§ 4-j. Relocation assistance credit per employee. (1) In addition to
any other credit allowed by this part other than a credit allowed by
section four-h of this part, a taxpayer that has obtained the
certifications in accordance with subdivision (b) of section
twenty-five-gg of the general city law shall be allowed a credit against
the tax imposed by this part. The amount of the credit shall be the
amount determined by multiplying five thousand dollars by the number of
eligible aggregate employment shares maintained by the taxpayer during
the taxable year with respect to eligible premises to which the taxpayer
has relocated; provided, however, that no credit shall be allowed for
the relocation of any retail activity or hotel services. For purposes of
this section, the terms "eligible aggregate employment shares",
"eligible premises", "relocate", "retail activity" and "hotel services"
shall have the meanings ascribed by section twenty-five-ff of the
general city law.

(2) The credit allowed under this section with respect to eligible
aggregate employment shares maintained with respect to eligible premises
to which the taxpayer has relocated shall be allowed for the taxable
year of the relocation and for any of the ten succeeding taxable years
during which eligible aggregate employment shares are maintained with
respect to eligible premises; provided that the credit allowed for the
tenth succeeding taxable year shall be calculated by multiplying the
number of eligible aggregate employment shares maintained with respect
to eligible premises in the tenth succeeding taxable year by the lesser
of one and a fraction the numerator of which is such number of days in
the taxable year of relocation less the number of days the eligible
business maintained employment shares in eligible premises in the
taxable year of relocation and the denominator of which is the number of
days in such tenth taxable year during which such eligible aggregate
employment shares are maintained with respect to such premises.

(3) Except as provided in subdivision four of this section, if the
amount of the credit allowable under this section for any taxable year
exceeds the tax imposed for such year, the excess may be carried over,
in order, to the five immediately succeeding taxable years and, to the
extent not previously deductible, may be deducted from the taxpayer's
tax for such years.

(4) The credits allowed under this section, against the tax imposed by
this chapter for the taxable year of the relocation and for the four
taxable years immediately succeeding the taxable year of such
relocation, shall be deemed to be overpayments of tax by the taxpayer to
be credited or refunded, without interest, in accordance with the
provisions of section seventy-seven of this title. For such taxable
years, such credits or portions thereof may not be carried over to any
succeeding taxable year.

(5) The credit allowed under this section shall be deducted prior to
the deduction of any other credit allowed by this part, except as
otherwise provided by law.