S T A T E O F N E W Y O R K
________________________________________________________________________
2752
2023-2024 Regular Sessions
I N S E N A T E
January 24, 2023
___________
Introduced by Sens. BAILEY, MYRIE -- read twice and ordered printed, and
when printed to be committed to the Committee on Labor
AN ACT to amend the labor law and the tax law, in relation to establish-
ing the COVID-19 recovery local employment tax credit program
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The labor law is amended by adding a new section 25-d to
read as follows:
§ 25-D. POWER TO ADMINISTER THE COVID-19 RECOVERY LOCAL EMPLOYMENT TAX
CREDIT PROGRAM. (A) THE COMMISSIONER IS AUTHORIZED TO ESTABLISH AND
ADMINISTER THE COVID-19 RECOVERY LOCAL EMPLOYMENT TAX CREDIT PROGRAM TO
PROVIDE TAX INCENTIVES TO EMPLOYERS FOR EMPLOYING LOCAL EMPLOYEES IN
FULL-TIME OR PART-TIME POSITIONS IN THE TWO YEARS FOLLOWING THE CONCLU-
SION OF THE STATE DISASTER EMERGENCY DECLARED PURSUANT TO EXECUTIVE
ORDER TWO HUNDRED TWO. THE COMMISSIONER IS AUTHORIZED TO ALLOCATE UP TO
FORTY MILLION DOLLARS OF TAX CREDITS UNDER THIS PROGRAM.
(B) DEFINITIONS. (1) THE TERM "QUALIFIED EMPLOYER" MEANS AN EMPLOYER
THAT HAS BEEN CERTIFIED BY THE COMMISSIONER TO PARTICIPATE IN THE
COVID-19 RECOVERY LOCAL EMPLOYMENT TAX CREDIT PROGRAM AND THAT EMPLOYS
ONE OR MORE QUALIFIED EMPLOYEES.
(2) THE TERM "QUALIFIED EMPLOYEE" MEANS AN INDIVIDUAL:
(I) RESIDES WITHIN FIFTY MILES FROM THE QUALIFIED EMPLOYER;
(II) WHO RESIDES IN A CITY WITH A POPULATION OF EIGHTY THOUSAND OR
MORE OR A TOWN WITH A POPULATION OF FIFTY-FIVE THOUSAND OR MORE;
(III) WHO IS LOW-INCOME OR AT-RISK, AS SUCH TERMS ARE DEFINED BY THE
COMMISSIONER;
(IV) WHO IS UNEMPLOYED PRIOR TO BEING HIRED BY THE QUALIFIED EMPLOYER
AS A RESULT OF THE OUTBREAK OF NOVEL CORONAVIRUS, COVID-19; AND
(V) WHO WILL BE WORKING FOR THE QUALIFIED EMPLOYER IN A FULL-TIME OR
PART-TIME POSITION THAT PAYS WAGES THAT ARE EQUIVALENT TO THE WAGES PAID
FOR SIMILAR JOBS, WITH APPROPRIATE ADJUSTMENTS FOR EXPERIENCE AND TRAIN-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05106-01-3
S. 2752 2
ING, AND FOR WHICH NO OTHER EMPLOYEE HAS BEEN TERMINATED, OR WHERE THE
EMPLOYER HAS NOT OTHERWISE REDUCED ITS WORKFORCE BY INVOLUNTARY TERMI-
NATIONS WITH THE INTENTION OF FILLING THE VACANCY BY CREATING A NEW
HIRE.
