§ 101 — Imposition of tax

§ 101. Imposition of tax. (a) General.--A tax at the rate of four\npercent is hereby imposed for each taxable year, beginning with taxable\nyears ending after January first, nineteen hundred sixty-six, on the\nunincorporated business taxable income of every unincorporated business\nwholly or partly carried on within the city. This tax shall be in\naddition to any other taxes imposed.\n (b) Credit against tax.--If the tax computed under subdivision (a) is\nsix hundred dollars or less, a credit shall be allowed for the entire\namount of such tax. If the tax computed under subdivision (a) exceeds\nsix hundred dollars but is less than eight hundred dollars, a credit\nshall be allowed in the amount determined by multiplying such tax by a\nfraction the numerator of which is eight hundred dollars minus the\namount of such tax and the denominator of which is two hundred dollars.\nIf the tax computed under subdivision (a) is eight hundred dollars or\nmore, no credit shall be allowed. If separate partnerships, joint\nventures or other unincorporated entities have substantially the same\npartners or members, each of such partners or members has substantially\nthe same interest in each of such partnerships, joint ventures or other\nunincorporated entities, and such partnerships, joint ventures or other\nunincorporated entities are engaged in substantially the same business\nor businesses or in substantially related businesses, all of such\npartnerships, joint ventures or other unincorporated entities shall be\ntreated as one unincorporated business for purposes of this subdivision.\nThe preceding sentence shall not be construed to limit or affect the\nmeaning or application of any other provision of this title.\n (c) Credit relating to stock transfer tax.\n (1) In addition to any other credit permitted under this section, a\ntaxpayer shall be allowed a credit, to be credited or refunded in the\nmanner hereinafter provided in this subdivision, against the tax imposed\nby this title after the allowance of any other credit under this\nsection. The amount of such credit shall be fifty percent of the tax\nincurred in market making transactions under the provisions of article\ntwelve of the tax law on such transactions subject to such tax occurring\non and after August first, nineteen hundred seventy-six and paid by such\ntaxpayer (except when such tax shall have been paid pursuant to section\ntwo hundred seventy-nine-a of such tax law).\n 2. For purposes of this subdivision:\n (a) the term "taxpayer" shall mean any unincorporated business subject\nto tax under this section registered with the United States securities\nand exchange commission in accordance with subsection (b) of section\nfifteen of the securities exchange act of nineteen hundred thirty-four,\nas amended, and acting as a dealer in a transaction described in\nsubparagraph (b) of this paragraph, and\n (b) the term "market making transaction" shall mean any transaction\ninvolving a sale (including a short sale) by a dealer of shares or\ncertificates subject to the tax imposed by article twelve of the tax\nlaw, provided such shares or certificates are sold:\n (i) as stock in trade or inventory or as property held for sale in the\nordinary course of such dealer's trade or business (including transfers\nwhich are part of an underwriting),\n (ii) in (a) a bona fide arbitrage transaction; (b) a bona fide hedge\ntransaction involving a long or short position in any equity security\nand a long or short position in a security entitling the holder to\nacquire or sell such equity security; or (c) a risk arbitrage\ntransaction in connection with a merger, acquisition, tender offer,\nrecapitalization, reorganization, or similar transaction, or\n (iii) to offset a transaction made in error.\n Provided, however, that, except as to clause (ii) (c) of this\nparagraph, the term "market making transaction" shall not include any\nsale of shares or certificates identified in such dealer's records as a\nsecurity held for investment within the meaning of section twelve\nhundred thirty-six of the internal revenue code.\n (3) The credit allowed under this subdivision for any taxable year\nshall be deemed to be an overpayment of tax by the taxpayer to be\ncredited or refunded in accordance with the provisions of section one\nhundred thirty-four of this chapter, except as otherwise provided in\nsubdivision (g) of section one hundred sixteen of this chapter and\nsubdivision (g) of section one hundred twenty-two of this chapter;\nprovided, however, that the provisions of this title notwithstanding,\nthe amount to be refunded pursuant to this subdivision shall not be paid\nprior to the first day of the eighth month following the close of the\ntaxable year, and the provisions of subdivision (c) of section one\nhundred thirty-six of this chapter notwithstanding, interest shall be\nallowed and paid on the overpayment of the credit under this subdivision\nfrom the first day of the eleventh month following the close of the\ntaxable year, or three months after a claim for the credit or refund\nprovided for in this subdivision has been filed, whichever is later.\n (4) Provided, however, that the credit provided under this subdivision\nshall be allowed only to the extent that the amount of credit allowable\nwith respect to market making transactions under the provisions of this\nsubdivision (determined without regard to the provisions of this\nparagraph) exceeds fifty percent of all rebates (provided under the\nprovisions of section two hundred eighty-a of article twelve of the tax\nlaw) allowed for such taxes incurred in the same market making\ntransactions with respect to which the credit is determined. No credit\nshall be allowed under this subdivision with respect to any tax incurred\nin market making transactions occurring on or after October first,\nnineteen hundred eighty-one.