2023 New York Laws › TAX - Tax › Article 1 - Short Title; Definitions; Miscellaneous › 46-A - Additional Restaurant Return-to-Work Tax Credit.

§ 46-a. Additional restaurant return-to-work tax credit. (a) Allowance
of  credit. A taxpayer subject to tax under article nine-A or twenty-two
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 four
hundred  seventy-five-a  of  the  economic  development  law. 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 allowed under this chapter.
(b)  Eligibility.  To  be  eligible  for  the  additional   restaurant
return-to-work  tax  credit,  the  taxpayer  shall  have  been  issued a
certificate of additional tax  credit  by  the  department  of  economic
development  pursuant  to  subdivision  four  of  section  four  hundred
seventy-four of the economic development law,  which  certificate  shall
set  forth  the amount of the credit that may be claimed for the taxable
year. The taxpayer shall be allowed to claim only the amount  listed  on
the  certificate  of  additional  tax  credit  for  that taxable year. 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 additional tax credit shall be allowed its pro
rata share of the credit earned by the  partnership,  limited  liability
company  or  subchapter  S  corporation. However, the taxpayer must be a
partner, member or shareholder of such  partnership,  limited  liability
company  or  subchapter  S  corporation  as of April first, two thousand
twenty-two.
(c) Tax  return  requirement  and  advance  payment  option.  (1)  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
additional  tax  credit  issued by the commissioner of the department of
economic development.
(2) Taxpayers shall have the option to request an advance  payment  of
the amount of tax credit they are allowed under this section. A taxpayer
must  submit  such request to the department in the manner prescribed by
the commissioner after it has been issued a  certificate  of  additional
tax  credit  by  the  department  of  economic  development  pursuant to
subdivision four of section four hundred seventy-four  of  the  economic
development  law  (or such certificate has been issued to a partnership,
limited liability company or subchapter S corporation in which it  is  a
partner,  member or shareholder, respectively), but such request must be
submitted no later than September thirtieth,  two  thousand  twenty-two.
For  those  taxpayers who have requested an advance payment and for whom
the  commissioner  has  determined  eligible  for   this   credit,   the
commissioner  shall  advance  a payment of the tax credit allowed to the
taxpayer. However, in the case of a taxpayer subject to  article  nine-A
of  this  chapter,  such  payment shall be equal to the amount of credit
allowed to the  taxpayer  less  twenty-five  dollars.  Such  twenty-five
dollars  shall  represent  a partial payment of tax owed by the taxpayer
under article nine-A, including any  fixed  dollar  minimum  owed  under
paragraph  (d)  of  subdivision  one  of section two hundred ten of this
chapter. When a taxpayer files its return for  the  taxable  year,  such
taxpayer  shall  properly  reconcile the advance payment and any partial
payment of fixed dollar minimum tax, if applicable,  on  the  taxpayer's
return.
(d)   Information  sharing.  Notwithstanding  any  provision  of  this
chapter, employees of the department of  economic  development  and  the
department shall be allowed and are directed to share and exchange:
(1)  information derived from tax returns or reports that are relevant
to  a  taxpayer's  eligibility  to   participate   in   the   restaurant
return-to-work tax credit program;
(2)  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
(3)  information  contained  in  or  derived  from  credit claim forms
submitted to the department and  applications  for  admission  into  the
restaurant  return-to-work  tax  credit  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.
(e) Credit recapture. If a certificate of additional tax credit issued
by the department of economic development under article  twenty-five  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.
(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 56-a;
(2) article 22: section 606, subsection (nnn).