Legislation

Search OpenLegislation Statutes
This entry was published on 2022-05-06
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 210-B
Credits
Tax (TAX) CHAPTER 60, ARTICLE 9-A
§ 210-B. Credits. 1. Investment tax credit (ITC). (a) A taxpayer
shall be allowed a credit, to be computed as hereinafter provided,
against the tax imposed by this article. The amount of the credit shall
be the percent provided for hereinbelow of the investment credit base.
The investment credit base is the cost or other basis for federal income
tax purposes of tangible personal property and other tangible property,
including buildings and structural components of buildings, described in
paragraph (b) of this subdivision, less the amount of the nonqualified
nonrecourse financing with respect to such property to the extent such
financing would be excludible from the credit base pursuant to section
46(c)(8) of the internal revenue code (treating such property as section
thirty-eight property irrespective of whether or not it in fact
constitutes section thirty-eight property). If, at the close of a
taxable year following the taxable year in which such property was
placed in service, there is a net decrease in the amount of nonqualified
nonrecourse financing with respect to such property, such net decrease
shall be treated as if it were the cost or other basis of property
described in paragraph (b) of this subdivision acquired, constructed,
reconstructed or erected during the year of the decrease in the amount
of nonqualified nonrecourse financing. In the case of a combined report
the term investment credit base shall mean the sum of the investment
credit base of each corporation included on such report. The percentage
to be used to compute the credit allowed pursuant to this subdivision
shall be five percent with respect to the first three hundred fifty
million dollars of the investment credit base, and four percent with
respect to the investment credit base in excess of three hundred fifty
million dollars, except that in the case of research and development
property at the option of the taxpayer the applicable percentage shall
be nine.

(a-1) For a taxpayer that is an eligible farmer, as defined in
subdivision eleven of this section, the percentage to be used to compute
the credit allowed under this subdivision shall be twenty percent for
property described in subparagraph (i) of paragraph (b) of this
subdivision that is principally used by the taxpayer in the production
of goods by farming, agriculture, horticulture, floriculture or
viticulture.

(b) (i) A credit shall be allowed under this subdivision with respect
to tangible personal property and other tangible property, including
buildings and structural components of buildings, which are: depreciable
pursuant to section one hundred sixty-seven of the internal revenue
code, have a useful life of four years or more, are acquired by purchase
as defined in section one hundred seventy-nine (d) of the internal
revenue code, have a situs in this state and are (A) principally used by
the taxpayer in the production of goods by manufacturing, processing,
assembling, refining, mining, extracting, farming, agriculture,
horticulture, floriculture, viticulture or commercial fishing, (B)
industrial waste treatment facilities or air pollution control
facilities, used in the taxpayer's trade or business, (C) research and
development property, or (D) principally used in the ordinary course of
the taxpayer's trade or business as a broker or dealer in connection
with the purchase or sale (which shall include but not be limited to the
issuance, entering into, assumption, offset, assignment, termination, or
transfer) of stocks, bonds or other securities as defined in section
four hundred seventy-five (c)(2) of the Internal Revenue Code, or of
commodities as defined in section four hundred seventy-five (e) of the
Internal Revenue Code, (E) principally used in the ordinary course of
the taxpayer's trade or business of providing investment advisory
services for a regulated investment company as defined in section eight
hundred fifty-one of the Internal Revenue Code, or lending, loan
arrangement or loan origination services to customers in connection with
the purchase or sale (which shall include but not be limited to the
issuance, entering into, assumption, offset, assignment, termination, or
transfer) of securities as defined in section four hundred seventy-five
(c)(2) of the Internal Revenue Code, (F) principally used in the
ordinary course of the taxpayer's business as an exchange registered as
a national securities exchange within the meaning of sections 3(a)(1)
and 6(a) of the Securities Exchange Act of 1934 or a board of trade as
defined in subparagraph one of paragraph (a) of section fourteen hundred
ten of the not-for-profit corporation law or as an entity that is wholly
owned by one or more such national securities exchanges or boards of
trade and that provides automation or technical services thereto, or (G)
principally used as a qualified film production facility including
qualified film production facilities having a situs in an empire zone
designated as such pursuant to article eighteen-B of the general
municipal law, where the taxpayer is providing three or more services to
any qualified film production company using the facility, including such
services as a studio lighting grid, lighting and grip equipment,
multi-line phone service, broadband information technology access,
industrial scale electrical capacity, food services, security services,
and heating, ventilation and air conditioning. For purposes of clauses
(D), (E) and (F) of this subparagraph, property purchased by a taxpayer
affiliated with a regulated broker, dealer, registered investment
advisor, national securities exchange or board of trade, is allowed a
credit under this subdivision if the property is used by its affiliated
regulated broker, dealer, registered investment advisor, national
securities exchange or board of trade in accordance with this
subdivision. For purposes of determining if the property is principally
used in qualifying uses, the uses by the taxpayer described in clauses
(D) and (E) of this subparagraph may be aggregated. In addition, the
uses by the taxpayer, its affiliated regulated broker, dealer and
registered investment advisor under either or both of those clauses may
be aggregated. Provided, however, a taxpayer shall not be allowed the
credit provided by clauses (D), (E) and (F) of this subparagraph unless
the property is first placed in service before October first, two
thousand fifteen and (i) eighty percent or more of the employees
performing the administrative and support functions resulting from or
related to the qualifying uses of such equipment are located in this
state or (ii) the average number of employees that perform the
administrative and support functions resulting from or related to the
qualifying uses of such equipment and are located in this state during
the taxable year for which the credit is claimed is equal to or greater
than ninety-five percent of the average number of employees that perform
these functions and are located in this state during the thirty-six
months immediately preceding the year for which the credit is claimed,
or (iii) the number of employees located in this state during the
taxable year for which the credit is claimed is equal to or greater than
ninety percent of the number of employees located in this state on
December thirty-first, nineteen hundred ninety-eight or, if the taxpayer
was not a calendar year taxpayer in nineteen hundred ninety-eight, the
last day of its first taxable year ending after December thirty-first,
nineteen hundred ninety-eight. If the taxpayer becomes subject to tax in
this state after the taxable year beginning in nineteen hundred
ninety-eight, then the taxpayer is not required to satisfy the
employment test provided in the preceding sentence of this subparagraph
for its first taxable year. For purposes of clause (iii) of this
subparagraph the employment test will be based on the number of
employees located in this state on the last day of the first taxable
year the taxpayer is subject to tax in this state. If the uses of the
property must be aggregated to determine whether the property is
principally used in qualifying uses, then either each affiliate using
the property must satisfy this employment test or this employment test
must be satisfied through the aggregation of the employees of the
taxpayer, its affiliated regulated broker, dealer, and registered
investment adviser using the property. For purposes of clause (A) of
this subparagraph, tangible personal property and other tangible
property shall not include property principally used by the taxpayer in
the production or distribution of electricity, natural gas after
extraction from wells, steam, or water delivered through pipes and
mains.

(ii) For purposes of this paragraph, the following definitions shall
apply--

(A) Manufacturing shall mean the process of working raw materials into
wares suitable for use or which gives new shapes, new quality or new
combinations to matter which already has gone through some artificial
process by the use of machinery, tools, appliances and other similar
equipment. Property used in the production of goods shall include
machinery, equipment or other tangible property which is principally
used in the repair and service of other machinery, equipment or other
tangible property used principally in the production of goods and shall
include all facilities used in the production operation, including
storage of material to be used in production and of the products that
are produced.

(B) Research and development property shall mean property which is
used for purposes of research and development in the experimental or
laboratory sense. Such purposes shall not be deemed to include the
ordinary testing or inspection of materials or products for quality
control, efficiency surveys, management studies, consumer surveys,
advertising, promotions, or research in connection with literary,
historical or similar projects.

(C) Industrial waste treatment facilities shall mean property
constituting facilities for the treatment, neutralization or
stabilization of industrial waste and other wastes (as the terms
"industrial waste" and "other wastes" are defined in section 17-0105 of
the environmental conservation law) from a point immediately preceding
the point of such treatment, neutralization or stabilization to the
point of disposal, including the necessary pumping and transmitting
facilities, but excluding such facilities installed for the primary
purpose of salvaging materials which are usable in the manufacturing
process or are marketable.

(D) Air pollution control facilities shall mean property constituting
facilities which remove, reduce, or render less noxious air contaminants
emitted from an air contamination source (as the terms "air contaminant"
and "air contamination source" are defined in section 19-0107 of the
environmental conservation law) from a point immediately preceding the
point of such removal, reduction or rendering to the point of discharge
of air, meeting emission standards as established by the department of
environmental conservation, but excluding such facilities installed for
the primary purpose of salvaging materials which are usable in the
manufacturing process or are marketable and excluding those facilities
which rely for their efficacy on dilution, dispersion or assimilation of
air contaminants in the ambient air after emission. Such term shall
further include flue gas desulfurization equipment and attendant sludge
disposal facilities, fluidized bed boilers, precombustion coal cleaning
facilities or other facilities that conform with this subdivision and
which comply with the provisions of the state acid deposition control
act set forth in title nine of article nineteen of the environmental
conservation law.

(E) The terms "qualified film production facility" and "qualified film
production company" shall have the same meaning as in section
twenty-four of this chapter.

(iii) However, such credit shall be allowed with respect to industrial
waste treatment facilities and air pollution control facilities only on
condition that such facilities have been certified by the state
commissioner of environmental conservation or his designated
representative, pursuant to subdivision one of section 17-0707 or
subdivision one of section 19-0309 of the environmental conservation
law, as complying with applicable provisions of the environmental
conservation law, the public health law, the state sanitary code and
codes, rules, regulations, permits or orders issued pursuant thereto.

(c) A taxpayer shall not be allowed a credit under this subdivision
with respect to tangible personal property and other tangible property,
including buildings and structural components of buildings, which it
leases to any other person or corporation except where a taxpayer leases
property to an affiliated regulated broker, dealer, registered
investment adviser, national securities exchange or board of trade (or
other entity described in clause (F) of subparagraph (i) of paragraph
(b) of this subdivision) that uses such property in accordance with
clause (D), (E) or (F) of subparagraph (i) of paragraph (b) of this
subdivision. For purposes of the preceding sentence, any contract or
agreement to lease or rent or for a license to use such property shall
be considered a lease. Provided, however, in determining whether a
taxpayer shall be allowed a credit under this subdivision with respect
to such property, any election made with respect to such property
pursuant to the provisions of paragraph eight of subsection (f) of
section one hundred sixty-eight of the internal revenue code, as such
paragraph was in effect for agreements entered into prior to January
first, nineteen hundred eighty-four, shall be disregarded. For purposes
of this paragraph, the use of a qualified film production facility by a
qualified film production company shall not be considered a lease of
such facility to such company.

(d) Except as otherwise provided in this paragraph, the credit allowed
under this subdivision for any taxable year shall not reduce the tax due
for such year to less than the fixed dollar minimum amount prescribed in
paragraph (d) of subdivision one of section two hundred ten of this
article. However, if the amount of credit allowable under this
subdivision for any taxable year reduces the tax to such amount or if
the taxpayer otherwise pays tax based on the fixed dollar minimum
amount, any amount of credit allowed for a taxable year commencing prior
to January first, nineteen hundred eighty-seven and not deductible in
such taxable year may be carried over to the following year or years and
may be deducted from the taxpayer's tax for such year or years but in no
event shall such credit be carried over to taxable years commencing on
or after January first, two thousand two, and any amount of credit
allowed for a taxable year commencing on or after January first,
nineteen hundred eighty-seven and not deductible in such year may be
carried over to the fifteen taxable years next following such taxable
year and may be deducted from the taxpayer's tax for such year or years.
In lieu of such carryover, any such taxpayer which qualifies as a new
business under paragraph (f) of this subdivision may elect to treat the
amount of such carryover as an overpayment of tax to be credited or
refunded in accordance with the provisions of section ten hundred
eighty-six of this chapter, provided, however, the provisions of
subsection (c) of section ten hundred eighty-eight of this chapter
notwithstanding, no interest shall be paid thereon.

(e) (1) With respect to property which is depreciable pursuant to
section one hundred sixty-seven of the internal revenue code but is not
subject to the provisions of section one hundred sixty-eight of such
code and which is disposed of or ceases to be in qualified use prior to
the end of the taxable year in which the credit is to be taken, the
amount of the credit shall be that portion of the credit provided for in
this subdivision which represents the ratio which the months of
qualified use bear to the months of useful life. If property on which
credit has been taken is disposed of or ceases to be in qualified use
prior to the end of its useful life, the difference between the credit
taken and the credit allowed for actual use must be added back in the
year of disposition. Provided, however, if such property is disposed of
or ceases to be in qualified use after it has been in qualified use for
more than twelve consecutive years, it shall not be necessary to add
back the credit as provided in this subparagraph. The amount of credit
allowed for actual use shall be determined by multiplying the original
credit by the ratio which the months of qualified use bear to the months
of useful life. For purposes of this subparagraph, useful life of
property shall be the same as the taxpayer uses for depreciation
purposes when computing his federal income tax liability.

(2) Except with respect to that property to which subparagraph four of
this paragraph applies, with respect to three-year property, as defined
in subsection (e) of section one hundred sixty-eight of the internal
revenue code, which is disposed of or ceases to be in qualified use
prior to the end of the taxable year in which the credit is to be taken,
the amount of the credit shall be that portion of the credit provided
for in this subdivision which represents the ratio which the months of
qualified use bear to thirty-six. If property on which credit has been
taken is disposed of or ceases to be in qualified use prior to the end
of thirty-six months, the difference between the credit taken and the
credit allowed for actual use must be added back in the year of
disposition. The amount of credit allowed for actual use shall be
determined by multiplying the original credit by the ratio which the
months of qualified use bear to thirty-six.

(3) Except with respect to that property to which subparagraph four of
this paragraph applies, with respect to property subject to the
provisions of section one hundred sixty-eight of the internal revenue
code, other than three-year property as defined in subsection (e) of
such section one hundred sixty-eight which is disposed of or ceases to
be in qualified use prior to the end of the taxable year in which the
credit is to be taken, the amount of the credit shall be that portion of
the credit provided for in this subdivision which represents the ratio
which the months of qualified use bear to sixty. If property on which
credit has been taken is disposed of or ceases to be in qualified use
prior to the end of sixty months, the difference between the credit
taken and the credit allowed for actual use must be added back in the
year of disposition. The amount of credit allowed for actual use shall
be determined by multiplying the original credit by the ratio which the
months of qualified use bear to sixty.

(4) With respect to any property to which section one hundred
sixty-eight of the internal revenue code applies, which is a building or
a structural component of a building and which is disposed of or ceases
to be in qualified use prior to the end of the taxable year in which the
credit is to be taken, the amount of the credit shall be that portion of
the credit provided for in this subdivision which represents the ratio
which the months of qualified use bear to the total number of months
over which the taxpayer chooses to deduct the property under the
internal revenue code. If property on which credit has been taken is
disposed of or ceases to be in qualified use prior to the end of the
period over which the taxpayer chooses to deduct the property under the
internal revenue code, the difference between the credit taken and the
credit allowed for actual use must be added back in the year of
disposition. Provided, however, if such property is disposed of or
ceases to be in qualified use after it has been in qualified use for
more than twelve consecutive years, it shall not be necessary to add
back the credit as provided in this subparagraph. The amount of credit
allowed for actual use shall be determined by multiplying the original
credit by the ratio which the months of qualified use bear to the total
number of months over which the taxpayer chooses to deduct the property
under the internal revenue code.