(C) A QUALIFIED EMPLOYER SHALL BE ENTITLED TO A TAX CREDIT EQUAL TO
(1) SEVEN HUNDRED FIFTY DOLLARS PER MONTH FOR UP TO SIX MONTHS FOR EACH
QUALIFIED EMPLOYEE THE EMPLOYER EMPLOYS IN A FULL-TIME JOB OR THREE
HUNDRED SEVENTY-FIVE DOLLARS PER MONTH FOR UP TO SIX MONTHS FOR EACH
QUALIFIED EMPLOYEE THE EMPLOYER EMPLOYS IN A PART-TIME JOB OF AT LEAST
TWENTY HOURS PER WEEK, (2) FIFTEEN HUNDRED DOLLARS FOR EACH QUALIFIED
EMPLOYEE WHO IS EMPLOYED FOR AT LEAST AN ADDITIONAL SIX CONSECUTIVE
MONTHS BY THE QUALIFIED EMPLOYER IN A FULL-TIME JOB OR SEVEN HUNDRED
FIFTY DOLLARS FOR EACH QUALIFIED EMPLOYEE WHO IS EMPLOYED FOR AT LEAST
AN ADDITIONAL SIX CONSECUTIVE MONTHS BY THE QUALIFIED EMPLOYER IN A
PART-TIME JOB OF AT LEAST TWENTY HOURS PER WEEK, AND (3) AN ADDITIONAL
FIFTEEN HUNDRED DOLLARS FOR EACH QUALIFIED EMPLOYEE WHO IS EMPLOYED FOR
AT LEAST AN ADDITIONAL YEAR AFTER THE COMPLETION OF THE TIME PERIODS AND
SATISFACTION OF THE CONDITIONS SET FORTH IN PARAGRAPHS ONE AND TWO OF
THIS SUBDIVISION BY THE QUALIFIED EMPLOYER IN A FULL-TIME JOB OR SEVEN
HUNDRED FIFTY DOLLARS FOR EACH QUALIFIED EMPLOYEE WHO IS EMPLOYED FOR AT
LEAST AN ADDITIONAL YEAR AFTER THE COMPLETION OF THE TIME PERIODS AND
SATISFACTION OF THE CONDITIONS SET FORTH IN PARAGRAPHS ONE AND TWO OF
THIS SUBDIVISION BY THE QUALIFIED EMPLOYER IN A PART-TIME JOB OF AT
LEAST TWENTY HOURS PER WEEK. THE TAX CREDITS SHALL BE CLAIMED BY THE
QUALIFIED EMPLOYER AS SPECIFIED IN SUBDIVISION FIFTY-NINE OF SECTION TWO
HUNDRED TEN-B AND SUBSECTION (OOO) OF SECTION SIX HUNDRED SIX OF THE TAX
LAW.
(D) TO PARTICIPATE IN THE COVID-19 RECOVERY LOCAL EMPLOYMENT TAX CRED-
IT PROGRAM, AN EMPLOYER MUST SUBMIT AN APPLICATION (IN A FORM PRESCRIBED
BY THE COMMISSIONER) TO THE COMMISSIONER AFTER JANUARY FIRST, OF THE
TAXABLE YEAR FOLLOWING THE CONCLUSION OF THE STATE DISASTER EMERGENCY
DECLARED PURSUANT TO EXECUTIVE ORDER TWO HUNDRED TWO BUT NO LATER THAN
JUNE FIRST, OF SUCH YEAR. THE QUALIFIED EMPLOYEES SHALL START THEIR
EMPLOYMENT ON OR AFTER JANUARY FIRST, OF SUCH YEAR BUT NO LATER THAN
JULY FIRST, OF SUCH YEAR. THE COMMISSIONER SHALL ESTABLISH GUIDELINES
AND CRITERIA THAT SPECIFY REQUIREMENTS FOR EMPLOYERS TO PARTICIPATE IN
THE PROGRAM INCLUDING CRITERIA FOR CERTIFYING QUALIFIED EMPLOYEES. ANY
REGULATIONS THAT THE COMMISSIONER DETERMINES ARE NECESSARY MAY BE
ADOPTED ON AN EMERGENCY BASIS NOTWITHSTANDING ANYTHING TO THE CONTRARY
IN SECTION TWO HUNDRED TWO OF THE STATE ADMINISTRATIVE PROCEDURE ACT.
SUCH REQUIREMENTS MAY INCLUDE THE TYPES OF INDUSTRIES THAT THE EMPLOYERS
ARE ENGAGED IN. THE COMMISSIONER MAY GIVE PREFERENCE TO EMPLOYERS THAT
ARE ENGAGED IN DEMAND OCCUPATIONS OR INDUSTRIES, OR IN REGIONAL GROWTH
SECTORS, INCLUDING THOSE IDENTIFIED BY THE REGIONAL ECONOMIC DEVELOPMENT
COUNCILS, SUCH AS CLEAN ENERGY, HEALTHCARE, ADVANCED MANUFACTURING AND
CONSERVATION. IN ADDITION, THE COMMISSIONER SHALL GIVE PREFERENCE TO
EMPLOYERS WHO OFFER ADVANCEMENT AND EMPLOYEE BENEFIT PACKAGES TO THE
QUALIFIED INDIVIDUALS. AS PART OF SUCH APPLICATION, AN EMPLOYER SHALL:
(1) AGREE TO ALLOW THE DEPARTMENT OF TAXATION AND FINANCE TO SHARE ITS
TAX INFORMATION WITH THE COMMISSIONER. HOWEVER, ANY INFORMATION SHARED
AS A RESULT OF THIS AGREEMENT SHALL NOT BE AVAILABLE FOR DISCLOSURE OR
INSPECTION UNDER THE STATE FREEDOM OF INFORMATION LAW, AND
(2) ALLOW THE COMMISSIONER AND HIS OR HER AGENTS AND THE DEPARTMENT OF
TAXATION AND FINANCE AND ITS AGENTS ACCESS TO ANY AND ALL BOOKS AND
RECORDS OF EMPLOYERS THE COMMISSIONER MAY REQUIRE TO MONITOR COMPLIANCE.
