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SECTION 359
Cap on tax credit
Economic Development Law (COM) CHAPTER 15, ARTICLE 17
§ 359. Cap on tax credit. The total amount of tax credits issued by
the commissioner for any taxable year may not exceed the limitations set
forth in this section. One-half of any amount of tax credits not awarded
for a particular taxable year may be used by the commissioner to award
tax credits in another taxable year.
Credit components in the aggregate With respect to taxable
shall not exceed: years beginning in:

$ 50 million 2011

$ 100 million 2012

$ 150 million 2013

$ 200 million 2014

$ 250 million 2015

$ 183 million 2016

$ 183 million 2017

$ 183 million 2018

$ 183 million 2019

$ 183 million 2020

$ 183 million 2021

$ 133 million 2022

$ 83 million 2023

$ 36 million 2024

$ 200 million 2025

$ 200 million 2026

$ 200 million 2027

$ 200 million 2028

$ 200 million 2029

Twenty-five percent of tax credits shall be allocated to businesses
accepted into the program under subdivision four of section three
hundred fifty-three of this article and seventy-five percent of tax
credits shall be allocated to businesses accepted into the program under
subdivision three of section three hundred fifty-three of this article.

Provided, however, if by September thirtieth of a calendar year, the
department has not allocated the full amount of credits available in
that year to either: (i) businesses accepted into the program under
subdivision four of section three hundred fifty-three of this article or
(ii) businesses accepted into the program under subdivision three of
section three hundred fifty-three of this article, the commissioner may
allocate any remaining tax credits to businesses referenced in this
paragraph as needed; provided, however, that under no circumstances may
the aggregate statutory cap for all program years be exceeded. One
hundred percent of the unawarded amounts remaining at the end of two
thousand twenty-nine may be allocated in subsequent years,
notwithstanding the fifty percent limitation on any amounts of tax
credits not awarded in taxable years two thousand eleven through two
thousand twenty-nine. Provided, however, no tax credits may be allowed
for taxable years beginning on or after January first, two thousand
forty.