§ 475-A — Additional restaurant return-to-work tax credit

New York § 475-A

• Jurisdiction: New York
• Law COM: Economic Development Law
• Art. 25: Restaurant Return-to-work Tax Credit Program

Text

§ 475-a. Additional restaurant return-to-work tax credit. 1. A\nbusiness entity in the restaurant return-to-work tax credit program that\napplies for the additional restaurant return-to-work credit pursuant to\nsection four hundred seventy-four of this article may be eligible to\nclaim a credit equal to five thousand dollars per each full-time\nequivalent net employee increase above ten, not to exceed twenty, as\ndefined in subdivision eight of section four hundred seventy-two of this\narticle. The amount of the business entity's additional restaurant\nreturn-to-work tax credit shall be calculated by using the date the\nbusiness entity chose to calculate its average ending full-time\nemployment as described in subdivision three of section four hundred\nseventy-two of this article. Provided, however, that in calculating the\nfull-time equivalent net employee increase above ten, the jobs must\ncontinue to exist as of March thirty-first, two thousand twenty-two. A\nbusiness entity in the restaurant return-to-work program that ceased\noperations on or before March thirty-first, two thousand twenty-two, is\nnot eligible for the credit provided by this section.\n 2. A business entity, including a partnership, limited liability\ncompany and subchapter S corporation, may not receive in excess of fifty\nthousand dollars in tax credits under this program.\n 3. The credit shall be allowed as provided in section forty-six-a,\nsubdivision fifty-six-a of section two hundred ten-B and subsection\n(nnn) of section six hundred six of the tax law.\n