(5) For purposes of this paragraph, property (i) which is described in
subparagraph two, three or four of this paragraph, and (ii) which is
subject to subparagraph eleven of paragraph (a) of subdivision nine and
subparagraph ten of paragraph (b) of subdivision nine of section two
hundred eight of this chapter, shall be treated as property which is
depreciable pursuant to section one hundred sixty-seven of the internal
revenue code but is not subject to section one hundred sixty-eight of
such code.

(6) For purposes of this paragraph, where a credit is allowed with
respect to an air pollution control facility on the basis of a
certificate of compliance issued pursuant to the environmental
conservation law and the certificate is revoked pursuant to subdivision
three of section 19-0309 of the environmental conservation law, such
revocation shall constitute a disposal or cessation of qualified use,
unless such facility is described in clause (A) or (C) of subparagraph
(ii) of paragraph (b) of this subdivision. Also for purposes of this
subparagraph, the use of an air pollution control facility or an
industrial waste treatment facility for the primary purpose of salvaging
materials which are usable in the manufacturing process or are
marketable shall constitute a cessation of qualified use, unless such
facility is described in clause (A) or (C) of subparagraph (ii) of
paragraph (b) of this subdivision.

(7) For taxable years commencing on or after January first, nineteen
hundred eighty-seven, the amount required to be added back pursuant to
this paragraph shall be augmented by an amount equal to the product of
such amount and the underpayment rate of interest (without regard to
compounding), set by the commissioner of taxation and finance pursuant
to subsection (e) of section one thousand ninety-six, in effect on the
last day of the taxable year.

(8) If, as of the close of the taxable year, there is a net increase
with respect to the taxpayer in the amount of nonqualified nonrecourse
financing (within the meaning of section 46(c) (8) of the internal
revenue code) with respect to any property with respect to which the
credit under this subdivision was limited based on attributable
nonqualified nonrecourse financing, then an amount equal to the decrease
in such credit which would have resulted from reducing, by the amount of
such net increase, the cost or other basis taken into account with
respect to such property must be added back in such taxable year. The
amount of nonqualified nonrecourse financing shall not be treated as
increased by reason of a transfer of (or agreement to transfer) any
evidence of an indebtedness if such transfer occurs (or such agreement
is entered into) more than one year after the date such indebtedness was
incurred.

(9) (A) Where property with respect to which credit has been allowed
under this subdivision is disposed of by transfer to the taxpayer in a
qualified transaction, and such disposition requires, pursuant to this
paragraph (without regard to this subparagraph) that such credit be
decreased (where the disposition occurs in the taxable year in which the
property is placed in service by the transferor) or that a portion of
such credit be added back by the transferor, then clause (B) or clause
(C) of this subparagraph shall apply.

(B) If the taxpayer and the transferor jointly elect, at such time and
in such manner as the commissioner may prescribe, the following shall
apply:

(i) such portion shall not be required to be added back by the
transferor,

(ii) the amount of unused credit shall not be deducted from tax
otherwise due by the transferor on any return (including an amended
return), and shall not be so deducted as part of any audit adjustment or
any other determination, and

(iii) the amount of unused credit shall be treated as an amount of
credit of the taxpayer under this subdivision carried forward by the
taxpayer to its taxable year in which such transfer occurred, as if the
credit allowed to the transferor with respect to such property had
originally been allowed to the taxpayer both as to amount and first date
of qualified use, and as if the period of qualified use by the
transferor prior to the transfer had been a period of such use by the
taxpayer. Any amount of credit treated as carried forward to the taxable
year pursuant to this subparagraph shall be applied as provided in
clause (H) of this subparagraph.

(C) If the taxpayer and the transferor do not make the election
described in clause (B) of this subparagraph, then the amount of credit
required pursuant to this paragraph to be added back by the transferor
shall be treated as an amount of credit of the taxpayer under this
subdivision to be carried forward by the taxpayer to its taxable year in
which such transfer occurred, as if the credit allowed to the transferor
with respect to such property had originally been allowed to the
taxpayer both as to amount and first date of qualified use, and as if
the period of qualified use by the transferor prior to the transfer had
been a period of such use by the taxpayer. Any amount of credit treated
as carried forward to the taxable year pursuant to this subparagraph
shall be applied as provided in clause (H) of this subparagraph.

(D) The term "qualified transaction" shall mean a transaction which is
a reorganization described in section 368(a)(1)(D) of the internal
revenue code, wherein (i) substantially all of the assets of the
transferor necessary to continue the operation of a division or
divisions of the transferor are transferred to the taxpayer in a
transaction to which section 351 of such code applies, and (ii) stock or
securities of the taxpayer held by the transferor are distributed
pursuant to section 355 of such code.

(E) The term "unused credit" shall mean the amount of credit shown as
carried forward to the transaction year on the transferor's tax return
for its taxable year immediately preceding the transaction year with
respect to the property described in clause (A) of this subparagraph.

(F) The term "transaction year" means the taxable year in which the
qualified transaction occurs.

(G) Notwithstanding any other provision of law to the contrary, in the
case of allowance of credit pursuant to this subparagraph to a taxpayer
the commissioner shall have the authority to reveal to the taxpayer any
information, with respect to the credit of the transferor, which is the
basis for the denial in whole or in part of the credit claimed by such
taxpayer.

(H) Where a credit is allowed to a taxpayer pursuant to this
subparagraph, the taxpayer may treat the amount of such credit as an
overpayment of tax to be credited or refunded in accordance with the
provisions of section ten hundred eighty-six of this chapter, provided,
however, the provisions of subsection (c) of section ten hundred
eighty-eight of this chapter notwithstanding, no interest shall be paid
thereon. Such credit shall be allowed against the tax imposed by this
article with respect to the second succeeding taxable year next
following the transaction year, provided that not more than one-fourth
of the amount of such credit may be applied by the taxpayer, whether to
reduce tax otherwise due or to be treated as an overpayment to be
credited or refunded, with respect to such second succeeding taxable
year and each of the next three taxable years following such second
succeeding taxable year.

(f) For purposes of paragraph (d) of this subdivision, a new business
shall include any corporation, except a corporation which:

(1) over fifty percent of the number of shares of stock entitling the
holders thereof to vote for the election of directors or trustees is
owned or controlled, either directly or indirectly, by a taxpayer
subject to tax under this article; section one hundred eighty-three, one
hundred eighty-four or one hundred eighty-five of article nine; or
article thirty-three of this chapter; or

(2) is substantially similar in operation and in ownership to a
business entity (or entities) taxable, or previously taxable, under this
article; section one hundred eighty-three, one hundred eighty-four,
former section one hundred eighty-five or former section one hundred
eighty-six of article nine; article thirty-two of this chapter as such
article was in effect on December thirty-first, two thousand fourteen;
article thirty-three of this chapter; article twenty-three of this
chapter or which would have been subject to tax under such article
twenty-three (as such article was in effect on January first, nineteen
hundred eighty) or the income (or losses) of which is (or was)
includable under article twenty-two of this chapter whereby the intent
and purpose of this paragraph and paragraph (d) of this subdivision with
respect to refunding of credit to new business would be evaded; or

(3) has been subject to tax under this article or former article
thirty-two of this chapter for more than five taxable years (excluding
short taxable years).

2. Employment Incentive Credit (EIC). (a)(i) Application of credit.
Where a taxpayer is allowed a credit under subdivision one of this
section, other than at the optional rate applicable to research and
development property, the taxpayer shall be allowed a credit for each of
the two years next succeeding the taxable year for which the credit
under such subdivision one is allowed with respect to such property,
whether or not deductible in such taxable year or in subsequent taxable
years pursuant to paragraph (d) of such subdivision one. Provided,
however, that the credit allowable under this subdivision for any
taxable year shall be allowed only if the average number of employees
during such taxable year is at least one hundred one percent of the
average number of employees during the employment base year. The
employment base year shall be the taxable year immediately preceding the
taxable year for which the credit under such subdivision one is allowed
except that if the taxpayer was not subject to tax and did not have a
taxable year immediately preceding the taxable year for which the credit
under such subdivision one of this section is allowed, the employment
base year shall be the taxable year in which the credit under such
subdivision one is allowed.

(ii) Amount of credit. The amount of the credit allowed under this
subdivision shall be as set forth in the following table:
Average number of employees during the Credit allowed under this
taxable year expressed as a percentage subdivision expressed as a
of average employees in employment percentage of the applicable
base years investment credit basis
Less than 102% 1.5%
At least 102% and less than 103% 2%
At least 103% 2.5%

(b) Average number of employees. The average number of employees in a
taxable year shall be computed by ascertaining the number of employees
within the state, except general executive officers, employed by the
taxpayer on the thirty-first day of March, the thirtieth day of June,
the thirtieth day of September and the thirty-first day of December in
the taxable year, by adding together the number of employees ascertained
on each of such dates and dividing the sum so obtained by the number of
such above mentioned dates occurring within the taxable year. However,
with respect to the employment base year, there shall be excluded
therefrom any employee with respect to whom a credit provided for under
subdivision six of this section is claimed, for the taxable year, based
on employment within a zone equivalent area designated as such pursuant
to article eighteen-B of the general municipal law.

(c) Carryover. In no event shall the credit herein provided for be
allowed in an amount which will reduce the tax payable to less than the
fixed dollar minimum amount prescribed in paragraph (d) of subdivision
one of section two hundred ten of this article. However, if the amount
of credit allowable under this subdivision for any taxable year reduces
the tax to such amount or if the taxpayer otherwise pays tax based on
the fixed dollar minimum amount, any amount of credit not deductible in
such taxable year may be carried over to the fifteen taxable years
immediately following such taxable year and may be deducted from the
taxpayer's tax for such year or years.

3. Empire zone investment tax credit (EZ-ITC). (a) A taxpayer shall be
allowed a credit, to be computed as herein provided, against the tax
imposed by this article if the taxpayer has been certified pursuant to
article eighteen-B of the general municipal law. The amount of the
credit shall be ten percent of the cost or other basis for federal
income tax purposes of tangible personal property and other tangible
property, including buildings and structural components of buildings,
described in paragraph (b) of this subdivision, which is located within
an empire zone designated as such pursuant to article eighteen-B of such
law, but only if the acquisition, construction, reconstruction or
erection of such property occurred or was commenced on or after the date
of such designation and prior to the expiration thereof. Provided,
however, that in the case of an acquisition, construction,
reconstruction or erection which was commenced during such period and
continued or completed subsequently, such credit shall be ten percent of
the portion of the cost or other basis for federal income tax purposes
attributable to such period, which portion shall be ascertained by
multiplying such cost or basis by a fraction the numerator of which
shall be the expenditures paid or incurred during such period for such
purposes and the denominator of which shall be the total of all
expenditures paid or incurred for such acquisition, construction,
reconstruction or erection.

(b) Qualified property. A credit shall be allowed under this
subdivision with respect to tangible personal property and other
tangible property, including buildings and structural components of
buildings, which

(i) are depreciable pursuant to section one hundred sixty-seven of the
internal revenue code,

(ii) have a useful life of four years or more,

(iii) are acquired by purchase as defined in section one hundred
seventy-nine (d) of the internal revenue code,

(iv) have a situs in an empire zone designated as such pursuant to
article eighteen-B of the general municipal law, and

(v) are (A) principally used by the taxpayer in the production of
goods by manufacturing, processing, assembling, refining, mining,
extracting, farming, agriculture, horticulture, floriculture,
viticulture or commercial fishing,

(B) industrial waste treatment facilities or air pollution control
facilities used in the taxpayer's trade or business,

(C) research and development property,

(D) principally used in the ordinary course of the taxpayer's trade or
business as a broker or dealer in connection with the purchase or sale
(which shall include but not be limited to the issuance, entering into,
assumption, offset, assignment, termination, or transfer) of stocks,
bonds or other securities as defined in section four hundred
seventy-five (c)(2) of the Internal Revenue Code, or of commodities as
defined in section four hundred seventy-five (e) of the Internal Revenue
Code,

(E) principally used in the ordinary course of the taxpayer's trade or
business of providing investment advisory services for a regulated
investment company as defined in section eight hundred fifty-one of the
Internal Revenue Code, or lending, loan arrangement, or loan origination
services to customers in connection with the purchase or sale (which
shall include but not be limited to the issuance, entering into,
assumption, offset, assignment, termination or transfer) of securities
as defined in section four hundred seventy-five (c)(2) of the Internal
Revenue Code,

(E-1) principally used in the ordinary course of the taxpayer's trade
or business of providing investment advisory services or the service of
managing investment portfolios to achieve specific investment objectives
for accounts over one million dollars of accredited investors (as that
term is defined in rule 501 of regulation D of the Securities Act of
1933), if the taxpayer satisfies the following criteria:

(I) the taxpayer is a regulated broker or dealer or an affiliate of a
regulated broker or dealer,

(II) the taxpayer is registered as an investment adviser under section
two hundred three of the Investment Advisers Act of 1940, as amended,
and

(III) at least one client of the taxpayer is a regulated investment
company as defined in section eight hundred fifty-one of the internal
revenue code that has assets of one hundred million dollars, or

(F) principally used in the ordinary course of the taxpayer's business
as an exchange registered as a national securities exchange within the
meaning of sections 3(a)(1) and 6(a) of the Securities Exchange Act of
1934 or a board of trade as defined in subdivision one of paragraph (a)
of section fourteen hundred ten of the not-for-profit corporation law or
as an entity that is wholly owned by one or more such national
securities exchanges or boards or trade and that provides automation or
technical services thereto.

(vi) For purposes of clauses (D), (E), (E-1) and (F) of subparagraph
(v) of this paragraph, property purchased by a taxpayer affiliated with
a regulated broker, dealer, registered investment adviser, national
securities exchange or board of trade is allowed a credit under this
subdivision if the property is used by its affiliated regulated broker,
dealer, registered investment adviser or national securities exchange or
board of trade in accordance with this subdivision. For purposes of
determining if the property is principally used in qualifying uses, the
uses by the taxpayer described in clauses (D), (E) and (E-1) of
subparagraph (v) of this paragraph may be aggregated. In addition, the
uses by the taxpayer, its affiliated regulated broker, dealer and
registered investment adviser under any of those clauses may be
aggregated. Provided, however, a taxpayer shall not be allowed the
credit provided by clauses (D), (E), (E-1) and (F) of subparagraph (v)
of this paragraph unless

(I) eighty percent or more of the employees performing the
administrative and support functions resulting from or related to the
qualifying uses of such equipment are located in this state, or

(II) the average number of employees that perform the administrative
and support functions resulting from or related to the qualifying uses
of such equipment and are located in this state during the taxable year
for which the credit is claimed is equal to or greater than ninety-five
percent of the average number of employees that perform these functions
and are located in this state during the thirty-six months immediately
preceding the year for which the credit is claimed, or

(III) the number of employees located in this state during the taxable
year for which the credit is claimed is equal to or greater than ninety
percent of the number of employees located in this state on December
thirty-first, nineteen hundred ninety-eight or, if the taxpayer was not
a calendar year taxpayer in nineteen hundred ninety-eight, the last day
of its first taxable year ending after December thirty-first, nineteen
hundred ninety-eight. If the taxpayer becomes subject to tax in this
state after the taxable year beginning in nineteen hundred ninety-eight,
then the taxpayer is not required to satisfy the employment test
provided in the preceding sentence of this subparagraph for its first
taxable year.

