2023 New York Laws › TAX - Tax › Article 1 - Short Title; Definitions; Miscellaneous › 48 - Child Care Creation and Expansion Tax Credit.

§  48.  Child care creation and expansion tax 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  (f)  of this
section. The amount of the credit is  equal  to  the  amount  determined
pursuant  to  section three hundred ninety-four-d of the social services
law and shall be claimed in the taxable year that includes the last  day
of  the  service  year  for  which  the credit is calculated. No cost or
expense paid or incurred by the taxpayer that is included as part of the
calculation of this credit shall be the basis of any  other  tax  credit
allowed under this chapter.
(b)  Eligibility.  To  be  eligible  for  the  child care creation and
expansion tax credit, the taxpayer shall have been issued a  certificate
of  tax credit by the office of children and family services pursuant to
section three hundred  ninety-four-c  of  the  social  services  law.  A
taxpayer  that  is  a  partner  in  a  partnership,  member of a limited
liability company or shareholder in a subchapter S corporation that  has
received a certificate of tax credit shall be allowed its pro rata share
of  the  credit  earned by the partnership, limited liability company or
subchapter S corporation.
(c) Tax return requirement. The taxpayer shall be required  to  attach
to  its  tax return in the form prescribed by the commissioner, proof of
receipt of its certificate of tax credit issued by the  commissioner  of
the office of children and family services.
(d)   Information  sharing.  Notwithstanding  any  provision  of  this
chapter, employees of the office of children and family services and the
department shall be allowed and are directed to share and exchange:
(1) information regarding the credit applied for, allowed  or  claimed
pursuant  to this section and taxpayers that are applying for the credit
or that are claiming the credit; and
(2) information contained  in  or  derived  from  credit  claim  forms
submitted to the department. Except as provided in paragraph one of this
subdivision,  all  information  exchanged between the office of children
and  family  services  and  the  department  shall  not  be  subject  to
disclosure or inspection under the state's freedom of information law.
(e)  Credit  recapture.  If  a certificate of tax credit issued by the
office of children and family services under title one-A of article  six
of  the  social  services  law  is revoked by such office, the amount of
credit described in this section and claimed by the  taxpayer  prior  to
that  revocation shall be added back to tax in the taxable year in which
any such revocation becomes final.
(f) Cross references. For application of the credit  provided  for  in
this section, see the following provisions of this chapter:
(1) article 9-A: section 210-B, subdivision 59;
(2) article 22: section 606, subsection (ooo);
(3) article 33: section 1511, subdivision (ee).