New York Codes, Rules and Regulations › Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT › Chapter XIX - Excelsior Jobs Program › Part 192 - Claiming Credits › Section 192.1 - Claiming credits

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				participant must submit evidence of achieving the applicable job and investment
				requirements to the department in order to receive benefits under the
				program.
(b) For purposes of
				satisfying requirements other than the additional requirements for Green CHIPS
				projects listed under 191.4 of this Title, such evidence may include, but not
				be limited to, submission of the NYS-45 form and, where applicable, submission
				of receipts specifically documenting research and development expenditures
				and/or qualified investments as such terms are defined in section
				352 of
				the Economic Development Law. This evidence will serve to demonstrate that the
				participant has satisfied all applicable eligibility requirements other than
				additional requirements for Green CHIPS projects and form the basis for the tax
				credit components. For purposes of satisfying the additional eligibility
				requirements for Green CHIPS projects, the participant must also satisfy the
				reporting requirements outlined in Section
				194.2 of this Title.
(c) If a participant fails to demonstrate
				that it has satisfied the eligibility requirements set forth in section
				191.2(h) of this
				Title, the department shall not issue such participant a certificate of tax
				credit. If a participant certified as a regionally significant project fails to
				demonstrate that it has satisfied the eligibility requirements set forth in
				section 191.2(h) of this
				Title, the department shall not issue such participant a certificate of tax
				credit. Provided, however, if the participant fails to fully satisfy the
				applicable job creation projections in the preliminary schedule of benefits,
				the commissioner shall reduce the tax credit to an amount in proportion to the
				percentage of the job creation achieved. If the participant fails to create at
				least 75 percent of the job creation projections, the commissioner shall not
				issue such participant a certificate of tax credit.
(d) If a participant certified pursuant to
				section 191.2(d) of this
				Title fails to demonstrate that it has 25 full-time job equivalents or, if such
				business is a business entity operating predominantly in manufacturing, five
				full-time job equivalents or fails to demonstrate that is has a benefit-cost
				ratio of at least 10 to one, the department shall not issue such participant a
				tax credit.
(e) After reviewing
				such evidence and finding it sufficient, the department shall calculate the
				appropriate amount of tax credit and issue a certificate of tax credit for one
				taxable year. The certificate shall specify the exact amount of each of the tax
				credit components that a participant may claim pursuant to Part 193 of this
				Title, and shall specify the taxable year in which such credit may be claimed.
				The tax credit components may only be claimed on tax returns for the tax year
				indicated on the certificate. If the participant is a business entity that
				passes through the tax credit components to its owners (such as partners in a
				partnership or members in a limited liability company), such owners can only
				claim their share of the credit components on the tax return that corresponds
				to the tax year indicated on the certificate issued to the participant. In
				order to receive a certificate of tax credit for subsequent taxable years, the
				participant must submit to the department a performance report demonstrating
				that the participant continues to satisfy the eligibility criteria specified in
				sections
				353
				and
				354
				(2) of the Economic Development Law. If such
				eligibility criteria are met, a participant can receive tax credits based on
				the interim job, investment or research and development milestones indicated in
				the preliminary schedule of benefits in accordance with subdivision (c) of this
				section.
(f) A participant's
				increase in employment, qualified investment, or Federal research and
				development tax credit attributable to research and development activities in
				New York State above its projections listed in its application shall not result
				in an increase in tax benefits under this regulation. However, if the
				participant's expenditures are less than the estimated amounts, the credit
				component shall be less than the estimate.
(g) No costs used by an entertainment company
				as the basis for the allowance of a tax credit described in this Part shall be
				used by such entertainment company to claim any other credit allowed pursuant
				to the Tax Law.