(vii) For the purposes of clause (III) of subparagraph (vi) of this
paragraph the employment test will be based on the number of employees
located in this state on the last day of the first taxable year the
taxpayer is subject to tax in this state. If the uses of the property
must be aggregated to determine whether the property is principally used
in qualifying uses, then either each affiliate using the property must
satisfy this employment test or this employment test must be satisfied
through the aggregation of the employees of the taxpayer, its affiliated
regulated broker, dealer, and registered investment adviser using the
property.

(viii) For the purpose of this subdivision, the term "goods" shall not
include electricity.

(ix) For purposes of this subdivision, "manufacturing" shall mean the
process of working raw materials into wares suitable for use or which
gives new shapes, new quality or new combinations to matter which
already has gone through some artificial process by the use of
machinery, tools, appliances and other similar equipment. Property used
in the production of goods shall include machinery, equipment or other
tangible property which is principally used in the repair and service of
other machinery, equipment or other tangible property used principally
in the production of goods and shall include all facilities used in the
production operation, including storage of material to be used in
production and of the products that are produced. For purposes of this
subdivision, the terms "research and development property", "industrial
waste treatment facilities", and "air pollution control facilities"
shall have the meanings ascribed thereto by clauses (B), (C) and (D),
respectively, of subparagraph (iv) of paragraph (b) of subdivision one
of this section, and the provisions of subparagraph (v) of such
paragraph (b) shall apply.

(c) Nonqualified property. A taxpayer shall not be allowed a credit
under this subdivision with respect to any tangible personal property
and other tangible property, including buildings and structural
components of buildings, which it leases to any other person or
corporation except where a taxpayer leases property to an affiliated
regulated broker, dealer, registered investment adviser, national
securities exchange or board of trade or other entity described in
clause (F) of subparagraph (v) of paragraph (b) of this subdivision that
uses such property in accordance with clause (D), (E), (E-1) or (F) of
subparagraph (v) of paragraph (b) of this subdivision. For purposes of
the preceding sentence, any contract or agreement to lease or rent or
for a license to use such property shall be considered a lease.
Provided, however, in determining whether a taxpayer shall be allowed a
credit under this subdivision with respect to such property, any
election made with respect to such property pursuant to the provisions
of paragraph eight of subsection (f) of section one hundred sixty-eight
of the internal revenue code, as such paragraph was in effect for
agreements entered into prior to January first, nineteen hundred
eighty-four, shall be disregarded.

(d) Carryover. The credit allowed under this subdivision for any
taxable year shall not reduce the tax due for such year to less than the
fixed dollar minimum amount prescribed in paragraph (d) of subdivision
one of section two hundred ten of this article. Provided, however, that
if the amount of credit allowed under this subdivision for any taxable
year reduces the tax to such amount or if the taxpayer otherwise pays
tax based on the fixed dollar minimum amount, any amount of credit not
deductible in such taxable year may be carried over to the following
year or years and may be deducted from the taxpayer's tax for such year
or years. In lieu of such carryover, any such taxpayer which qualifies
as a new business under paragraph (f) of subdivision one of this section
may elect, on its report for its taxable year with respect to which such
credit is allowed, to treat fifty percent of the amount of such
carryover as an overpayment of tax to be credited or refunded in
accordance with the provisions of section one thousand eighty-six of
this chapter. In addition, any taxpayer which is approved as the owner
of a qualified investment project or a significant capital investment
project pursuant to subdivision (w) of section nine hundred fifty-nine
of the general municipal law, on its report for its taxable year with
respect to which such credit is allowed, in lieu of such carryover, may
elect to treat fifty percent of the amount of such carryover which is
attributable to the credit allowed under this subdivision for property
which is part of such project 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, such owner shall be
allowed such refund for a maximum of ten taxable years with respect to
such qualified investment project and each significant capital
investment project, starting with the first taxable year in which
property comprising such project is placed in service. Provided,
further, however, the provisions of subsection (c) of section one
thousand eighty-eight of this chapter notwithstanding, no interest shall
be paid thereon.

(d-1) Any carryover of a credit from prior taxable years will not be
allowed if an empire zone retention certificate is not issued pursuant
to subdivision (w) of section nine hundred fifty-nine of the general
municipal law to the empire zone enterprise which is the basis of the
credit.

(e) At the option of the taxpayer, the taxpayer may choose to claim
the credit described in paragraph (a) of this subdivision for property
which also qualifies for the credit provided under subdivision one of
this section. A taxpayer shall not be allowed a credit under this
subdivision with respect to any property described in paragraph (a) of
this subdivision if a credit is taken pursuant to subdivision one of
this section.

(f) Recapture. (i) With respect to property which is depreciable
pursuant to section one hundred sixty-seven of the internal revenue code
but is not subject to the provisions of section one hundred sixty-eight
of such code and which is disposed of or ceases to be in qualified use
prior to the end of the taxable year in which the credit is to be taken,
the amount of the credit shall be that portion of the credit provided
for in this subdivision which represents the ratio which the months of
qualified use bear to the months of useful life. If property on which
credit has been taken is disposed of or ceases to be in qualified use
prior to the end of its useful life, the difference between the credit
taken and the credit allowed for actual use must be added back in the
year of disposition. Provided, however, if such property is disposed of
or ceases to be in qualified use after it has been in qualified use for
more than twelve consecutive years, it shall not be necessary to add
back the credit as provided in this subparagraph. The amount of credit
allowed for actual use shall be determined by multiplying the original
credit by the ratio which the months of qualified use bear to the months
of useful life. For purposes of this subparagraph, useful life of
property shall be the same as the taxpayer uses for depreciation
purposes when computing his federal income tax liability.

(ii) Except with respect to that property to which subparagraph (iv)
of this paragraph applies, with respect to three-year property, as
defined in subsection (e) of section one hundred sixty-eight of the
internal revenue code, which is disposed of or ceases to be in qualified
use prior to the end of the taxable year in which the credit is to be
taken, the amount of the credit shall be that portion of the credit
provided for in this subdivision which represents the ratio which the
months of qualified use bear to thirty-six. If property on which credit
has been taken is disposed of or ceases to be in qualified use prior to
the end of thirty-six months, the difference between the credit taken
and the credit allowed for actual use must be added back in the year of
disposition. The amount of credit allowed for actual use shall be
determined by multiplying the original credit by the ratio which the
months of qualified use bear to thirty-six.

(iii) Except with respect to that property to which subparagraph (iv)
of this paragraph applies, with respect to property subject to the
provisions of section one hundred sixty-eight of the internal revenue
code other than three-year property as defined in subsection (e) of such
section one hundred sixty-eight which is disposed of or ceases to be in
qualified use prior to the end of the taxable year in which the credit
is to be taken, the amount of the credit shall be that portion of the
credit provided for in this subdivision which represents the ratio which
the months of qualified use bear to sixty. If property on which credit
has been taken is disposed of or ceases to be in qualified use prior to
the end of sixty months, the difference between the credit taken and the
credit allowed for actual use must be added back in the year of
disposition. The amount of credit allowed for actual use shall be
determined by multiplying the original credit by the ratio which the
months of qualified use bear to sixty.

(iv) With respect to any property to which section one hundred
sixty-eight of the internal revenue code applies, which is a building or
a structural component of a building and which is disposed of or ceases
to be in qualified use prior to the end of the taxable year in which the
credit is to be taken, the amount of the credit shall be that portion of
the credit provided for in this subdivision which represents the ratio
which the months of qualified use bear to the total number of months
over which the taxpayer chooses to deduct the property under the
internal revenue code. If property on which credit has been taken is
disposed of or ceases to be in qualified use prior to the end of the
period over which the taxpayer chooses to deduct the property under the
internal revenue code, the difference between the credit taken and the
credit allowed for actual use must be added back in the year of
disposition. Provided, however, if such property is disposed of or
ceases to be in qualified use after it has been in qualified use for
more than twelve consecutive years, it shall not be necessary to add
back the credit as provided in this subparagraph. The amount of credit
allowed for actual use shall be determined by multiplying the original
credit by the ratio which the months of qualified use bear to the total
number of months over which the taxpayer chooses to deduct the property
under the internal revenue code.

(v) For purposes of this paragraph, disposal or cessation of qualified
use shall not be deemed to have occurred solely by reason of the
termination or expiration of an empire zone's designation as such.

(vi)(A) For purposes of this paragraph, the decertification of a
business enterprise with respect to an empire zone shall constitute a
disposal or cessation of qualified use of the property on which the
credit was taken which is located in the zone to which the
decertification applies, on the effective date of such decertification.

(B) Where a business enterprise has been decertified based on a
finding pursuant to clause one, two, or five of subdivision (a) of
section nine hundred fifty-nine of the general municipal law, the amount
required to be added back by reason of this paragraph shall be (I) the
amount of credit, with respect to the property which is disposed of or
ceases to be in qualified use, which was deducted from the taxpayer's
tax otherwise due under this article for all prior taxable years,
reduced (but not below zero) by (II) the credit allowed for actual use.
For purposes of this subparagraph, the attribution to specific property
of credit amounts deducted from tax shall be established in accordance
with the date of placement in service of such property in the empire
zone.

(C) In no event shall the amount of the credit allowed pursuant to
this subdivision be rendered, solely by reason of clause (A) of this
subparagraph, less than the amount of the credit to which the taxpayer
would otherwise be entitled under subdivision one of this section.

(D) Notwithstanding any other provision of this subdivision, in the
case of a business enterprise which has been decertified, any amount of
credit allowed with respect to the property of such business enterprise
located in the zone to which the decertification applies which is
carried over pursuant to paragraph (d) of this subdivision shall not be
carried over beyond the seventh taxable year next following the taxable
year with respect to which the credit provided for in this subdivision
was allowed.

(vii) For purposes of this paragraph, where a credit is allowed with
respect to an air pollution control facility on the basis of a
certificate of compliance issued pursuant to the environmental
conservation law and the certificate is revoked pursuant to subdivision
three of section 19-0309 of the environmental conservation law, such
revocation shall constitute a disposal or cessation of qualified use,
except with respect to property contained in or comprising such facility
which is described in clause (A), (B), or (C) of subparagraph (v) of
paragraph (b) of this subdivision other than as part of or comprising an
air pollution control facility. Also for purposes of this paragraph, the
use of an air pollution control facility or an industrial waste
treatment facility for the primary purpose of salvaging materials which
are usable in the manufacturing process or are marketable shall
constitute a cessation of qualified use, except with respect to property
contained in or comprising such facility which is described in clause
(A) or (C) of subparagraph (v) of paragraph (b) of this subdivision.

(viii) Except as provided in this subparagraph, this paragraph shall
not apply to a credit allowed by this subdivision to a taxpayer that is
a partner in a partnership in the case of manufacturing property;
provided, at the time such property was placed in service by such
partnership in an empire zone the basis for federal income tax purposes
for such property (or a project that includes such property) equaled or
exceeded three hundred million dollars and such partner owned its
partnership interest for at least three years from the date such
property was placed in service. If such property ceases to be in
qualified use after it is placed in service, this paragraph shall apply
to such partner in the year such property ceases to be in qualifying
use.

(ix) If a taxpayer, which is approved by the commissioner of economic
development as the owner of a qualified investment project or a
significant capital investment project pursuant to subdivision (w) of
section nine hundred fifty-nine of the general municipal law, fails to
(A) create at least the minimum number of jobs at such project as
required by the provisions of subdivision (s) or (t) of section nine
hundred fifty-seven and subdivision (w) of section nine hundred
fifty-nine of the general municipal law or (B) place in service property
comprising such qualified investment project or significant capital
investment project with a basis for federal income tax purposes equaling
or exceeding the applicable minimum required basis as provided in such
subdivision (s) or (t), whichever is relevant, by the last day of the
fifth taxable year following the taxable year in which a credit is first
allowed under this subdivision for the property which comprises such
qualified investment project or such significant capital investment
project, the total amount of the credit allowed under this subdivision
for all taxable years with respect to the property which comprises such
project which has been refunded to such taxpayer shall be added back in
such taxable year.

(g) Notwithstanding the expiration of the empire zones program under
article eighteen-B of the general municipal law, a taxpayer that is
certified as a qualified investment project pursuant to such article
eight-B on the day immediately preceding the day the empire zones
program expired shall continue to be deemed certified under such article
eighteen-B for purposes of this subdivision for the remainder of the
taxable year in which the expiration occurred and for the next
succeeding nine taxable years. In addition, the areas designated as
empire zones in which the taxpayer is certified as a qualified
investment project on the day immediately preceding the day the empire
zones program expired shall continue to be deemed empire zones for
purposes of this subdivision for the remainder of the taxable year in
which the expiration occurred and for the next succeeding nine taxable
years.

(h) Notwithstanding the expiration of the empire zones program under
article eighteen-B of the general municipal law and except as provided
in paragraph (g) of this subdivision, a taxpayer that is certified as an
empire zone business pursuant to such article eighteen-B on the day
immediately preceding the day the empire zone program expired shall
continue to be deemed certified under such article eighteen-B for
purposes of this subdivision until April first, two thousand fourteen.
In addition, the areas designated as empire zones in which the taxpayer
is certified as an empire zone business on the day immediately preceding
the day the empire zones program expired shall continue to be deemed
empire zones for purposes of this subdivisions until April first, two
thousand fourteen.

4. Empire zone employment incentive credit (EZ-EIC). (a) Application
of credit. Where a taxpayer is allowed a credit under subdivision three
of this section, the taxpayer shall be allowed a credit for each of the
three years next succeeding the taxable year for which the credit under
such subdivision three is allowed, with respect to such property,
whether or not deductible in such taxable year or in subsequent taxable
years pursuant to paragraph (d) of such subdivision three, of thirty
percent of the credit allowable under such subdivision three; provided,
however, that the credit allowable under this subdivision for any
taxable year shall only be allowed if the average number of employees
employed by the taxpayer in the empire zone, designated pursuant to
article eighteen-B of the general municipal law, in which such property
is located during such taxable year is at least one hundred one percent
of the average number of employees employed by the taxpayer in such
empire zone, during the taxable year immediately preceding the taxable
year for which the credit under such subdivision three is allowed and
provided, further, that if the taxpayer was not subject to tax and did
not have a taxable year immediately preceding the taxable year for which
the credit under subdivision three of this section is allowed, the
credit allowable under this subdivision for any taxable year shall be
allowed if the average number of employees employed in such empire zone
in such taxable year is at least one hundred one percent of the average
number of such employees during the taxable year in which the credit
under such subdivision three is allowed.

(b) Average number of employees. The average number of employees
employed in an empire zone in a taxable year shall be computed by
ascertaining the number of such employees within such zone except
general executive officers, employed by the taxpayer on the thirty-first
day of March, the thirtieth day of June, the thirtieth day of September
and the thirty-first day of December in the taxable year, by adding
together the number of employees ascertained on each of such dates and
dividing the sum so obtained by the number of such above-mentioned dates
occurring within the taxable year.

