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This entry was published on 2022-04-29
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COVID-19 capital costs tax credit
* § 47. COVID-19 capital costs tax credit. (a) Allowance of credit. A
taxpayer subject to tax under article nine-A or twenty-two of this
chapter shall be allowed a credit against such tax, pursuant to the
provisions referenced in subdivision (f) of this section. The amount of
the credit is equal to the amount determined pursuant to section four
hundred eighty-five of the economic development law. No cost or expense
paid or incurred by the taxpayer which is included as part of the
calculation of this credit shall be the basis of any other tax credit
allowed under this chapter.

(b) Eligibility. To be eligible for the COVID-19 capital costs tax
credit, the taxpayer shall have been issued a certificate of tax credit
by the department of economic development pursuant to subdivision three
of section four hundred eighty-four of the economic development law,
which certificate shall set forth the amount of the credit that may be
claimed for the taxable year. The taxpayer shall be allowed to claim
only the amount listed on the certificate of tax credit for that taxable
year. A taxpayer that is a partner in a partnership, member of a limited
liability company or shareholder in a subchapter S corporation that has
received a certificate of tax credit shall be allowed its pro rata share
of the credit earned by the partnership, limited liability company or
subchapter S corporation.

(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 department of economic development.

(d) Information sharing. Notwithstanding any provision of this
chapter, employees of the department of economic development and the
department shall be allowed and are directed to share and exchange:

(1) information derived from tax returns or reports that is relevant
to a taxpayer's eligibility to participate in the COVID-19 capital costs
tax credit program;

(2) information regarding the credit applied for, allowed or claimed
pursuant to this section and taxpayers that are applying for the credit
or that are claiming the credit; and

(3) information contained in or derived from credit claim forms
submitted to the department and applications for admission into the
COVID-19 capital costs tax credit program. Except as provided in
paragraph two of this subdivision, all information exchanged between the
department of economic development and the department shall not be
subject to disclosure or inspection under the state's freedom of
information law.

(e) Credit recapture. If a certificate of tax credit issued by the
department of economic development under article twenty-six of the
economic development law is revoked by such department, the amount of
credit described in this section and claimed by the taxpayer prior to
that revocation shall be added back to tax in the taxable year in which
any such revocation becomes final.

(f) Cross references. For application of the credit provided for in
this section, see the following provisions of this chapter:

(1) article 9-A: section 210-B, subdivision 58;

(2) article 22: section 606, subsection (nnn).

* NB There are 3 § 47's