2023 New York Laws › GCT - General City › Article 2-J - Lower Manhattan Relocation and Employment Assistance Program › 25-EE - Authorization to Provide Relocation and Employment Assistance Credits in Lower Manhattan.

§ 25-ee. Authorization to provide relocation and employment assistance
credits  in  Lower  Manhattan.  (a)  Any city having a population of one
million or more is hereby authorized and empowered to adopt and amend  a
local  law  allowing  an  eligible business that relocates as defined in
subdivision (j) of section twenty-five-dd of this article or  a  special
eligible  business  that  relocates  as  defined  in  subdivision (m) of
section twenty-five-dd of this article to receive a credit against a tax
imposed under a local law enacted pursuant  to  part  two  or  three  of
section  one  or section two of chapter seven hundred seventy-two of the
laws of nineteen hundred sixty-six or a gross receipts tax imposed under
a local law enacted  pursuant  to  subdivision  (a)  of  section  twelve
hundred  one  of  the  tax  law.  The  amount  of  such  credit shall be
determined by multiplying  three  thousand  dollars  by  the  number  of
eligible  aggregate  employment shares maintained by the taxpayer during
the taxable year with respect to eligible premises to which the taxpayer
has relocated, and may be taken, pursuant to the provisions  of  section
four-i  of  part two of section one, or paragraph two of subdivision (k)
of section one hundred one of  section  two  of  chapter  seven  hundred
seventy-two  of  the  laws of nineteen hundred sixty-six, or pursuant to
the provisions of a local law enacted pursuant  to  subdivision  (a)  of
section  twelve  hundred  one  of  the  tax  law,  for  up  to  thirteen
consecutive taxable years beginning with the taxable year in  which  the
eligible  business  relocates  as  defined in subdivision (j) of section
twenty-five-dd of this article; provided that no such  credit  shall  be
allowed for the relocation of any retail activity or hotel services.
(b)  No  eligible  business  or  special  eligible  business  shall be
authorized to receive a credit against tax under any local  law  enacted
pursuant  to this article until the premises with respect to which it is
claiming the credit meet the requirements in the definition of  eligible
premises  and  until it has obtained a certification of eligibility from
the mayor of such city or any agency designated by such  mayor,  and  an
annual  certification  from  such  mayor or an agency designated by such
mayor  as  to  the  number  of  eligible  aggregate  employment   shares
maintained  by  such eligible business or such special eligible business
that may qualify for obtaining a tax credit for the  eligible  business'
taxable  year.  No  special  eligible  business  shall  be authorized to
receive a credit against tax under the provisions of this article unless
the number of relocated employee  base  shares  calculated  pursuant  to
subdivision (o) of section twenty-five-dd of this article is equal to or
greater than the lesser of twenty-five percent of the number of New York
city  base shares calculated pursuant to subdivision (p) of such section
and two hundred  fifty  employment  shares.  Any  written  documentation
submitted  to  such  mayor or such agency or agencies in order to obtain
any such certification shall be deemed a written instrument for purposes
of section 175.00 of the penal law.  Such  local  law  may  provide  for
application  fees  to  be  determined  by  such  mayor or such agency or
agencies. No certification of eligibility  shall  be  issued  under  any
local law enacted pursuant to this article to an eligible business on or
after July first, two thousand twenty-five unless:
(1)  prior to such date such business has purchased, leased or entered
into a contract to purchase or lease  premises  in  the  eligible  Lower
Manhattan area or a parcel on which will be constructed such premises;
(2)  prior  to  such  date  improvements  have  been commenced on such
premises or parcel, which improvements will  meet  the  requirements  of
subdivision  (e)  of  section twenty-five-dd of this article relating to
expenditures for improvements;
(3) prior to such date such business submits a preliminary application
for a certification of eligibility to  such  mayor  or  such  agency  or
agencies with respect to a proposed relocation to such premises; and
(4)   such   business  relocates  to  such  premises  as  provided  in
subdivision (j) of section twenty-five-dd of this article not later than
thirty-six months or, in a case in which the expenditures made  for  the
improvements  specified  in  paragraph  two  of  this subdivision are in
excess of fifty million dollars within seventy-two months from the  date
of submission of such preliminary application.
(c)  Such  mayor  or  any  agency or agencies designated by such mayor
shall be authorized to promulgate rules and  regulations  to  administer
and assure compliance with the provisions of this article, including but
not  limited to rules and regulations to provide for alternative methods
to measure employment shares in instances where an eligible business  is
not  required  by law to maintain weekly records of full-time work weeks
and part-time work weeks of employees, partners or sole  proprietors  as
defined in subdivision (g) of section twenty-five-dd of this article.
(d) An eligible business, or a special eligible business, other than a
utility  company  subject to the supervision of the department of public
service shall not be authorized  to  receive  a  credit  against  a  tax
imposed  pursuant  to  the provisions of a local law enacted pursuant to
subdivision (a) of section twelve hundred one of the tax law unless such
eligible business or special eligible business elects to take the credit
authorized by this section against the tax imposed by such local law  on
its  application  filed with such mayor or the agency designated by such
mayor  pursuant  to  subdivision  (b)  of  this  section.  The  election
authorized  by  this subdivision may not be withdrawn after the issuance
of such certification of eligibility. No taxpayer  that  has  previously
received  a  certification of eligibility to receive such credit against
any tax imposed under a local law enacted pursuant to part two or  three
of  section  one  or section two of chapter seven hundred seventy-two of
the laws of nineteen hundred sixty-six may make the election  authorized
by  this  subdivision.  No  taxpayer that makes the election provided in
this subdivision shall be authorized to take such credit against any tax
imposed under a local law enacted pursuant  to  part  two  or  three  of
section  one  or section two of chapter seven hundred seventy-two of the
laws of nineteen hundred sixty-six.
(e) For the duration of the benefit period, the recipient of  benefits
shall  file  annually, along with the aforementioned original and annual
certificates of eligibility, the average wage and  benefits  offered  to
the   applicable   relocated  employees  used  in  determining  eligible
aggregate employment shares, pursuant  to  subdivision  (i)  of  section
twenty-five-y  of  this chapter. The department shall have the authority
to require that statements filed under this subdivision be certified.