(c) Carryover. In no event shall the credit herein provided for be
allowed in an amount which will reduce the tax payable to less than the
fixed dollar minimum amount prescribed in paragraph (d) of subdivision
one of section two hundred ten of this article. Provided, however, that
if the amount of credit allowable under this subdivision for any taxable
year reduces the tax to such amount or if the taxpayer otherwise pays
tax based on the fixed dollar minimum amount, any amount of credit not
deductible in such taxable year may be carried over to the following
year or years and may be deducted from the taxpayer's tax for such year
or years. In lieu of such carryover, any such taxpayer, which is
approved as the owner of a qualified investment project or a significant
capital investment project pursuant to subdivision (v) of section nine
hundred fifty-nine of the general municipal law, may elect, on its
report for its taxable year with respect to which such credit is
allowed, to treat fifty percent of the amount of such carryover 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, in the case of such owner of a qualified investment project or
a significant capital investment project, only fifty percent of the
amount of such carryover which is attributable to the credit allowed
under this subdivision with respect to property which is part of such
project shall be allowed to be credited or refunded and such owner shall
be allowed such credit or refund only for those taxable years in which
such owner would be allowed a credit or refund of the empire zone
investment tax credit pursuant to paragraph (d) of subdivision three of
this section. Provided, further, however, the provisions of subsection
(c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest shall be paid thereon.

(c-1) Any carryover of a credit from prior taxable years will not be
allowed if an empire zone retention certificate is not issued pursuant
to subdivision (w) of section nine hundred fifty-nine of the general
municipal law to the empire zone enterprise which is the basis of the
credit.

(d) Notwithstanding the expiration of the empire zones program under
article eighteen-B of the general municipal law, a taxpayer that is
certified as a qualified investment project pursuant to such article
eighteen-B on the day immediately preceding the day the empire zones
program expired shall continue to be deemed certified under such article
eighteen-B for purposes of this subdivision for the remainder of the
taxable year in which the expiration occurred and for the next
succeeding nine taxable years. In addition, the areas designated as
empire zones in which the taxpayer is certified as a qualified
investment project on the day immediately preceding the day the empire
zones program expired shall continue to be deemed empire zones for
purposes of this subdivision for the remainder of the taxable year in
which the expiration occurred and for the next succeeding nine taxable
years.

(e) Notwithstanding the expiration of the empire zones program under
article eighteen-B of the general municipal law and except as provided
in paragraph (d) of this subdivision, a taxpayer that is certified as an
empire zone business pursuant to such article eighteen-B on the day
immediately preceding the day the empire zones program expired shall
continue to be deemed in the empire zone in which the taxpayer was
certified as an empire zone business on the day immediately preceding
the day the empire zones program expired for each of the three years
next succeeding the taxable year for which the credit under subdivision
three of this section is allowed.

5. QEZE credit for real property taxes. (a) Allowance of credit. A
taxpayer which is a qualified empire zone enterprise shall be allowed a
credit for eligible real property taxes, to be computed as provided in
section fifteen of this chapter, against the tax imposed by this
article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the fixed dollar minimum amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of this article. However, if
the amount of credit allowed under this subdivision for any taxable year
reduces the tax to such amount or if the taxpayer otherwise pays tax
based on the fixed dollar minimum amount, any amount of credit thus not
deductible in such taxable year shall 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, the
provisions of subsection (c) of section one thousand eighty-eight of
this chapter notwithstanding, no interest shall be paid thereon.

6. QEZE tax reduction credit. (a) Allowance of credit. A taxpayer
which is a qualified empire zone enterprise shall be allowed a QEZE tax
reduction credit, to be computed as provided in section sixteen of this
chapter, against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the fixed dollar minimum amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of this article. Provided,
however, this paragraph shall not apply to a taxpayer with a zone
allocation factor of one hundred percent.

7. Qualified emerging technology company employment credit. (a)
Application of credit. A taxpayer shall be allowed a credit, to be
computed as hereinafter provided, against the tax imposed by this
article, provided:

(i) the taxpayer is a qualified emerging technology company pursuant
to the provisions of section thirty-one hundred two-e of the public
authorities law; and

(ii) the average number of individuals employed full time by the
taxpayer in New York state during the taxable year is at least one
hundred one percent of the taxpayer's base year employment. For the
purposes of this subdivision, "base year employment" means the average
number of individuals employed full-time by the taxpayer in the state
during the three taxable years immediately preceding the first taxable
year in which the credit is claimed. Where the taxpayer provided
full-time employment within the state during only a portion of such
three-year period, then the first effective date for the company to take
advantage of this credit shall be the next year following the first full
taxable year that the company had full-time employment in New York
state. For the purposes of this paragraph the term "three years" shall
be deemed to refer instead to the prior year's full-time employment
after the first year and the average of the first eight quarters of
employment after the first two taxable years in New York state.

(b) Credit limitation. The credit shall be allowed only in the first
taxable year in which the credit is claimed and in each of the next two
taxable years, provided that the conditions of paragraph (a) of this
subdivision are satisfied in each taxable year.

(c) Average number of individuals employed full-time. For the purposes
of this subdivision, average number of individuals employed full-time
shall be computed by adding the number of such individuals employed by
the taxpayer at the end of each quarter during each taxable year or
other applicable period and dividing the sum so obtained by the number
of such quarters occurring within such taxable year or other applicable
period; provided however, except that in computing base year employment,
there shall be excluded therefrom any employee with respect to whom a
credit provided for under subdivision nineteen of section two hundred
ten of this article, as such subdivision was in effect on December
thirty-first, two thousand fourteen, was claimed for the taxable year.

(d) Amount of credit. The amount of the credit shall equal the product
of one thousand dollars times the number of individuals employed
full-time by the taxpayer in the taxable year that are in excess of one
hundred percent of the taxpayer's base year employment.

(e) Carryover. The credit allowed under this subdivision for any
taxable year shall not reduce the tax due for such year to less than the
fixed dollar minimum amount prescribed in paragraph (d) of subdivision
one of section two hundred ten of this article. However, if the amount
of credit allowed under this subdivision for any taxable year reduces
the tax to such amount or if the taxpayer otherwise pays tax based on
the fixed dollar minimum amount, any amount of credit thus not
deductible in such taxable year shall 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, the
provisions of subsection (c) of section one thousand eighty-eight of
this chapter notwithstanding, no interest shall be paid thereon.

8. Qualified emerging technology company capital tax credit. (a)
Amount of credit. A taxpayer shall be allowed a credit against the tax
imposed by this article. The amount of the credit shall be equal to one
of the following percentages, per each qualified investment in a
qualified emerging technology company as defined in section thirty-one
hundred two-e of the public authorities law, made during the taxable
year, and certified by the commissioner, either:

(1) ten percent of qualified investments in qualified emerging
technology companies, except for investments made by or on behalf of an
owner of the business, including, but not limited to, a stockholder,
partner or sole proprietor, or any related person, as defined in
subparagraph (C) of paragraph three of subsection (b) of section four
hundred sixty-five of the internal revenue code, and provided, however,
that the taxpayer certifies to the commissioner that the qualified
investment will not be sold, transferred, traded, or disposed of during
the four years following the year in which the credit is first claimed;
or

(2) twenty percent of qualified investments in qualified emerging
technology companies, except for investments made by or on behalf of an
owner of the business, including, but not limited to, a stockholder,
partner or sole proprietor, or any related person, as defined in
subparagraph (C) of paragraph three of subsection (b) of section four
hundred sixty-five of the internal revenue code, and provided, however,
that the taxpayer certifies to the commissioner that the qualified
investment will not be sold, transferred, traded, or disposed of during
the nine years following the year in which the credit is first claimed.

(b) Qualified investment. "Qualified investment" means the
contribution of property to a corporation in exchange for original issue
capital stock or other ownership interest, the contribution of property
to a partnership in exchange for an interest in the partnership, and
similar contributions in the case of a business entity not in corporate
or partnership form in exchange for an ownership interest in such
entity. The total amount of credit allowable to a taxpayer under this
provision for all years, taken in the aggregate, shall not exceed one
hundred fifty thousand dollars in the case of investments made pursuant
to subparagraph one of paragraph (a) of this subdivision and shall not
exceed three hundred thousand dollars in the case of investments made
pursuant to subparagraph two of paragraph (a) of this subdivision.

(c) Carryover. In no event shall the credit and carryover of such
credit allowed under this subdivision for any taxable year, in the
aggregate, reduce the tax due for such year to less than the fixed
dollar minimum amount prescribed in paragraph (d) of subdivision one of
section two hundred ten of this chapter. However, if the amount of
credit or carryovers of such credit, or both, allowed under this
subdivision for any taxable year reduces the tax to such amount or if
the taxpayer otherwise pays tax based on the fixed dollar minimum
amount, or if any part of the credit or carryovers of such credit may
not be deducted from the tax otherwise due by reason of the final
sentence of this paragraph, any amount of credit or carryovers of such
credit thus not deductible in such taxable year may be carried over to
the following year or years and may be deducted from the tax for such
year or years. In addition, the amount of such credit, and carryovers of
such credit to the taxable year, deducted from the tax otherwise due may
not, in the aggregate, exceed fifty percent of the tax imposed under
section two hundred nine of this article computed without regard to any
credit provided for by this section.

(d) Recapture. (1) Where a taxpayer sells, transfers or otherwise
disposes of corporate stock, a partnership interest or other ownership
interest arising from the making of a qualified investment which was the
basis, in whole or in part, for the allowance of the credit provided for
under subparagraph one of paragraph (a) of this subdivision, or where an
investment which was the basis for such allowance is, in whole or in
part, recovered by such taxpayer, and such disposition or recovery
occurs during the taxable year or within forty-eight months from the
close of the taxable year with respect to which such credit is allowed,
the taxpayer shall add back, with respect to the taxable year in which
the disposition or recovery described above occurred, the required
portion of the credit originally allowed.

(2) Where a taxpayer sells, transfers or otherwise disposes of
corporate stock, a partnership interest or other ownership interest
arising from the making of a qualified investment which was the basis,
in whole or in part, for the allowance of the credit provided for under
subparagraph two of paragraph (a) of this subdivision, or where an
investment which was the basis for such allowance is in any manner, in
whole or in part, recovered by such taxpayer, and such disposition or
recovery occurs during the taxable year or within one hundred eight
months from the close of the taxable year with respect to which such
credit is allowed, the taxpayer shall add back, with respect to the
taxable year in which the disposition or recovery described in
subparagraph one of this paragraph occurred the required portion of the
credit originally allowed.

(3) The required portion of the credit originally allowed shall be the
product of (A) the portion of such credit attributable to the property
disposed of and (B) the applicable percentage.

(4) The applicable percentage shall be:

(A) for credits allowed pursuant to subparagraph one of paragraph (a)
of this subdivision:

(i) one hundred percent, if the disposition or recovery occurs within
the taxable year with respect to which the credit is allowed or within
twelve months of the end of such taxable year,

(ii) seventy-five percent, if the disposition or recovery occurs more
than twelve but not more than twenty-four months after the end of the
taxable year with respect to which the credit is allowed,

(iii) fifty percent, if the disposition or recovery occurs more than
twenty-four months but not more than thirty-six months after the end of
the taxable year with respect to which the credit is allowed, or

(iv) twenty-five percent, if the disposition or recovery occurs more
than thirty-six months but not more than forty-eight months after the
end of the taxable year with respect to which the credit is allowed; or

(B) for credits allowed pursuant to subparagraph two of paragraph (a)
of this subdivision:

(i) one hundred percent, if the disposition or recovery occurs within
the taxable year with respect to which the credit is allowed or within
twelve months of the end of such taxable year,

(ii) eighty percent, if the disposition or recovery occurs more than
twelve but not more than forty-eight months after the end of the taxable
year with respect to which the credit is allowed,

(iii) sixty percent, if the disposition or recovery occurs more than
forty-eight months but not more than seventy-two months after the end of
the taxable year with respect to which the credit is allowed,

(iv) forty percent, if the disposition or recovery occurs more than
seventy-two months but not more than ninety-six months after the end of
the taxable year with respect to which the credit is allowed, or

(v) twenty percent, if the disposition or recovery occurs more than
ninety-six months but not more than one hundred eight months after the
end of the taxable year with respect to which the credit is allowed.

9. Credit for the special additional mortgage recording tax. (a)
Application of credit. A taxpayer shall be allowed a credit, to be
credited against the tax imposed by this article, equal to the amount of
the special additional mortgage recording tax paid by the taxpayer
pursuant to the provisions of subdivision one-a of section two hundred
fifty-three of this chapter on mortgages recorded. Provided, however, no
credit shall be allowed with respect to a mortgage of real property
principally improved or to be improved by one or more structures
containing in the aggregate not more than six residential dwelling
units, each dwelling unit having its own separate cooking facilities,
where the real property is located in one or more of the counties
comprising the metropolitan commuter transportation area. Provided
further, however, no credit shall be allowed with respect to a mortgage
of real property principally improved or to be improved by one or more
structures containing in the aggregate not more than six residential
dwelling units, each dwelling unit having its own separate cooking
facilities, where the real property is located in the county of Erie.

(b) Carryover or refund. In no event shall the credit herein provided
for be allowed in an amount which will reduce the tax payable to less
than the fixed dollar minimum amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of this article. If, however,
the amount of credit allowable under this subdivision for any taxable
year, including any credit carried over from a prior taxable year,
reduces the tax to such amount or if the taxpayer otherwise pays tax
based on the fixed dollar minimum amount, any amount of credit not
deductible in such taxable year may be carried over to the following
year or years and may be deducted from the taxpayer's tax for such year
or years. In lieu of carrying over to the following year or years, the
unused portion of credits attributable to the special additional
mortgage recording tax paid by the taxpayer as mortgagee with respect to
mortgages of real property principally improved or to be improved by one
or more structures containing in the aggregate not more than six
residential dwelling units, each dwelling unit having its own separate
cooking facilities, such taxpayer may elect to treat such unused portion
as an overpayment of tax to be credited or refunded in accordance with
the provisions of section ten hundred eighty-six of this chapter, except
that no interest shall be paid on such overpayment.

10. Credit for servicing certain mortgages. (a) General. Every
taxpayer meeting the requirements of the state of New York mortgage
agency applicable to the servicing of mortgages acquired by such agency
pursuant to the state of New York mortgage agency act, which shall have
entered into a contract with the state of New York mortgage agency to
service mortgages acquired by such agency pursuant to the state of New
York mortgage agency act, shall have credited to it annually an amount
equal to two and ninety-three one hundredths per centum of the total
principal and interest collected by the taxpayer during its taxable year
on each such mortgage secured by a lien on real estate improved by a
one-family to four-family residential structure and an amount equal to
the interest collected by the taxpayer during its taxable year on each
such mortgage secured by a lien on real property improved by a structure
occupied as the residence of five or more families living independently
of each other, multiplied by a fraction the denominator of which shall
be the interest rate payable on the mortgage (computed to five decimal
places) and the numerator of which shall be .00125 in the case of such a
mortgage acquired by such agency for less than one million dollars, and
..00100 in the case of such a mortgage acquired by such agency for one
million dollars or more. In no event shall the credit allowed under this
subdivision reduce the tax to less than the fixed dollar minimum amount
prescribed in paragraph (d) of subdivision one of section two hundred
ten of this article. In computing such tax credit for the servicing of
mortgages on one-family to four-family residential structures, the
taxpayer shall not be entitled to credit for the collection of
curtailment or payments in discharge of any such mortgage. For the
purposes of this subdivision,

(b)(i) a "curtailment" shall mean amounts paid by mortgagors

(A) in excess of the monthly constant due during the month of
collection and

(B) in reduction of the unpaid principal balance of the mortgage; in
the absence of clear evidence to the contrary, amounts paid in excess of
the monthly constant due during the month of collection shall be deemed
to be in reduction of the unpaid principal balance of the mortgage; and

(ii) "monthly constant" shall mean the amount of principal and
interest which is due and payable according to the mortgage documents on
each periodic payment date.

