2023 New York Laws › TAX - Tax › Article 29 - Taxes Authorized for Cities, Counties and School Districts › Part 1 - Authority to Impose Taxes › Sub Part A - Taxes Administered by Cities, Counties and School Districts › 1201-A - Credits Against Taxes Administered by Cities of One Million or More.

§  1201-a. Credits against taxes administered by cities of one million
or more.  (a) Any utility company subject  to  the  supervision  of  the
public  service  commission  required  to  grant rebates or discounts on
bills for energy services or natural gas in accordance with a local  law
adopted  pursuant  to  article  two-F  of  the general city law shall be
entitled to a credit for such rebates and discounts, as provided in such
article of the general city law, against the amount of tax  to  be  paid
pursuant  to  any  gross  receipts  tax  imposed  by a local law adopted
pursuant to subdivision (a)  of  section  twelve  hundred  one  of  this
chapter.  The amounts of such rebates and discounts shall not be treated
as affecting or reducing the gross receipts  otherwise  subject  to  tax
under  such  gross receipts tax or reducing the amount of tax imposed by
or pursuant to any authorization contained in this chapter.
(b) Empire state film production credit. Any city in this state having
a  population  of  one  million  or  more,  acting  through  its   local
legislative  body, is hereby authorized to adopt and amend local laws to
allow  a  credit  against  the   general   corporation   tax   and   the
unincorporated business tax imposed pursuant to the authority of chapter
seven  hundred  seventy-two  of  the  laws of nineteen hundred sixty-six
which shall be substantially  identical  to  the  credit  allowed  under
section  twenty-four  of this chapter, except that (A) the percentage of
qualified production costs used to calculate such credit shall  be  five
percent,  (B)  whenever  such  section twenty-four references the state,
such words shall be read as referencing the city, (C) such credit  shall
be  allowed  only  to  a  taxpayer  which is a qualified film production
company, and (D) the effective date of such credit shall be July  first,
two  thousand  six.  Such credit shall be applied in a manner consistent
with the credit allowed under subdivision twenty of section two  hundred
ten-B  of  this  chapter except as may be necessary to take into account
differences between the general corporation tax and  the  unincorporated
business tax.
(c)  Empire state commercial production credit. Any city in this state
having a population of one million or more,  acting  through  its  local
legislative  body, is hereby authorized to adopt and amend local laws to
allow  a  credit  against  the   general   corporation   tax   and   the
unincorporated business tax imposed pursuant to the authority of chapter
seven  hundred  seventy-two  of  the  laws of nineteen hundred sixty-six
which shall be substantially identical to the credit allowed  under  the
provisions  of section twenty-eight of this chapter, except that (A) the
percentage of qualified production costs used to calculate  such  credit
shall be five percent, (B) whenever such section twenty-eight references
the  state,  such  words shall be read as referencing the city, (C) such
credit shall  be  allowed  only  to  a  taxpayer  that  is  a  qualified
commercial production company, and (D) the effective date of such credit
shall  be  as  provided in local laws. Such credit shall be applied in a
manner consistent with the credit allowed under subdivision twenty-three
of section two hundred ten-B of this chapter except as may be  necessary
to take into account differences between the general corporation tax and
unincorporated business tax.
(d)  Biotechnology  credit.  1.  Any  city  in  this  state  having  a
population of one million or more, acting through its local  legislative
body,  is  hereby  authorized  to  adopt and amend local laws to allow a
credit against  the  general  corporation  tax  and  the  unincorporated
business  tax imposed pursuant to the authority of chapter seven hundred
seventy-two of the laws of nineteen hundred  sixty-six  which  shall  be
substantially   identical   to   the  credit  described  in  subdivision
twenty-one of section 11-654 of the administrative code of the  city  of
New  York,  against  the  business  corporation  tax imposed pursuant to

chapter sixty of the laws of  two  thousand  fifteen,  except  that  the
effective  date  of  such credit against the general corporation tax and
the unincorporated business tax shall be as provided in such local laws.
2.  The  credit  allowed by paragraph one of this subdivision shall be
applied in a manner consistent with the credit described in  subdivision
twenty-one  of  section 11-654 of the administrative code of the city of
New York except as may be necessary to  take  into  account  differences
between  such  business corporation tax and such general corporation tax
and such unincorporated business tax.
3. The aggregate amount of tax credits allowed under this  subdivision
in  any  calendar  year  shall  be  up  to  three  million dollars. Such
aggregate amount of credits shall be allocated  by  the  New  York  city
department  of  finance  among  eligible  taxpayers on a pro rata basis.
Taxpayers eligible for such pro rata allocation shall be  determined  by
the  New  York  city  department  of  finance  no  later  than  February
twenty-eighth of the succeeding calendar year in which a credit provided
pursuant to this subdivision is applied.
4. The New York city department of finance  shall  establish  by  rule
procedures  for  the  allocation  of  tax  credits allowed by local laws
adopted  pursuant  to  this  subdivision.  Such  rules   shall   include
provisions  describing  the  application process, the due dates for such
applications,  the  standards  that  shall  be  used  to  evaluate   the
applications,  the  documentation  that will be provided to taxpayers to
substantiate the amount of tax credits allocated to such taxpayers,  and
such other provisions as deemed necessary and appropriate.
5.  Any local law adopted pursuant to this subdivision may provide for
a credit as authorized by  this  subdivision  for  a  maximum  of  three
consecutive calendar years, provided, however, that any such credit:
(A) may not apply to taxable years beginning before January first, two
thousand  ten  or  beginning  on  or  after  January first, two thousand
nineteen; and
(B) may not apply to taxable years beginning before January first, two
thousand twenty-three or  beginning  on  or  after  January  first,  two
thousand twenty-six.
6.  Any city in this state having a population of one million or more,
acting through its local legislative body, is authorized to provide  the
credit  set  forth  in  subdivision  twenty-one of section 11-654 of the
administrative code of the  city  of  New  York,  against  the  business
corporation  tax  imposed  pursuant  to chapter sixty of the laws of two
thousand fifteen, for a maximum of  three  consecutive  calendar  years,
provided,  however,  that  such  credit  may  not apply to taxable years
beginning before January first, two thousand twenty-three  or  beginning
on or after January first, two thousand twenty-six.