S. 2752 3
(E) IF, AFTER REVIEWING THE APPLICATION SUBMITTED BY AN EMPLOYER, THE
COMMISSIONER DETERMINES THAT SUCH EMPLOYER IS ELIGIBLE TO PARTICIPATE IN
THE PROGRAM ESTABLISHED UNDER THIS SECTION, THE COMMISSIONER SHALL ISSUE
THE EMPLOYER A PRELIMINARY CERTIFICATE OF ELIGIBILITY THAT ESTABLISHES
THE EMPLOYER AS A QUALIFIED EMPLOYER. THE PRELIMINARY CERTIFICATE OF
ELIGIBILITY SHALL SPECIFY THE MAXIMUM AMOUNT OF TAX CREDIT THAT THE
EMPLOYER MAY BE ALLOWED TO CLAIM AND THE PROGRAM YEAR UNDER WHICH IT MAY
BE CLAIMED. THE MAXIMUM AMOUNT OF TAX CREDIT THE EMPLOYER IS ALLOWED TO
CLAIM SHALL BE COMPUTED AS PRESCRIBED IN SUBDIVISION (C) OF THIS
SECTION.
(F)(1) TO RECEIVE AN ANNUAL FINAL CERTIFICATE OF TAX CREDIT, THE QUAL-
IFIED EMPLOYER SHALL ANNUALLY SUBMIT, ON OR BEFORE JANUARY THIRTY-FIRST
OF THE CALENDAR YEAR SUBSEQUENT TO THE PAYMENT OF WAGES PAID TO AN
ELIGIBLE EMPLOYEE, A REPORT TO THE COMMISSIONER, IN A FORM PRESCRIBED BY
THE COMMISSIONER. THE REPORT MUST DEMONSTRATE THAT THE EMPLOYER HAS
SATISFIED ALL ELIGIBILITY REQUIREMENTS AND PROVIDED ALL THE INFORMATION
NECESSARY FOR THE COMMISSIONER TO COMPUTE AN ACTUAL AMOUNT OF CREDIT
ALLOWED.
(2) AFTER REVIEWING THE REPORT AND FINDING IT SUFFICIENT, THE COMMIS-
SIONER SHALL ISSUE AN ANNUAL FINAL CERTIFICATE OF TAX CREDIT. SUCH
CERTIFICATE SHALL INCLUDE, IN ADDITION TO ANY OTHER INFORMATION THE
COMMISSIONER DETERMINES IS NECESSARY, THE FOLLOWING INFORMATION:
(I) THE NAME AND EMPLOYER IDENTIFICATION NUMBER OF THE QUALIFIED
EMPLOYER;
(II) THE PROGRAM YEAR FOR THE CORRESPONDING CREDIT AWARD;
(III) THE ACTUAL AMOUNT OF CREDIT TO WHICH THE QUALIFIED EMPLOYER IS
ENTITLED FOR THAT CALENDAR YEAR OR THE FISCAL YEAR IN WHICH THE ANNUAL
FINAL CERTIFICATE IS ISSUED, WHICH ACTUAL AMOUNT CANNOT EXCEED THE
AMOUNT OF CREDIT LISTED ON THE PRELIMINARY CERTIFICATE BUT MAY BE LESS
THAN SUCH AMOUNT; AND
(IV) A UNIQUE CERTIFICATE NUMBER IDENTIFYING THE ANNUAL FINAL CERTIF-
ICATE OF TAX CREDIT.