11. Agricultural property tax credit. (a) General. In the case of a
taxpayer which is an eligible farmer or an eligible farmer who has paid
taxes pursuant to a land contract, there shall be allowed a credit for
the allowable school district property taxes. The term "allowable school
district property taxes" means the school district property taxes paid
during the taxable year on qualified agricultural property, subject to
the acreage limitation provided in paragraph (e) of this subdivision and
the income limitation provided in paragraph (f) of this subdivision.

(b) Eligible farmer. For purposes of this subdivision, the term
"eligible farmer" means a taxpayer whose federal gross income from
farming for the taxable year is at least two-thirds of excess federal
gross income. The term "eligible farmer" also includes a corporation
other than the taxpayer of record for qualified agricultural land which
has paid the school district property taxes on such land pursuant to a
contract for the future purchase of such land; provided that such
corporation has a federal gross income from farming for the taxable year
which is at least two-thirds of excess federal gross income; and
provided further that, in determining such income eligibility, a
taxpayer may, for any taxable year, use the average of such federal
gross income from farming for that taxable year and such income for the
two consecutive taxable years immediately preceding such taxable year.
Excess federal gross income means the amount of federal gross income
from all sources for the taxable year in excess of thirty thousand
dollars. For the purposes of this paragraph, payments from the state's
farmland protection program, administered by the department of
agriculture and markets, shall be included as federal gross income from
farming for otherwise eligible farmers.

(c) School district property taxes. For purposes of this subdivision,
the term "school district property taxes" means all property taxes,
special ad valorem levies and special assessments, exclusive of
penalties and interest, levied for school district purposes on the
qualified agricultural property owned by the taxpayer.

(d) Qualified agricultural property. For purposes of this subdivision,
the term "qualified agricultural property" means land located in this
state which is used in agricultural production, and land improvements,
structures and buildings (excluding buildings used for the taxpayer's
residential purpose) located on such land which are used or occupied to
carry out such production. Qualified agricultural property also includes
land set aside or retired under a federal supply management or soil
conservation program or land that at the time it becomes subject to a
conservation easement met the requirements under this paragraph.

(e) Acreage limitation. (i) Eligible taxes. In the event that the
qualified agricultural property owned by the taxpayer includes land in
excess of the base acreage as provided in this paragraph, the amount of
school district property taxes eligible for credit under this
subdivision shall be that portion of the school district property taxes
which bears the same ratio to the total school district property taxes
paid during the taxable year, as the acreage allowable under this
paragraph bears to the entire acreage of such land.

(ii) Allowable acreage. The allowable acreage is the sum of the base
acreage set forth below and fifty percent of the incremental acreage.
The incremental acreage is the excess of the entire acreage of qualified
agricultural land owned by the taxpayer over the base acreage. Except as
provided in subparagraph (iii) of this paragraph, the base acreage is
three hundred fifty acres.
The total base acreage may be increased by any acreage enrolled or
participating during the taxable year in a federal environmental
conservation acreage reserve program pursuant to title three of the
federal agriculture improvement and reform act of nineteen hundred
ninety-six.

(iii) Base acreage of related persons. Where the taxpayer and one or
more related persons each own qualified agricultural property on the
first day of March of any year, the base acreage under subparagraph (ii)
of this paragraph shall be divided equally and allotted among the
taxpayer and such related persons, and the taxpayer's base acreage for
the taxable year which includes such March first shall be limited to its
allotted share. Provided, however, if the taxpayer and all such related
persons consent (at such time and in such manner as the commissioner may
prescribe) to an unequal division, the taxpayer's base acreage for such
taxable year shall be limited to its allotted share under such unequal
division.

(iv) Related persons. (A) For purposes of subparagraph (iii) of this
paragraph, the term "related person" means:

(I) a corporation subject to tax under this article, where the
taxpayer and the corporation are members of the same controlled group,
as defined in section 267(f) of the internal revenue code;

(II) an individual, partnership, estate or trust, where more than
fifty percent in value of the outstanding stock of the taxpayer is
owned, directly or indirectly, by or for such individual, partnership,
estate or trust or by or for the grantor of such trust;

(III) a corporation subject to tax under this article, or a
partnership, estate or trust, if the same person owns more than fifty
percent in value of the outstanding stock of the taxpayer and more than
fifty percent in value of the outstanding stock of the corporation, or
more than fifty percent of the capital or profits interest in the
partnership, or more than fifty percent of the beneficial interest in
the estate or trust;

(IV) a partnership, estate or trust of which the taxpayer owns,
directly or indirectly, more than fifty percent of the capital, profits
or beneficial interest.

(B) In determining whether a person is a related person within the
meaning of this subparagraph:

(I) stock owned, directly or indirectly, by or for a corporation,
partnership, estate or trust shall be considered as being owned
proportionately by or for its shareholders, partners or beneficiaries;

(II) an individual shall be considered as owning the stock owned,
directly or indirectly, by or for his spouse;

(III) stock constructively owned by a person by reason of the
application of item (I) of this clause shall, for the purpose of
applying item (I) or (II) of this clause, be treated as actually owned
by such person.

(f) Income limitation. (i) In the event that the modified entire net
income of the taxpayer exceeds two hundred thousand dollars, the
allowable school district property taxes under paragraph (a) of this
subdivision shall be the eligible taxes under subparagraph (i) of
paragraph (e) of this subdivision reduced by the product of the amount
of such eligible taxes and a percentage, such percentage to be
determined by multiplying one hundred percent by a fraction, the
numerator of which is the lesser of one hundred thousand dollars or the
excess of the taxpayer's modified entire net income over two hundred
thousand dollars and the denominator of which is one hundred thousand
dollars. For purposes of the preceding sentence, the term "eligible
taxes", where the acreage limitation of paragraph (e) of this
subdivision does not apply, shall mean the total school district
property taxes paid during the taxable year.

(ii) The term "modified entire net income" means the entire net income
for the taxable year reduced by the amount of principal paid on farm
indebtedness during the taxable year. The term "farm indebtedness" means
debt incurred or refinanced which is secured by farm property, where the
proceeds of the debt are disbursed for expenditures incurred in the
business of farming.

(g) Carryover. In no event shall the credit provided herein be allowed
in an amount which will reduce the tax payable to less than the fixed
dollar minimum amount prescribed in paragraph (d) of subdivision one of
section two hundred ten of this article. If, however, the amount of
credit allowable under this subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit not deductible in such
taxable year may be carried over to the following year or years and may
be deducted from the taxpayer's tax for such year or years. Provided,
however, in lieu of carrying over the unused portion of such credit, the
taxpayer may elect to treat such unused portion as an overpayment of tax
to be credited or refunded in accordance with the provisions of section
one thousand eighty-six of this chapter except that no interest shall be
paid on such overpayment.

(h) Nonqualified use. (i) No credit in conversion year. In the event
that qualified agricultural property is converted by the taxpayer to
nonqualified use, credit under this subdivision shall not be allowed
with respect to such property for the taxable year of conversion (the
conversion year).

(ii) Credit recapture. If the conversion by the taxpayer of qualified
agricultural property to nonqualified use occurs during the period of
the two taxable years following the taxable year for which the credit
under this subdivision was first claimed with respect to such property,
the credit allowed with respect to such property for the taxable years
prior to the conversion year must be added back in the conversion year.
Where the property converted includes land, and where the conversion is
of only a portion of such land, the credit allowed with respect to the
property converted shall be determined by multiplying the entire credit
under this subdivision for the taxable years prior to the conversion
year by a fraction, the numerator of which is the acreage converted and
the denominator of which is the entire acreage of such land owned by the
taxpayer immediately prior to the conversion.

(iii) Exception to recapture. Subparagraph (ii) of this paragraph
shall not apply to the conversion of property where the conversion is by
reason of involuntary conversion, within the meaning of section one
thousand thirty-three of the internal revenue code.

(iv) Conversion to nonqualified use. For purposes of this paragraph, a
sale or other disposition of qualified agricultural property alone shall
not constitute a conversion to a nonqualified use.

(i) Special rules. For purposes of this subdivision, the term "federal
gross income from farming" shall include gross income from the
production of maple syrup, cider, Christmas trees derived from a managed
Christmas tree operation whether dug for transplanting or cut from the
stump, or from a commercial horse boarding operation as defined in
subdivision thirteen of section three hundred one of the agriculture and
markets law, or from the sale of wine from a licensed farm winery as
provided for in article six of the alcoholic beverage control law, or
from the sale of cider from a licensed farm cidery as provided for in
section fifty-eight-c of the alcoholic beverage control law.

(j) Election to deem gross income of New York C corporation to
shareholders. For purposes of this subdivision, federal gross income
from farming shall be zero for any taxable year of a New York C
corporation for which the election under paragraph nine of subsection
(n) of section six hundred six of this chapter is in effect.

12. Credit for employment of persons with disabilities. (a) Allowance
of credit. A taxpayer shall be allowed a credit, to be computed as
hereinafter provided, against the tax imposed by this article, for
employing within the state a qualified employee.

(b) Qualified employee. A qualified employee is an individual:

(1) who is certified by the education department, or in the case of an
individual who is blind or visually handicapped, by the state agency
responsible for provision of vocational rehabilitation services to the
blind and visually handicapped: (i) as a person with a disability which
constitutes or results in a substantial handicap to employment and (ii)
as having completed or as receiving services under an individualized
written rehabilitation plan approved by the education department or
other state agency responsible for providing vocational rehabilitation
services to such individual; and

(2) who has worked on a full-time basis for the employer who is
claiming the credit for at least one hundred eighty days or four hundred
hours.

(c) Amount of credit. Except as provided in paragraph (d) of this
subdivision, the amount of credit shall be thirty-five percent of the
first six thousand dollars in qualified first-year wages earned by each
qualified employee. "Qualified first-year wages" means wages paid or
incurred by the taxpayer during the taxable year to qualified employees
which are attributable, with respect to any such employee, to services
rendered during the one-year period beginning with the day the employee
begins work for the taxpayer.

(d) Credit where federal work opportunity tax credit applies. With
respect to any qualified employee whose qualified first-year wages under
paragraph (c) of this subdivision also constitute qualified first-year
wages for purposes of the work opportunity tax credit for vocational
rehabilitation referrals under section fifty-one of the internal revenue
code, the amount of credit under this subdivision shall be thirty-five
percent of the first six thousand dollars in qualified second-year wages
earned by each such employee. "Qualified second-year wages" means wages
paid or incurred by the taxpayer during the taxable year to qualified
employees which are attributable, with respect to any such employee, to
services rendered during the one-year period beginning one year after
the employee begins work for the taxpayer.

(e) Carryover. The credit allowed under this subdivision for any
taxable year shall not reduce the tax due for such year to less than the
fixed dollar minimum amount prescribed in paragraph (d) of subdivision
one of section two hundred ten of this chapter. However, if the amount
of credit allowable under this subdivision for any taxable year reduces
the tax to such amount or if the taxpayer otherwise pays tax based on
the fixed dollar minimum amount, any amount of credit not deductible in
such taxable year may be carried over to the following year or years,
and may be deducted from the taxpayer's tax for such year or years.

(f) Coordination with federal work opportunity tax credit. The
provisions of section fifty-one and fifty-two of the internal revenue
code, as such sections applied on October first, nineteen hundred
ninety-six, that apply to the federal work opportunity tax credit for
vocational rehabilitation referrals shall apply to the credit under this
subdivision to the extent that such sections are consistent with the
specific provisions of this subdivision, provided that in the event of a
conflict the provisions of this subdivision shall control.

13. Credit for purchase of an automated external defibrillator. A
taxpayer shall be allowed a credit, to be computed as hereinafter
provided, against the tax imposed by this article, for the purchase,
other than for resale, of an automated external defibrillator, as such
term is defined in section three thousand-b of the public health law.
The amount of credit shall be the cost to the taxpayer of automated
external defibrillators purchased during the taxable year, such credit
not to exceed five hundred dollars with respect to each unit purchased.
The credit allowed under this subdivision for any taxable year shall not
reduce the tax due for such year to less than the fixed dollar minimum
amount prescribed in paragraph (d) of subdivision one of section two
hundred ten of this chapter.

14. Credit for purchase of long-term care insurance. (a) General. A
taxpayer shall be allowed a credit against the tax imposed by this
article equal to twenty percent of the premium paid during the taxable
year for long-term care insurance. In order to qualify for such credit,
the taxpayer's premium payment must be for the purchase of or for
continuing coverage under a long-term care insurance policy that
qualifies for such credit pursuant to section one thousand one hundred
seventeen of the insurance law.

(b) Carryover. The credit allowed under this subdivision for any year
shall not reduce the tax due for such year to less than the fixed dollar
minimum amount prescribed in paragraph (d) of subdivision one of section
two hundred ten of this article. If, however, the amount of credit
allowable under this subdivision for any taxable year reduces the tax to
such amount or if the taxpayer otherwise pays tax based on the fixed
dollar minimum amount, any amount of credit not deductible in such
taxable year may be carried over to the following year or years and may
be deducted from the taxpayer's tax for such year or years.

15. Low-income housing credit. (a) Allowance of credit. A taxpayer
shall be allowed a credit against the tax imposed by this article with
respect to the ownership of eligible low-income buildings, computed as
provided in section eighteen of this chapter.

(b) Application of credit. The credit and carryovers of such credit
allowed under this subdivision for any taxable year shall not, in the
aggregate, reduce the tax due for such year to less than the fixed
dollar minimum amount prescribed in paragraph (d) of subdivision one of
section two hundred ten of this article. However, if the amount of
credit or carryovers of such credit, or both, allowed under this
subdivision for any taxable year reduces the tax to such amount or if
the taxpayer otherwise pays tax based on the fixed dollar minimum
amount, any amount of credit or carryovers of such credit thus not
deductible in such taxable year may be carried over to the following
year or years and may be deducted from the tax for such year or years.

(c) Credit recapture. For provisions requiring recapture of credit,
see subdivision (b) of section eighteen of this chapter.

16. Green building credit. (a) Allowance of credit. A taxpayer shall
be allowed a credit, to be computed as provided in section nineteen of
this chapter, against the tax imposed by this article.

(b) Carryovers. The credit and carryovers of such credit allowed under
this subdivision for any taxable year shall not, in the aggregate,
reduce the tax due for such year to less than the fixed dollar minimum
amount prescribed in paragraph (d) of subdivision one of section two
hundred ten of this article. However, if the amount of credit or
carryovers of such credit, or both, allowed under this subdivision for
any taxable year reduces the tax to such amount or if the taxpayer
otherwise pays tax based on the fixed dollar minimum amount, any amount
of credit or carryovers of such credit thus not deductible in such
taxable year may be carried over to the following year or years and may
be deducted from the tax for such year or years.

17. Brownfield redevelopment tax credit. (a) Allowance of credit. A
taxpayer shall be allowed a credit, to be computed as provided in
section twenty-one of this chapter, against the tax imposed by this
article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the fixed dollar minimum amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of this article. However, if
the amount of credits allowed under this subdivision for any taxable
year reduces the tax to such amount or if the taxpayer otherwise pays
tax based on the fixed dollar minimum amount, any amount of credit thus
not deductible in such taxable year shall 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, the
provisions of subsection (c) of section one thousand eighty-eight of
this chapter notwithstanding, no interest shall be paid thereon.

