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

§ 46. 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 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 restaurant return-to-work tax
credit, the taxpayer shall have been issued a certificate of tax  credit
by the department of economic development pursuant to subdivision two 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 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 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  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
tax  credit  issued  by  the  commissioner of the department of economic
development.
(2) Taxpayers who choose to  use  August  thirty-first,  two  thousand
twenty-one  as the last date to calculate their average ending full-time
employment and have received their certificate of tax credit by November
fifteenth, two thousand twenty-one 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 tax credit by  the  department  of  economic  development
pursuant  to subdivision two 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 November fifteenth, two thousand
twenty-one.  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  is  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 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;
(2) article 22: section 606, subsection (lll).