(G) IN DETERMINING THE AMOUNT OF CREDIT FOR PURPOSES OF THE ANNUAL
FINAL CERTIFICATE OF TAX CREDIT, THE PORTION OF THE CREDIT DESCRIBED IN
PARAGRAPH ONE OF SUBDIVISION (C) OF THIS SECTION SHALL BE ALLOWED FOR
THE CALENDAR YEAR IN WHICH THE WAGES ARE PAID TO THE QUALIFIED EMPLOYEE,
THE PORTION OF THE CREDIT DESCRIBED IN PARAGRAPH TWO OF SUBDIVISION (C)
OF THIS SECTION SHALL BE ALLOWED FOR THE CALENDAR YEAR IN WHICH THE
ADDITIONAL SIX CONSECUTIVE MONTH PERIOD ENDS, AND THE PORTION OF THE
CREDIT DESCRIBED IN PARAGRAPH THREE OF SUBDIVISION (C) OF THIS SECTION
SHALL BE ALLOWED FOR THE CALENDAR YEAR IN WHICH THE ADDITIONAL YEAR OF
CONSECUTIVE EMPLOYMENT ENDS AFTER THE COMPLETION OF THE TIME PERIODS AND
SATISFACTION OF THE CONDITIONS SET FORTH IN PARAGRAPHS ONE AND TWO OF
SUBDIVISION (C) OF THIS SECTION. IF THE QUALIFIED EMPLOYER'S TAXABLE
YEAR IS A CALENDAR YEAR, THE EMPLOYER SHALL BE ENTITLED TO CLAIM THE
CREDIT AS CALCULATED ON THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT ON
THE CALENDAR YEAR RETURN FOR WHICH THE ANNUAL FINAL CERTIFICATE OF TAX
CREDIT WAS ISSUED. IF THE QUALIFIED EMPLOYER'S TAXABLE YEAR IS A FISCAL
YEAR, THE EMPLOYER SHALL BE ENTITLED TO CLAIM THE CREDIT AS CALCULATED
ON THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT ON THE RETURN FOR THE
FISCAL YEAR THAT ENCOMPASSES THE DATE ON WHICH THE ANNUAL FINAL CERTIF-
ICATE OF TAX CREDIT IS ISSUED.
(H) THE COMMISSIONER SHALL ESTABLISH GUIDELINES AND CRITERIA THAT
SPECIFY REQUIREMENTS FOR EMPLOYERS TO PARTICIPATE IN THE PROGRAM INCLUD-
ING CRITERIA FOR CERTIFYING QUALIFIED EMPLOYEES, AND ISSUING THE PRELIM-
INARY CERTIFICATE OF ELIGIBILITY AND ANNUAL FINAL CERTIFICATE OF TAX
S. 2752 4
CREDIT. SUCH REQUIREMENTS MAY INCLUDE THE TYPES OF INDUSTRIES THAT THE
EMPLOYERS ARE ENGAGED IN. THE COMMISSIONER MAY GIVE PREFERENCE TO
EMPLOYERS THAT ARE ENGAGED IN DEMAND OCCUPATIONS OR INDUSTRIES, OR IN
REGIONAL GROWTH SECTORS, INCLUDING BUT NOT LIMITED TO THOSE IDENTIFIED
BY THE REGIONAL ECONOMIC DEVELOPMENT COUNCILS, SUCH AS CLEAN ENERGY,
HEALTHCARE, ADVANCED MANUFACTURING AND CONSERVATION. IN ADDITION, THE
COMMISSIONER SHALL GIVE PREFERENCE TO EMPLOYERS WHO OFFER ADVANCEMENT
AND EMPLOYEE BENEFIT PACKAGES TO THE QUALIFIED INDIVIDUALS.
(I) THE COMMISSIONER SHALL ANNUALLY PUBLISH A REPORT. SUCH REPORT MUST
CONTAIN THE NAMES AND ADDRESSES OF ANY EMPLOYER ISSUED A PRELIMINARY
CERTIFICATE OF ELIGIBILITY UNDER THIS SECTION, THE AMOUNT OF COVID-19
RECOVERY LOCAL EMPLOYMENT PROGRAM TAX CREDIT ALLOWED TO THE QUALIFIED
EMPLOYER AS SPECIFIED ON AN ANNUAL FINAL CERTIFICATE OF TAX CREDIT AND
ANY OTHER INFORMATION AS DETERMINED BY THE COMMISSIONER.