18. Remediated brownfield credit for real property taxes for qualified
sites. (a) Allowance of credit. A taxpayer which is a developer of a
qualified site shall be allowed a credit for eligible real property
taxes, to be computed as provided in subdivision (b) of section
twenty-two of this chapter, against the tax imposed by this article. For
purposes of this subdivision, the terms "qualified site" and "developer"
shall have the same meaning as set forth in paragraphs two and three,
respectively, of subdivision (a) of section twenty-two of this chapter.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the fixed dollar minimum amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of this article. However, if
the amount of credit allowed under this subdivision for any taxable year
reduces the tax to such amount or if the taxpayer otherwise pays tax
based on the fixed dollar minimum amount, any amount of credit thus not
deductible in such taxable year shall 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, the
provisions of subsection (c) of section one thousand eighty-eight of
this chapter notwithstanding, no interest shall be paid thereon.

19. Environmental remediation insurance credit. (a) Allowance of
credit. A taxpayer shall be allowed a credit, to be computed as
provided in section twenty-three of this chapter, against the tax
imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the fixed dollar minimum amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of this article. However, if
the amount of credits allowed under this subdivision for any taxable
year reduces the tax to such amount or if the taxpayer otherwise pays
tax based on the fixed dollar minimum amount, any amount of credit thus
not deductible in such taxable year shall 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, the
provisions of subsection (c) of section one thousand eighty-eight of
this chapter notwithstanding, no interest shall be paid thereon.

20. Empire state film production credit. (a) Allowance of credit. A
taxpayer who is eligible pursuant to section twenty-four of this chapter
shall be allowed a credit to be computed as provided in such section
twenty-four against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the fixed dollar minimum amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of this article. Provided,
however, that if the amount of the credit allowable under this
subdivision for any taxable year reduces the tax to such amount or if
the taxpayer otherwise pays tax based on the fixed dollar minimum
amount, the excess shall 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest shall be paid thereon.

21. Security training tax credit. (a) Allowance of credit. A taxpayer
shall be allowed a credit, to be computed as provided in section
twenty-six of this chapter, against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the fixed dollar minimum amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of this chapter. However, if
the amount of credits allowed under this subdivision for any taxable
year reduces the tax to such amount or if the taxpayer otherwise pays
tax based on the fixed dollar minimum amount, any amount of credit thus
not deductible in such taxable year shall 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, the
provisions of subsection (c) of section one thousand eighty-eight of
this chapter notwithstanding, no interest shall be paid thereon.

22. Conservation easement tax credit. (a) Credit allowed. In the case
of a taxpayer who owns land that is subject to a conservation easement
held by a public or private conservation agency, there shall be allowed
a credit for twenty-five percent of the allowable school district,
county and town real property taxes on such land. In no such case shall
the credit allowed under this subdivision in combination with any other
credit for such school district, county and town real property taxes
under this section exceed such taxes.

(b) Conservation easement. For purposes of this subdivision, the term
"conservation easement" means a perpetual and permanent conservation
easement as defined in article forty-nine of the environmental
conservation law that serves to protect open space, scenic, natural
resources, biodiversity, agricultural, watershed and/or historic
preservation resources. Any conservation easement for which a tax credit
is claimed under this subdivision shall be filed with the department of
environmental conservation, as provided for in article forty-nine of the
environmental conservation law and such conservation easement shall
comply with the provisions of title three of such article, and the
provisions of subdivision (h) of section 170 of the internal revenue
code. Dedications of land for open space through the execution of
conservation easements for the purpose of fulfilling density
requirements to obtain subdivision or building permits shall not be
considered a conservation easement under this subdivision.

(c) Land. For purposes of this subdivision, the term "land" means a
fee simple title to real property located in this state, with or without
improvements thereon; rights of way; water and riparian rights;
easements; privileges and all other rights or interests of any land or
description in, relating to or connected with real property, excluding
buildings, structures, or improvements.

(d) Public or private conservation agency. For purposes of this
subdivision, the term "public or private conservation agency" means any
state, local, or federal governmental body; or any private
not-for-profit charitable corporation or trust which is authorized to do
business in the state of New York, is organized and operated to protect
land for natural resources, conservation or historic preservation
purposes, is exempt from federal income taxation under section 501(c)(3)
of the internal revenue code, and has the power to acquire, hold and
maintain land and/or interests in land for such purposes.

(e) Credit limitation. The amount of the credit that may be claimed by
a taxpayer pursuant to this subsection shall not exceed five thousand
dollars in any given year.

(f) Application of the credit. The credit allowed under this
subdivision for any taxable year shall not reduce the tax due for such
year to less than the fixed dollar minimum 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
subdivision for any taxable year reduces the tax to such amount or if
the taxpayer otherwise pays tax based on the fixed dollar minimum
amount, any amount of the credit thus not deductible in such taxable
year shall be treated as an overpayment of tax to be credited or
refunded in accordance with the provisions of subsection (c) of section
one thousand eighty-eight of this chapter, except that, no interest
shall be paid thereon.

23. Empire state commercial production credit. (a) Allowance of
credit. A taxpayer that is eligible pursuant to provisions of section
twenty-eight of this chapter shall be allowed a credit to be computed as
provided in such section against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the fixed dollar minimum amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of this article. Provided,
however, that if the amount of the credit allowable under this
subdivision for any taxable year reduces the tax to such amount or if
the taxpayer otherwise pays tax based on the fixed dollar minimum
amount, fifty percent of the excess shall 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, the
provisions of subsection (c) of section one thousand eighty-eight of
this chapter notwithstanding, no interest shall be paid thereon. The
balance of such credit not credited or refunded in such taxable year may
be carried over to the immediately succeeding taxable year and may be
deducted from the taxpayer's tax for such year. The excess, if any, of
the amount of credit over the tax for such succeeding year shall 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, the provisions of subsection (c) of
section one thousand eighty-eight of this chapter notwithstanding, no
interest shall be paid thereon.

(c) Expiration of credit. The credit allowed under this subdivision
shall not be applicable to taxable years beginning on or after January
first, two thousand twenty-four.

24. Biofuel production credit. (a) General. A taxpayer shall be
allowed a credit, to be computed as provided in section twenty-eight of
this chapter added as part X of chapter sixty-two of the laws of two
thousand six, against the tax imposed by this article. The credit
allowed under this subdivision for any taxable year shall not reduce the
tax due for such year to less than the fixed dollar minimum amount
prescribed in paragraph (d) of subdivision one of section two hundred
ten of this article. However, if the amount of credit allowed under this
subdivision for any taxable year reduces the tax to such amount or if
the taxpayer otherwise pays tax based on the fixed dollar minimum
amount, any amount of credit thus not deductible in such taxable year
shall 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, the provisions of subsection (c) of
section one thousand eighty-eight of this chapter notwithstanding, no
interest shall be paid thereon. The tax credit allowed pursuant to this
section shall apply to taxable years beginning before January first, two
thousand twenty.

25. Clean heating fuel credit. (a) General. A taxpayer shall be
allowed a credit against the tax imposed by this article. Such credit,
to be computed as hereinafter provided, shall be allowed for bioheating
fuel, used for space heating or hot water production for residential
purposes within this state purchased before January first, two thousand
twenty-six. Such credit shall be $0.01 per percent of biodiesel per
gallon of bioheating fuel, not to exceed twenty cents per gallon,
purchased by such taxpayer. Provided, however, that on or after January
first, two thousand seventeen, this credit shall not apply to bioheating
fuel that is less than six percent biodiesel per gallon of bioheating
fuel.

(b) Definitions. For purposes of this subdivision, the following
definitions shall apply:

(i) "Biodiesel" shall mean a fuel comprised exclusively of mono-alkyl
esters of long chain fatty acids derived from vegetable oils or animal
fats, designated B100, which meets the specifications of American
Society of Testing and Materials designation D 6751.

(ii) "Bioheating fuel" shall mean a fuel comprised of biodiesel or
renewable hydrocarbon diesel blended with conventional home heating oil,
which meets the specifications of the American Society of Testing and
Materials designation D 396 or D 975.

(c) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the fixed dollar minimum amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of this article. However, if
the amount of credit allowed under this subdivision for any taxable year
reduces the tax to such amount or if the taxpayer otherwise pays tax
based on the fixed dollar minimum amount, any amount of credit thus not
deductible in such taxable year shall 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, the
provisions of subsection (c) of section one thousand eighty-eight of
this chapter notwithstanding, no interest shall be paid thereon.

26. Credit for rehabilitation of historic properties. (a) Application
of credit. (i) For taxable years beginning on or after January first,
two thousand ten, and before January first, two thousand twenty-five, a
taxpayer shall be allowed a credit as hereinafter provided, against the
tax imposed by this article, in an amount equal to one hundred percent
of the amount of credit allowed the taxpayer for the same taxable year
with respect to a certified historic structure, and one hundred fifty
percent of the amount of credit allowed the taxpayer with respect to a
certified historic structure that is a small project, under internal
revenue code section 47(c)(3), determined without regard to ratably
allocating the credit over a five year period as required by subsection
(a) of such section 47, with respect to a certified historic structure
located within the state. Provided, however, the credit shall not exceed
five million dollars.

(ii) For taxable years beginning on or after January first, two
thousand twenty-five, a taxpayer shall be allowed a credit as
hereinafter provided, against the tax imposed by this article, in an
amount equal to thirty percent of the amount of credit allowed the
taxpayer for the same taxable year determined without regard to ratably
allocating the credit over a five year period as required by subsection
(a) of section 47 of the internal revenue code, with respect to a
certified historic structure under subsection (c)(3) of section 47 of
the internal revenue code with respect to a certified historic structure
located within the state. Provided, however, the credit shall not exceed
one hundred thousand dollars.

(B) If the taxpayer is a partner in a partnership or a shareholder in
a New York S corporation, then the credit caps imposed in subparagraph
(A) of this paragraph shall be applied at the entity level, so that the
aggregate credit allowed to all the partners or shareholders of each
such entity in the taxable year does not exceed the credit cap that is
applicable in that taxable year.

(b) Tax credits allowed pursuant to this subdivision shall be allowed
in the taxable year that the qualified rehabilitation is placed in
service under section 167 of the federal internal revenue code.

(c) If the taxpayer is allowed a credit pursuant to section 47 of the
internal revenue code with respect to a qualified rehabilitation that is
also the subject of the credit allowed by this subdivision and that
credit pursuant to such section 47 is recaptured pursuant to subsection
(a) of section 50 of the internal revenue code, a portion of the credit
allowed under this subdivision must be added back in the same taxable
year and in the same proportion as the federal credit.

(d) The credit allowed under this subdivision for any taxable year
shall not reduce the tax due for such 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 subdivision for any taxable year reduces the tax to such amount or
if the taxpayer otherwise pays tax based on the fixed dollar minimum
amount, any amount of credit thus not deductible in such taxable year
shall be treated as an overpayment of tax to be recredited or refunded
in accordance with the provisions of section one thousand eighty-six of
this chapter. Provided, however, the provisions of subsection (c) of
section one thousand eighty-eight of this chapter notwithstanding, no
interest shall be paid thereon.

(e) Except in the case of a qualified rehabilitation project
undertaken within a state park, state historic site, or other land owned
by the state, that is under the jurisdiction of the office of parks,
recreation and historic preservation, to be eligible for the credit
allowable under this subdivision, the rehabilitation project shall be in
whole or in part located within a census tract which is identified as
being at or below one hundred percent of the state median family income
as calculated as of April first of each year using the most recent five
year estimate from the American community survey published by the United
States Census bureau. If there is a change in the most recent five year
estimate, a census tract that qualified for eligibility under this
program before information about the change was released will remain
eligible for a credit under this subdivision for an additional two
calendar years.

(f) For purposes of this subdivision "small project" means qualified
rehabilitation expenditures totaling two million five hundred thousand
dollars or less.

27. Credits of New York S corporations. (a) General. Notwithstanding
the provisions of this section, no carryover of credit allowable in a
New York C year shall be deducted from the tax otherwise due under this
article in a New York S year, and no credit allowable in a New York S
year, or carryover of such credit, shall be deducted from the tax
imposed by this article. However, a New York S year shall be treated as
a taxable year for purposes of determining the number of taxable years
to which a credit may be carried over under this section.
Notwithstanding the first sentence of this subdivision, however, the
credit for the special additional mortgage recording tax shall be
allowed as provided in subdivision nine of this section, and the
carryover of any such credit shall be determined without regard to
whether the credit is carried from a New York C year to a New York S
year or vice-versa.

29. Hire a vet credit. (a) Allowance of credit. For taxable years
beginning on or after January first, two thousand fifteen and before
January first, two thousand twenty-six, a taxpayer shall be allowed a
credit, to be computed as provided in this subdivision, against the tax
imposed by this article, for hiring and employing, for not less than
twelve continuous and uninterrupted months (hereinafter referred to as
the twelve-month period) in a full-time or part-time position, a
qualified veteran within the state. The taxpayer may claim the credit in
the year in which the qualified veteran completes the twelve-month
period of employment by the taxpayer. If the taxpayer claims the credit
allowed under this subdivision, the taxpayer may not use the hiring of a
qualified veteran that is the basis for this credit in the basis of any
other credit allowed under this article.

(b) Qualified veteran. A qualified veteran is an individual:

* (1) who served on active duty in the United States army, navy, air
force, space force, marine corps, coast guard or the reserves thereof,
or who served in active military service of the United States as a
member of the army national guard, air national guard, New York guard or
New York naval militia, or who served in the active uniformed services
of the United States as a member of the commissioned corps of the
national oceanic and atmospheric administration or the commissioned
corps of the United States public health service; who (i) was released
from active duty by general or honorable discharge, or (ii) has a
qualifying condition, as defined in section three hundred fifty of the
executive law, and has received a discharge other than bad conduct or
dishonorable from such service, or (iii) is a discharged LGBT veteran,
as defined in section three hundred fifty of the executive law, and has
received a discharge other than bad conduct or dishonorable from such
service;

* NB Effective until April 1, 2023

* (1) who served on active duty in the United States army, navy, air
force, space force, marine corps, coast guard or the reserves thereof,
or who served in active military service of the United States as a
member of the army national guard, air national guard, New York guard or
New York naval militia, or who served in the active uniformed services
of the United States as a member of the commissioned corps of the
national oceanic and atmospheric administration or the commissioned
corps of the United States public health service; who (i) was released
from such service, or (ii) has a qualifying condition, as defined in
section one of the veterans' services law, and has received a discharge
other than bad conduct or dishonorable from such service, or (iii) is a
discharged LGBT veteran, as defined in section one of the veterans'
services law, and has received a discharge other than bad conduct or
dishonorable from such service;

* NB Effective April 1, 2023

(2) who commences employment by the qualified taxpayer on or after
January first, two thousand fourteen, and before January first, two
thousand twenty-five; and

(3) who certifies by signed affidavit, under penalty of perjury, that
he or she has not been employed for thirty-five or more hours during any
week in the one hundred eighty day period immediately prior to his or
her employment by the taxpayer.

(c) Employer prohibition. An employer shall not discharge an employee
and hire a qualifying veteran solely for the purpose of qualifying for
this credit.

