Notwithstanding  any  provision  of  this
chapter,   employees   and   officers  of  the  department  of  economic
development and the department shall be  allowed  and  are  directed  to
share and exchange:
(A)  information  derived from tax returns or reports that is relevant
to a taxpayer's eligibility to participate  in  the  empire  state  jobs
retention program;
(B)  information  regarding the credit applied for, allowed or claimed
pursuant to this section and taxpayers who are applying for  the  credit
or who are claiming the credit; and
(C)  information  contained  in  or  derived  from  credit claim forms
submitted to the department and  applications  for  admission  into  the
empire state jobs retention program.
Except   as  provided  in  paragraph  two  of  this  subdivision,  all
information exchanged between the department of economic development and
the department shall not be subject to disclosure  or  inspection  under
the state's freedom of information law.
(2) Notwithstanding any provision of this chapter, the commissioner or
the  commissioner's  designee  is authorized to release the name of each
taxpayer claiming the credit and the amount of the credit earned by each
taxpayer. However, if the taxpayer claims a credit because the  taxpayer
is  a  member of a limited liability company, a partner in a partnership
or a shareholder in a subchapter S  corporation,  only  the  name  of  a
limited  liability  company,  partnership  or  subchapter  S corporation
participating in the empire state jobs retention program and the  amount
of credit earned by that entity may be released.
(d) Credit recapture. If a certificate of eligibility or a certificate
of  tax  credit  issued  by the department of economic development under
article twenty of the  economic  development  law  is  revoked  by  such
department,  the  amount of credit described in this section and claimed
by the taxpayer prior to that revocation shall be added back to  tax  in
the taxable year in which any such revocation becomes final.
(e)  Cross-references.  For  application of the credit provided for in
this section, see the following provisions of this chapter:
(1) article 9-A: section 210-B, subdivision 37;
(2) article 22: section 606, subsection (tt);
(3) article 33, section 1511, subdivision (bb).