§ 2. Section 210-B of the tax law is amended by adding a new subdivi-
sion 59 to read as follows:
59. COVID-19 RECOVERY LOCAL EMPLOYMENT PROGRAM TAX CREDIT. (A) A
TAXPAYER THAT HAS BEEN CERTIFIED BY THE COMMISSIONER OF LABOR AS A QUAL-
IFIED EMPLOYER PURSUANT TO SECTION TWENTY-FIVE-D OF THE LABOR LAW AND
RECEIVED AN ANNUAL FINAL CERTIFICATE OF TAX CREDIT FROM SUCH COMMISSION-
ER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE
EQUAL TO THE AMOUNT LISTED ON THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT
ISSUED BY THE COMMISSIONER OF LABOR PURSUANT TO SECTION TWENTY-FIVE-D OF
THE LABOR LAW. IF THE QUALIFIED EMPLOYER'S TAXABLE YEAR IS A CALENDAR
YEAR, THE EMPLOYER SHALL BE ENTITLED TO CLAIM THE CREDIT AS CALCULATED
ON THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT ON THE CALENDAR YEAR
RETURN FOR WHICH THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT WAS ISSUED.
IF THE QUALIFIED EMPLOYER'S TAXABLE YEAR IS A FISCAL YEAR, THE EMPLOYER
SHALL BE ENTITLED TO CLAIM THE CREDIT AS CALCULATED ON THE ANNUAL FINAL
CERTIFICATE OF TAX CREDIT ON THE RETURN FOR THE FISCAL YEAR THAT ENCOM-
PASSES THE DATE ON WHICH THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT IS
ISSUED. FOR THE PURPOSES OF THIS SUBDIVISION, THE TERM "QUALIFIED
EMPLOYEE" SHALL HAVE THE SAME MEANING AS SET FORTH IN SUBDIVISION (B) OF
SECTION TWENTY-FIVE-D OF THE LABOR LAW.
(B) THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR MAY
NOT REDUCE THE TAX DUE FOR THAT YEAR TO LESS THAN THE AMOUNT PRESCRIBED
IN PARAGRAPH (D) OF SUBDIVISION ONE OF SECTION TWO HUNDRED TEN OF THIS
ARTICLE. HOWEVER, IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBDI-
VISION FOR ANY TAXABLE YEAR REDUCES THE TAX TO THAT AMOUNT OR IF THE
TAXPAYER OTHERWISE PAYS TAX BASED ON THE FIXED DOLLAR MINIMUM AMOUNT,
ANY AMOUNT OF CREDIT NOT DEDUCTIBLE IN THAT TAXABLE YEAR WILL BE TREATED
AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER.
PROVIDED, HOWEVER, NO INTEREST WILL BE PAID THEREON.
(C) THE TAXPAYER SHALL BE REQUIRED TO ATTACH TO ITS TAX RETURN ITS
ANNUAL FINAL CERTIFICATE OF TAX CREDIT ISSUED BY THE COMMISSIONER OF
LABOR PURSUANT TO SECTION TWENTY-FIVE-D OF THE LABOR LAW. IN NO EVENT
SHALL THE TAXPAYER BE ALLOWED A CREDIT GREATER THAN THE AMOUNT OF THE
CREDIT LISTED ON THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT. NOTWITH-
STANDING ANY PROVISION OF THIS CHAPTER TO THE CONTRARY, THE COMMISSIONER
AND THE COMMISSIONER'S DESIGNEES MAY RELEASE THE NAMES AND ADDRESSES OF
ANY TAXPAYER CLAIMING THIS CREDIT AND THE AMOUNT OF THE CREDIT EARNED BY
THE TAXPAYER. PROVIDED, HOWEVER, IF A TAXPAYER CLAIMS THIS CREDIT
BECAUSE IT IS A MEMBER OF A LIMITED LIABILITY COMPANY OR A PARTNER IN A
PARTNERSHIP, ONLY THE AMOUNT OF CREDIT EARNED BY THE ENTITY AND NOT THE
AMOUNT OF CREDIT CLAIMED BY THE TAXPAYER MAY BE RELEASED.