(d) Amount of credit. The amount of the credit shall be fifteen
percent of the total amount of wages paid to the qualified veteran
during the veteran's first twelve-month period of employment. Provided,
however, that, if the qualified veteran is a disabled veteran, as
defined in paragraph (b) of subdivision one of section eighty-five of
the civil service law, the amount of the credit shall be twenty percent
of the total amount of wages paid to the qualified veteran during the
veteran's first twelve-month period of employment. The credit allowed
pursuant to this subdivision shall not exceed in any taxable year: (1)
fifteen thousand dollars for any qualified veteran, other than a
disabled veteran, employed in a full-time position for one thousand
eight hundred twenty or more hours in one twelve-month period, (2)
twenty thousand dollars for any qualified veteran who is a disabled
veteran employed in a full-time position for one thousand eight hundred
twenty or more hours in one twelve-month period, (3) seven thousand five
hundred dollars for any qualified veteran, other than a disabled
veteran, employed in a part-time position for at least one thousand
forty hours but not more than one thousand eight hundred nineteen hours
in one twelve-month period, and (4) ten thousand dollars for any
qualified veteran who is a disabled veteran employed in a part-time
position for at least one thousand forty hours but not more than one
thousand eight hundred nineteen hours in one twelve-month period.

(e) Carryover. The credit allowed under this subdivision for any
taxable year shall not reduce the tax due for such 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 credit allowable
under this subdivision for any taxable year reduces the tax to such
amount or if the taxpayer otherwise pays tax based on the fixed dollar
minimum amount, any amount of credit not deductible in such taxable year
may be carried over to the following three years and may be deducted
from the taxpayer's tax for such year or years.

30. Alternative fuels and electric vehicle recharging property credit.
(a) General. A taxpayer shall be allowed a credit, to be computed as
hereinafter provided, against the tax imposed by this article for
alternative fuel vehicle refueling and electric vehicle recharging
property placed in service during the taxable year.

(b) (i) Alternative fuel vehicle refueling property and electric
vehicle recharging property. The credit under this subdivision for
alternative fuel vehicle refueling property and electric vehicle
recharging property shall equal for each installation of property the
lesser of five thousand dollars or the product of fifty percent and the
cost of any such property less any costs paid from the proceeds of
grants.

(ii) To qualify for the credit, the property must:

(A) be located in this state;

(B) must constitute alternative fuel vehicle refueling property or
electric vehicle recharging property; and

(C) not be paid for from the proceeds of grants awarded before January
first, two thousand fifteen, including grants from the New York state
energy research and development authority or the New York power
authority.

(c) Definitions. (i) The term "alternative fuel vehicle refueling
property" means all of the equipment needed to dispense any fuel at
least eighty-five percent of the volume of which consists of one or more
of the following: natural gas, liquified natural gas, liquified
petroleum, or hydrogen.

(ii) The term "electric vehicle recharging property" means all of the
equipment needed to convey electric power from the electric grid or
another power source to an onboard vehicle energy storage system.

(d) Carryovers. In no event shall the credit under this subdivision be
allowed in an amount which will reduce the tax payable to less than the
amount prescribed in paragraph (d) of subdivision one of section two
hundred ten of this article. Provided, however, that if the amount of
credit allowable under this subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit not deductible in such
taxable year may be carried over to the following year or years and may
be deducted from the taxpayer's tax for such year or years.

(e) Credit recapture. If, at any time before the end of its recovery
period, alternative fuel vehicle refueling or electric vehicle
recharging property ceases to be qualified, a recapture amount must be
added back in the year in which such cessation occurs.

(i) Alternative fuel vehicle refueling property or electric vehicle
recharging property ceases to be qualified if:

(I) the property no longer qualifies as alternative fuel vehicle
refueling property or electric vehicle recharging property; or

(II) fifty percent or more of the use of the property in a taxable
year is other than in a trade or business in this state; or

(III) the taxpayer receiving the credit under this subdivision sells
or disposes of the property and knows or has reason to know that the
property will be used in a manner described in clauses (I) and (II) of
this subparagraph.

(ii) Recapture amount. The recapture amount is equal to the credit
allowable under this subdivision multiplied by a fraction, the numerator
of which is the total recovery period for the property minus the number
of recovery years prior to, but not including, the recapture year, and
the denominator of which is the total recovery period.

(f) Termination. The credit allowed by paragraph (b) of this
subdivision shall not apply in taxable years beginning after December
thirty-first, two thousand twenty-five.

31. Excelsior jobs program credit. (a) Allowance of credit. A taxpayer
will be allowed a credit, to be computed as provided in section
thirty-one of this chapter, against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year may not reduce the tax due for such 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
credit allowed under this subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest will be paid thereon.

32. Empire state film post production credit. (a) Allowance of credit.
A taxpayer who is eligible pursuant to section thirty-one of this
chapter shall be allowed a credit to be computed as provided in such
section thirty-one against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the amount prescribed in paragraph (d) of subdivision one of
section two hundred ten of this article. Provided, however, that if the
amount of the credit allowable under this subdivision for any taxable
year reduces the tax to such amount or if the taxpayer otherwise pays
tax based on the fixed dollar minimum amount, fifty percent of the
excess shall 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, the provisions of
subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest shall be paid thereon. The balance of such
credit not credited or refunded in such taxable year may be a carryover
to the immediately succeeding taxable year and may be deducted from the
taxpayer's tax for such year. The excess, if any, of the amount of the
credit over the tax for such succeeding year shall 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, the provisions of subsection (c) of section one thousand
eighty-eight of this chapter notwithstanding, no interest shall be paid
thereon.

33. Temporary deferral nonrefundable payout credit. (a) Allowance of
credit. A taxpayer shall be allowed a credit, to be computed as provided
in subdivision one of section thirty-four of this chapter, against the
tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall 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
credit allowed under this subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such taxable year may be carried over to the following year or years and
may be deducted from the taxpayer's tax for such year or years.

34. Temporary deferral refundable payout credit. (a) Allowance of
credit. A taxpayer shall be allowed a credit, to be computed as provided
in subdivision two of section thirty-four of this chapter, against the
tax imposed by this article.

(b) Application of credit. In no event shall the credit under this
subdivision be allowed in an amount which will reduce the tax to less
than the amount prescribed in paragraph (d) of subdivision one of
section two hundred ten of this article. If, however, the amount of
credit allowed under this subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit not deductible in such
taxable year shall be treated as an overpayment of tax to be refunded in
accordance with the provisions of section one thousand eighty-six of
this chapter, provided however, that no interest shall be paid thereon.

35. Economic transformation and facility redevelopment program tax
credit. (a) Allowance of credit. A taxpayer shall be allowed a credit,
to be computed as provided in section thirty-five of this chapter,
against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year may not reduce the tax due for such 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
credit allowed under this subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest will be paid thereon.

36. New York youth jobs program tax credit. (a) A taxpayer that has
been certified by the commissioner of labor as a qualified employer
pursuant to section twenty-five-a of the labor law and received an
annual final certificate of tax credit from such commissioner 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-a 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
encompasses 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-a 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
subdivision 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-a 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.
Notwithstanding 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.

37. Empire state jobs retention program credit. (a) Allowance of
credit. A taxpayer will be allowed a credit, to be computed as provided
in section thirty-six of this chapter, against the taxes imposed by this
article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year will not reduce the tax due for such 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
credit allowed under this subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest will be paid thereon.

38. Credit for companies who provide transportation to individuals
with disabilities. (a) Allowance and amount of credit. A taxpayer, who
provides a taxicab service as defined in section one hundred
forty-eight-a of the vehicle and traffic law, or a livery service as
defined in section one hundred twenty-one-e of the vehicle and traffic
law, shall be allowed a credit, to be computed as provided in this
subdivision, against the tax imposed by this article. The amount of the
credit shall be equal to the incremental cost associated with upgrading
a vehicle so that it is accessible by individuals with disabilities as
defined in paragraph (b) of this subdivision. Provided, however, that
such credit shall not exceed fifteen thousand dollars per electric
vehicle and ten thousand dollars per any other vehicle. For purposes of
this subdivision, purchases of new vehicles that are initially
manufactured to be accessible for individuals with disabilities and for
which there is no comparable make and model that does not include the
equipment necessary to provide accessibility to individuals with
disabilities, the credit shall be fifteen thousand dollars per electric
vehicle and ten thousand dollars per any other vehicle.

(b) Definitions. The term "accessible by individuals with
disabilities" shall, for the purposes of this subdivision, refer to a
vehicle that complies with federal regulations promulgated pursuant to
the Americans with Disabilities Act applicable to vans under twenty-two
feet in length, by the federal Department of Transportation, in Code of
Federal Regulations, title 49, parts 37 and 38, and by the federal
Architecture and Transportation Barriers Compliance Board, in Code of
Federal Regulations, title 36, section 1192.23, and the Federal Motor
Vehicle Safety Standards, Code of Federal Regulations, title 49, part
57. The term "electric vehicle" shall, for the purposes of this
subdivision, have the same meaning as in section sixty-six-s of the
public service law.

(c) Application of credit. In no event shall the credit allowed under
this subdivision for any taxable year reduce the tax due for such 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
credit allowed under this subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such taxable year shall be carried over to the following year or years,
and may be deducted from the taxpayer's tax for such year or years. The
tax credit allowed pursuant to this subdivision shall not apply to
taxable years beginning on or after January first, two thousand
twenty-nine.

39. Alcoholic beverage production credit. A taxpayer shall be allowed
a credit, to be computed as provided in section thirty-seven of this
chapter, against the tax imposed by this article. In no event shall the
credit allowed under this subdivision for any taxable year reduce the
tax due for such 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 credit allowed under this subdivision for any
taxable year reduces the tax to such amount or if the taxpayer otherwise
pays tax based on the fixed dollar minimum amount, any amount of credit
thus not deductible in such taxable year shall 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, the provisions of subsection (c) of section one thousand
eighty-eight of this chapter notwithstanding, no interest shall be paid
thereon.

40. Minimum wage reimbursement credit. (a) Allowance of credit. A
taxpayer shall be allowed a credit, to be computed as provided in
section thirty-eight of this chapter, against the tax imposed by this
article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year may not reduce the tax due for such 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
credit allowed under this subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest will be paid thereon.

41. The tax-free NY area tax elimination credit. A taxpayer shall be
allowed a credit to be computed as provided in section forty of this
chapter, against the tax imposed by this article. Unless the taxpayer
has a tax-free NY area allocation factor of one hundred percent, the
credit allowed under this subdivision for any taxable year shall not
reduce the tax due for such 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 allowable under this
subdivision for any taxable year reduces the tax to such amount or if
the taxpayer otherwise pays tax based on the fixed dollar minimum
amount, any amount of credit not deductible in such taxable year shall
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, the provisions of subsection (c) of
section one thousand eighty-eight of this chapter notwithstanding, no
interest shall be paid thereon.

42. Alternative base credit. (a) If the tax imposed on a taxpayer by
subdivision one of section two hundred nine of this article is the
amount prescribed in clause (ii) of subparagraph one of paragraph (b) of
subdivision one of section two hundred ten of this article, the taxpayer
shall be allowed a credit against the tax imposed under this article
equal to the amount of tax paid to another state computed on a tax base
identical to the tax base prescribed in such paragraph (b). If the tax
imposed on a taxpayer by subdivision one of section two hundred nine of
this article is the highest amount prescribed in paragraph (d) of
subdivision one of section two hundred ten of this article applicable to
the taxpayer, the taxpayer shall be allowed a credit against the tax
imposed under this article equal to the amount of tax paid to another
state computed on a tax base identical to the tax base prescribed in
such paragraph (d).

(b) In no event shall the credit allowed under this subdivision for
any taxable year reduce the tax due for such 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 credit allowed
under this subdivision for any taxable year reduces the tax to such
amount or if the taxpayer otherwise pays tax based on the fixed dollar
minimum amount, any amount of credit thus not deductible in such taxable
year shall be carried over to the following year or years, and may be
deducted from the taxpayer's tax for such year or years.

43. Real property tax credit for manufacturers. (a) A qualified New
York manufacturer, as defined in subparagraph (vi) of paragraph (a) of
subdivision one of section two hundred ten of this article, will be
allowed a credit equal to twenty percent of the real property tax it
paid during the taxable year for real property owned by such
manufacturer in New York which was principally used during the taxable
year for manufacturing to the extent not deducted in determining entire
net income. This credit will not be allowed if the real property taxes
that are the basis for this credit are included in the calculation of
another credit claimed by the taxpayer.

(b) (1) For purposes of this subdivision, the term real property tax
means a charge imposed upon real property by or on behalf of a county,
city, town, village or school district for municipal or school district
purposes, provided that the charge is levied for the general public
welfare by the proper taxing authorities at a like rate against all
property over which such authorities have jurisdiction, and provided
that where taxes are levied pursuant to article eighteen or nineteen of
the real property tax law, the property must have been taxed at the rate
determined for the class in which it is contained, as provided by such
article eighteen or nineteen, whichever is applicable. The term real
property tax does not include a charge for local benefits, including any
portion of that charge that is properly allocated to the costs
attributable to maintenance or interest, when (i) the property subject
to the charge is limited to the property that benefits from the charge,
or (ii) the amount of the charge is determined by the benefit to the
property assessed, or (iii) the improvement for which the charge is
assessed tends to increase the property value.

(2) In addition, the term real property tax includes taxes paid by the
taxpayer upon real property principally used during the taxable year by
the taxpayer in manufacturing where the taxpayer leases such real
property from an unrelated third party if the following conditions are
satisfied: (i) the tax must be paid by the taxpayer as lessee pursuant
to explicit requirements in a written lease, and (ii) the taxpayer as
lessee has paid such taxes directly to the taxing authority and has
received a written receipt for payment of taxes from the taxing
authority. In the case of a combined group that constitutes a qualified
New York manufacturer, the conditions in the preceding sentence are
satisfied if one corporation in the combined group is the lessee and
another corporation in the combined group makes the payments to the
taxing authority. In the case of a taxpayer that, during the taxable
year, is principally engaged in the production of goods by farming,
agriculture, horticulture, floriculture, viticulture, or commercial
fishing, the taxpayer is eligible if the taxpayer satisfies the
conditions stipulated in this subdivision and the taxpayer leases such
real property from a related or unrelated party.

(3) The term real property tax does not include a payment made by the
taxpayer in connection with an agreement for the payment in lieu of
taxes on real property, whether such property is owned or leased by the
taxpayer.

(4) The real property taxes must be paid by the taxpayer in the year
such taxes become a lien on the real property.

(c) Credit recapture. Where a qualified New York manufacturer's real
property taxes which were the basis for the allowance of the credit
provided for under this subdivision are subsequently reduced as a result
of a final order in any proceeding under article seven of the real
property tax law or other provision of law, the taxpayer shall add back,
in the taxable year in which such final order is issued, the excess of
(1) the amount of credit originally allowed for a taxable year over (2)
the amount of credit determined based upon the reduced real property
taxes. If such final order reduces real property taxes for more than one
year, the taxpayer must determine how much of such reduction is
attributable to each year covered by such final order and calculate the
amount of credit which is required by this subdivision to be recaptured
for each year based on such reduction.

(d) The credit allowed under this subdivision for any taxable year
shall not reduce the tax due for such year to less than twenty-five
dollars.

44. The tax-free NY area excise tax on telecommunication services
credit. A taxpayer that is a business or owner of a business that is
located in a tax-free NY area approved pursuant to article twenty-one of
the economic development law shall be allowed a credit equal to the
excise tax on telecommunication services imposed by section one hundred
eighty-six-e of this chapter and passed through to such business during
the taxable year to the extent not otherwise deducted in computing
entire net income under this article. However, except as otherwise
provided for in this subdivision, if the amount of the credit allowable
under this subdivision for any taxable year reduces the tax to the
amount prescribed in paragraph (d) of subdivision one of section two
hundred ten of this chapter or if the taxpayer otherwise pays tax based
on the fixed dollar minimum amount, any amount of credit not deductible
in such taxable year shall 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. This credit may be claimed only
where any tax imposed by such section one hundred eighty-six-e has been
separately stated on a bill from the provider of telecommunication
services and paid by such business with respect to such services
rendered within a tax-free NY area during the taxable year. Unless the
taxpayer has a tax-free NY area allocation factor of one hundred
percent, the credit allowed under this subdivision for any taxable year
shall not reduce the tax due for such year to less than the amount
prescribed in paragraph (d) of subdivision one of section two hundred
ten of this chapter. Provided, however, the provisions of subsection (c)
of section one thousand eighty-eight of this chapter notwithstanding, no
interest shall be paid thereon.

45. Order of credits. Credits allowable under this article which
cannot be carried over and which are not refundable shall be deducted
first. Credits allowable under this article which can be carried over,
and carryovers of such credits, shall be deducted next, and among such
credits, those whose carryover is of limited duration shall be deducted
before those whose carryover is of unlimited duration. Credits allowable
under this article which are refundable shall be deducted last.

46. Notwithstanding the repeal of the credit provisions contained in
section two hundred ten of this article or in article thirty-two of this
chapter and the enactment of this section by a chapter of the laws of
two thousand fourteen:

(a) A taxpayer shall be allowed to utilize any carryforward amounts of
credits to which the taxpayer was entitled as of the close of the
taxable year beginning on or after January first, two thousand fourteen
and before January first, two thousand fifteen, other than the
carryforward amount of the minimum tax credit provided under subdivision
thirteen of section two hundred ten, as that subdivision was in effect
on December thirty-first, two thousand fourteen.

(b) A taxpayer shall be required in a taxable year beginning on or
after January first, two thousand fifteen, to recapture all or a portion
of a credit allowed under a credit provision in section two hundred ten
or article thirty-two of this chapter for a taxable year beginning prior
to January first, two thousand fifteen if recapture would have been
required under such credit provision.

* 47. Musical and theatrical production credit. (a) Allowance of
credit. A taxpayer who is eligible pursuant to section twenty-four-a of
this chapter shall be allowed a credit to be computed as provided in
such section against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the amount prescribed in paragraph (d) of subdivision one of
section two hundred ten of this article. Provided, however, that if the
amount of the credit allowable under this subdivision for any taxable
year reduces the tax to such amount or if the taxpayer otherwise pays
tax based on the fixed dollar minimum amount, the excess shall 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, further, the provisions of subsection (c) of
section one thousand eighty-eight of this chapter notwithstanding, no
interest shall be paid thereon.

* NB Repealed January 1, 2026

48. Workers with disabilities tax credit. (a) A qualified employer, as
defined in paragraph one of subdivision (b) of section twenty-five-b of
the labor law, shall be entitled to a credit against the tax imposed by
this article. The amount of the credit shall be: fifteen percent of the
qualified wages paid after January first, two thousand fifteen to a
qualified full-time employee who is employed for not less than six
months and who works at least thirty hours per week; and shall be ten
percent of the qualified wages paid after January first, two thousand
fifteen to a qualified part-time employee who is employed for not less
than six months and works at least eight hours per week. The credit
allowed pursuant to this subdivision shall not exceed, during any
taxable year, five thousand dollars for any qualified full time employee
and two thousand five hundred dollars for any qualified part time
employee. "Qualified wages" means wages paid or incurred by the
qualified employer during the taxable year to a qualified employee which
are attributable, with respect to such employee, to services rendered by
the qualified employee.

(b) Carryover. The credit allowed under this subdivision for any
taxable year shall not reduce the tax due for such 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 credit allowable
under this subdivision for any taxable year reduces the tax to such
amount or if the taxpayer otherwise pays tax based on the fixed dollar
minimum amount, any amount of credit not deductible in such taxable year
may be carried over to the following three years, and may be deducted
from the qualified employer's tax for such years.

(c) The taxpayer shall attach to its tax return its final certificate
of eligibility issued by the commissioner of labor pursuant to section
twenty-five-b of the labor law for each taxable year that the credit is
claimed. In no event shall the taxpayer be allowed a credit greater than
the amount of the credit listed on the final certificate of eligibility.
Notwithstanding 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.

(d) A qualified employer may not claim the workers with disabilities
tax credit if it claims any of the other credits for employment of
persons with disabilities under either subsection (o) of section six
hundred six, subdivision twelve of this section, or subdivision (j) of
section fifteen hundred eleven of this chapter.

49. Empire state apprenticeship tax credit. (a) A taxpayer that has
been certified by the commissioner of labor as a certified employer
pursuant to section twenty-five-c of the labor law shall be allowed a
credit against the tax imposed by this article equal to the amount
specified under subdivision (c) of section twenty-five-c of the labor
law. In no event shall the taxpayer be allowed a credit greater than the
amount of the credit listed on the final certificate of eligibility.

(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
subdivision 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.

50. Employee training incentive program tax credit. (a) A taxpayer
that has been approved by the commissioner of economic development to
participate in the employee training incentive program and has been
issued a certificate of tax credit pursuant to section four hundred
forty-three of the economic development law shall be allowed to claim a
credit against the tax imposed by this article. The credit shall equal
fifty percent of a taxpayer's eligible training costs, up to a credit of
ten thousand dollars per employee completing eligible training pursuant
to paragraph (a) of subdivision three of section four hundred forty-one
of the economic development law. The credit shall equal fifty percent of
the stipend paid to an intern, up to a credit of three thousand dollars
per intern completing eligible training pursuant to paragraph (b) of
subdivision three of section four hundred forty-one of the economic
development law. In no event shall a taxpayer be allowed a credit
greater than the amount of credit listed on the certificate of tax
credit issued by the commissioner of economic development. The credit
will be allowed in the taxable year in which the eligible training is
completed.

(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 credit allowed under this subdivision
for any taxable year reduces the tax to such amount, or if the taxpayer
otherwise pays tax based on the fixed dollar minimum amount, any amount
of credit thus 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, the provisions of subsection (c) of section one thousand
eighty-eight of this chapter notwithstanding, no interest will be paid
thereon.

(c) The taxpayer may be required to attach to its tax return its
certificate of tax credit issued by the commissioner of economic
development pursuant to section four hundred forty-three of the economic
development law. In no event shall the taxpayer be allowed a credit
greater than the amount of the credit listed in the certificate of tax
credit, or in the case of a taxpayer who is a partner in a partnership
or a member of a limited liability company, its pro rata share of the
amount of credit listed in the certificate of tax credit issued to the
partnership or limited liability company.

* NB Repealed January 1, 2020

51. Farm workforce retention credit. (a) Allowance of credit. A
taxpayer shall be allowed a credit, to be computed as provided in
section forty-two of this chapter, against the tax imposed by this
article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year may not reduce the tax due for such 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
credit allowed under this subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest will be paid thereon.

* 52. Life sciences research and development tax credit. (a) Allowance
of credit. A taxpayer that is eligible pursuant to section forty-three
of this chapter shall be allowed a credit to be computed as provided in
such section against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the amount prescribed in paragraph (d) of subdivision one of
section two hundred ten of this article. Provided, however, that if the
amount of the credit allowable under this subdivision for any taxable
year reduces the tax to such amount or if the taxpayer otherwise pays
tax based on the fixed dollar minimum amount, the excess shall 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, further, the provisions of subsection (c) of
section one thousand eighty-eight of this chapter notwithstanding, no
interest shall be paid thereon.

* NB There are 2 sb 52's

* 52. Credit for farm donations to food pantries. (a) General. In the
case of a taxpayer that is an eligible farmer, there shall be allowed a
credit, to be computed as hereinafter provided against the tax imposed
by this article for taxable years beginning on and after January first,
two thousand eighteen. The amount of the credit shall be twenty-five
percent of the fair market value of the taxpayer's qualified donations
made to any eligible food pantry during the taxable year, not to exceed
five thousand dollars per taxable year. If the taxpayer is a partner in
a partnership, then the cap imposed by the preceding sentence shall be
applied at the entity level, so that the aggregate credit allowed to all
partners of such entity in the taxable year does not exceed five
thousand dollars.

(b) Eligible farmer. For purposes of this subdivision, the term
"eligible farmer" means a taxpayer whose federal gross income from
farming for the taxable year is at least two-thirds of excess federal
gross income. Excess federal gross income means the amount of federal
gross income from all sources for the taxable year in excess of thirty
thousand dollars. For purposes of this paragraph, payments from the
state's farmland protection program, administered by the department of
agriculture and markets, shall be included as federal gross income from
farming for otherwise eligible farmers.

(c) Qualified donation. For purposes of this subdivision, the term
"qualified donation" means a donation of apparently wholesome food, as
defined in section 170(e)(3)(C)(vi) of the internal revenue code, grown
or produced within this state, by an eligible farmer to an eligible food
pantry.

(d) Eligible food pantry. For purposes of this subdivision, the term
"eligible food pantry" means any food pantry, food bank, or other
emergency food program operating within this state that has qualified
for tax exemption under section 501(c)(3) of the internal revenue code.

(e) Determination of fair market value. For purposes of this
subdivision, to determine the fair market value of apparently wholesome
food donated to an eligible food pantry, the standards set forth under
section 170(e)(3)(C)(v) of the internal revenue code shall apply.

(f) Record of donation. To claim a credit under this subdivision, a
taxpayer must get and keep a receipt from the eligible food pantry
showing: (i) the name of the eligible food pantry; (ii) the date and
location of the qualified donation; and (iii) a reasonably detailed
description of the qualified donation. A letter or other written
communication from the eligible food pantry acknowledging receipt of the
contribution and containing the information in subparagraphs (i), (ii),
and (iii) of this paragraph will serve as a receipt.

(g) Application of credit. The credit allowed under this subdivision
for any taxable year will not reduce the tax due for such 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
credit allowed under this subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest will be paid thereon.

* NB There are 2 sb 52's

* 53. Employer-provided child care credit. (a) Allowance of credit. A
taxpayer shall be allowed a credit, to be computed as provided in
section forty-four of this chapter, against the tax imposed by this
article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year may not reduce the tax due for such 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 subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest shall be paid thereon.

(c) Credit recapture. For provisions requiring recapture of credit,
see section forty-four of this chapter.

* NB There are 2 sb 53's

* 53. Recovery tax credit. (a) Allowance of credit. A taxpayer that is
a certified employer pursuant to section 32.38 of the mental hygiene law
that has received a certificate of tax credit from the commissioner of
the office of alcoholism and substance abuse services shall be allowed a
credit against the tax imposed by this article equal to the amount shown
on such certificate of tax credit. A taxpayer that is a partner in a
partnership or member of a limited liability company that has been
certified by the commissioner of the office of alcoholism and substance
abuse services as a qualified employer pursuant to section 32.38 of the
mental hygiene law shall be allowed its pro rata share of the credit
earned by the partnership or limited liability company.

(b) Application of credit. 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 subdivision 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) Tax return requirement. 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 office of alcoholism and substance abuse services pursuant to
section 32.38 of the mental hygiene law.

* NB There are 2 sb 53's

* 54. Television writers' and directors' fees and salaries credit. (a)
Allowance of credit. A taxpayer who is eligible pursuant to section
twenty-four-b of this chapter shall be allowed a credit to be computed
as provided in such section against the tax imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the amount prescribed in paragraph (d) of subdivision one of
section two hundred ten of this article. Provided, however, that if the
amount of the credit allowable under this subdivision for any taxable
year reduces the tax to such amount or if the taxpayer otherwise pays
tax based on the fixed dollar minimum amount, the excess shall 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, further, the provisions of subsection (c) of
section one thousand eighty-eight of this chapter notwithstanding, no
interest shall be paid thereon.

* NB Effective on the first of January next succeeding the date the
department of economic development provides notice to the legislative
bill drafting commission of a determination pursuant to § 6 sb 2 (b) of
chapter 683 of 2019

55. Empire state digital gaming media production credit. (a) Allowance
of credit. A taxpayer who is eligible pursuant to section forty-five of
this chapter shall be allowed a credit to be computed as provided in
such section forty-five against the tax imposed by this article. Under
no circumstances may a single taxpayer receive more than one million
five hundred thousand dollars in tax credits per year.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such year to less
than the amount prescribed in paragraph (d) of subdivision one of
section two hundred ten of this article. Provided, however, that if the
amount of the credit allowable under this subdivision for any taxable
year reduces the tax to such amount, the excess shall 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 shall be paid thereon.

56. Restaurant return-to-work tax credit. (a) Allowance of credit. A
taxpayer shall be allowed a credit, to be computed as provided in
section forty-six of this chapter, against the taxes imposed by this
article.

(b) Application of credit. The credit allowed under this subdivision
for the taxable year shall not reduce the tax due for such 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
credit allowed under this subdivision for the taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such taxable year shall 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest will be paid thereon.

56-a. Additional restaurant return-to-work tax credit. (a) Allowance
of credit. A taxpayer shall be allowed a credit, to be computed as
provided in section forty-six-a of this chapter, against the taxes
imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for the taxable year shall not reduce the tax due for such 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
credit allowed under this subdivision for the taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such taxable year shall 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest will be paid thereon.

* 57. New York city musical and theatrical production tax credit. (a)
Allowance of credit. A taxpayer shall be allowed a credit, to be
computed as provided in section twenty-four-c of this chapter, against
the taxes imposed by this article.

(b) Application of credit. The credit allowed under this subdivision
for the taxable year shall not reduce the tax due for such 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
credit allowed under this subdivision for the taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such taxable year shall 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest shall be paid thereon.

* NB Repealed January 1, 2024

* 58. Farm employer overtime credit. (a) Allowance of credit. A
taxpayer shall be allowed a credit, to be computed as provided in
section forty-two-a of this chapter, against the tax imposed by this
article.

(b) Application of credit. The credit allowed under this subdivision
for any taxable year shall not reduce the tax due for such 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
credit allowed under this subdivision for any taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such taxable year shall 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest shall be paid thereon.

* NB There are 3 sb 58's

* 58. COVID-19 capital costs tax credit. (a) Allowance of credit. A
taxpayer shall be allowed a credit, to be computed as provided in
section forty-seven of this chapter, against the taxes imposed by this
article.

(b) Application of credit. The credit allowed under this subdivision
for the taxable year shall not reduce the tax due for such 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
credit allowed under this subdivision for the taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit thus not deductible in
such taxable year shall 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, the provisions
of subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest will be paid thereon.

* NB There are 3 sb 58's

* 58. Grade no. 6 heating oil conversion tax credit. (a) Allowance of
credit. A taxpayer will be allowed a credit, to be computed as provided
in section forty-seven of this chapter, against the taxes imposed by
this article.

(b) Application of credit. The credit allowed under this subdivision
for the taxable year will not reduce the tax due for such 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
credit allowed under this subdivision for the taxable year reduces the
tax to such amount or if the taxpayer otherwise pays tax based on the
fixed dollar minimum amount, any amount of credit not deductible in such
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, the provisions of
subsection (c) of section one thousand eighty-eight of this chapter
notwithstanding, no interest will be paid thereon.

* NB There are 3 sb 58's