S. 2752 5
§ 3. Section 606 of the tax law is amended by adding a new subsection
(ooo) to read as follows:
(OOO) COVID-19 RECOVERY LOCAL EMPLOYMENT PROGRAM TAX CREDIT. (1) A
TAXPAYER THAT HAS BEEN CERTIFIED BY THE COMMISSIONER OF LABOR AS A QUAL-
IFIED EMPLOYER PURSUANT TO SECTION TWENTY-FIVE-D OF THE LABOR LAW AND
RECEIVED AN ANNUAL FINAL CERTIFICATE OF TAX CREDIT FROM SUCH COMMISSION-
ER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE
EQUAL TO THE AMOUNT LISTED ON THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT
ISSUED BY THE COMMISSIONER OF LABOR PURSUANT TO SECTION TWENTY-FIVE-D OF
THE LABOR LAW. A TAXPAYER THAT IS A PARTNER IN A PARTNERSHIP, MEMBER OF
A LIMITED LIABILITY COMPANY OR SHAREHOLDER IN AN S CORPORATION THAT HAS
RECEIVED ITS ANNUAL FINAL CERTIFICATE OF TAX CREDIT FROM THE COMMISSION-
ER OF LABOR AS A QUALIFIED EMPLOYER PURSUANT TO SECTION TWENTY-FIVE-D OF
THE LABOR LAW SHALL BE ALLOWED ITS PRO RATA SHARE OF THE CREDIT EARNED
BY THE PARTNERSHIP, LIMITED LIABILITY COMPANY OR S CORPORATION. IF THE
QUALIFIED EMPLOYER'S TAXABLE YEAR IS A CALENDAR YEAR, THE EMPLOYER SHALL
BE ENTITLED TO CLAIM THE CREDIT AS CALCULATED ON THE ANNUAL FINAL
CERTIFICATE OF TAX CREDIT ON THE CALENDAR YEAR RETURN FOR WHICH THE
ANNUAL FINAL CERTIFICATE OF TAX CREDIT WAS ISSUED. IF THE QUALIFIED
EMPLOYER'S TAXABLE YEAR IS A FISCAL YEAR, THE EMPLOYER SHALL BE ENTITLED
TO CLAIM THE CREDIT AS CALCULATED ON THE ANNUAL FINAL CERTIFICATE OF TAX
CREDIT ON THE RETURN FOR THE FISCAL YEAR THAT ENCOMPASSES THE DATE ON
WHICH THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT IS ISSUED. FOR THE
PURPOSES OF THIS SUBSECTION, THE TERM "QUALIFIED EMPLOYEE" SHALL HAVE
THE SAME MEANING AS SET FORTH IN SUBDIVISION (B) OF SECTION
TWENTY-FIVE-D OF THE LABOR LAW.
(2) IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION EXCEEDS
THE TAXPAYER'S TAX FOR THE TAXABLE YEAR, ANY AMOUNT OF CREDIT NOT DEDUC-
TIBLE IN THAT TAXABLE YEAR WILL BE TREATED AS AN OVERPAYMENT OF TAX TO
BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE. PROVIDED, HOWEVER, NO INTEREST WILL
BE PAID THEREON.
(3) THE TAXPAYER SHALL BE REQUIRED TO ATTACH TO ITS TAX RETURN ITS
ANNUAL FINAL CERTIFICATE OF TAX CREDIT ISSUED BY THE COMMISSIONER OF
LABOR PURSUANT TO SECTION TWENTY-FIVE-D OF THE LABOR LAW. IN NO EVENT
SHALL THE TAXPAYER BE ALLOWED A CREDIT GREATER THAN THE AMOUNT OF THE
CREDIT LISTED ON THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT. NOTWITH-
STANDING ANY PROVISION OF THIS CHAPTER TO THE CONTRARY, THE COMMISSIONER
AND THE COMMISSIONER'S DESIGNEES MAY RELEASE THE NAMES AND ADDRESSES OF
ANY TAXPAYER CLAIMING THIS CREDIT AND THE AMOUNT OF THE CREDIT EARNED BY
THE TAXPAYER. PROVIDED, HOWEVER, IF A TAXPAYER CLAIMS THIS CREDIT
BECAUSE IT IS A MEMBER OF A LIMITED LIABILITY COMPANY, A PARTNER IN A
PARTNERSHIP, OR A SHAREHOLDER IN A SUBCHAPTER S CORPORATION, ONLY THE
AMOUNT OF CREDIT EARNED BY THE ENTITY AND NOT THE AMOUNT OF CREDIT
CLAIMED BY THE TAXPAYER MAY BE RELEASED.
§ 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a new clause (l) to read as follows:
(L) COVID-19 RECOVERY LOCAL AMOUNT OF CREDIT UNDER
EMPLOYMENT PROGRAM SUBDIVISION FIFTY-NINE OF
TAX CREDIT SECTION TWO HUNDRED TEN-B
§ 5. This act shall take effect immediately.