\n (d) Credit relating to certain sales and compensating use taxes. (1)\nIn addition to the credits allowed by subdivisions (b) and (c) of this\nsection, a taxpayer shall be allowed a credit against the tax imposed by\nthis title to be credited or refunded in the manner hereinafter provided\nin this section. The amount of such credit shall be the excess of (A)\nthe amount of sales and compensating use taxes imposed by section eleven\nhundred seven of the tax law during the taxpayer's taxable year which\nbecame legally due on or after and was paid on or after July first,\nnineteen hundred seventy-seven, less any credit or refund of such taxes,\nwith respect to the purchase or use by the taxpayer of machinery or\nequipment for use or consumption directly and predominantly in the\nproduction of tangible personal property, gas, electricity,\nrefrigeration or steam for sale, by manufacturing, processing,\ngenerating, assembling, refining, mining or extracting, or telephone\ncentral office equipment or station apparatus or comparable telegraph\nequipment for use directly and predominantly in receiving at destination\nor initiating and switching telephone or telegraph communication, but\nnot including parts with a useful life of one year or less or tools or\nsupplies used in connection with such machinery, equipment or apparatus\nover (B) the amount of any credit for such sales and compensating use\ntaxes allowed or allowable against the taxes imposed by any local law of\nthe city imposing a tax on utilities and vendors of utility services,\nfor any periods embraced within the taxable year of the taxpayer under\nthis part. (2) The credit allowed under this section for any taxable\nyear shall be deemed to be an overpayment of tax by the taxpayer to be\ncredited or refunded, without interest, in accordance with the\nprovisions of section one hundred thirty-four of this title. (3) Where\nthe taxpayer receives a refund or credit of any tax imposed under\nsection eleven hundred seven of the tax law for which the taxpayer had\nclaimed a credit under the provisions of this section in a prior taxable\nyear, the amount of such tax refund or credit shall be added to the tax\nimposed by section one hundred one, and such amount shall be subtracted\nin computing unincorporated business taxable income for the taxable\nyear.\n (e) Credit relating to certain expenses involved in the cost of\nrelocating industrial and commercial employment opportunities. (1) In\naddition to any other credit allowed by this section, a taxpayer shall\nbe allowed a credit against the tax imposed by this part to be credited\nor refunded in the manner hereinafter provided in this section. The\namount of such credit shall be:\n (A) A maximum of three hundred dollars for each commercial employment\nopportunity and a maximum of five hundred dollars for each industrial\nemployment opportunity relocated to the city from an area outside the\nstate. Such credit shall be allowed to a taxpayer who relocates a\nminimum of ten employment opportunities. The credit shall be allowed\nagainst employment opportunity relocation costs incurred by the\ntaxpayer. The credit allowed hereunder may be taken by the taxpayer in\nwhole or in part in the year in which the employment opportunity is\nrelocated by such taxpayer or either of the two years succeeding such\nevent.\n The director of finance is empowered to promulgate rules and\nregulations and to prescribe the form of application to be used by a\ntaxpayer seeking the credit provided hereunder.\n (B) Definitions: When used in this section, "Employment Opportunity"\nmeans the creation of a full time position of gainful employment for an\nindustrial or commercial employee and the actual hiring of such employee\nfor the said position.\n "Industrial Employee" means one engaged in the manufacture or\nassembling of tangible goods or the processing of raw materials.\n "Commercial Employee" means one engaged in the buying, selling or\notherwise providing of goods or services other than on a retail basis.\n "Retail" means the selling or otherwise disposing of or furnishing of\ntangible goods or services directly to the ultimate user or consumer.\n "Full Time Position" means the hiring of an industrial or commercial\nemployee in a position of gainful employment where the number of hours\nworked by such employee is not less than thirty hours during any given\nwork week.\n "Employment Opportunity Relocation Costs" means the costs incurred by\nthe taxpayer in moving furniture, files, papers and office equipment\ninto the city from a location outside the state; the costs incurred by\nthe taxpayer in the moving from a location outside the state; the costs\nof installation of telephones and other communications equipment\nrequired as a result of the relocation to the city from a location\noutside the state; the cost incurred in the purchase of office furniture\nand fixtures required as a result of the relocation to the city from a\nlocation outside the state; and the cost of renovation of the premises\nto be occupied as a result of the relocation provided, however, that\nsuch renovation costs shall be allowable only in an amount which does\nnot exceed seventy-five cents per square foot of the total area utilized\nby the taxpayer in the occupied premises.\n (2) The credit allowed under this section for any taxable year shall\nbe deemed to be an overpayment of tax by the taxpayer to be credited or\nrefunded, without interest, in accordance with the provisions of section\none hundred thirty-four of this title.\n (3) Where the taxpayer receives a refund or credit of any tax imposed\nunder section eleven hundred seven of the tax law for which the taxpayer\nhad claimed a credit under the provisions of this section in a prior\ntaxable year, the amount of such tax refund or credit shall be added to\nthe tax imposed by section one hundred one, and such amount shall be\nsubtracted in computing unincorporated business taxable income for the\ntaxable year.\n (f) Credit relating to the annual increase in certain payments to a\nlandlord by a taxpayer relocating industrial and commercial employment\nopportunities. (1) In addition to any other credit allowed by this\nsection, a taxpayer shall be allowed a credit against the tax imposed by\nthis part to be credited or refunded, without interest, in the manner\nhereinafter provided in this section.\n (A) Where a taxpayer shall have relocated to the city from a location\noutside the state, and by such relocation shall have created a minimum\nof one hundred industrial or commercial employment opportunities; and\nwhere such taxpayer shall have entered into a written lease for the\nrelocation premises, the terms of which lease provide for increased\nadditional payments to the landlord which are based solely and directly\nupon any increase or addition in real estate taxes imposed on the leased\npremises, the taxpayer upon approval and certification by the industrial\nand commercial incentive board as hereinafter provided, shall be\nentitled to a credit against the tax imposed by this section. The amount\nof such credit shall be: An amount equal to the annual increased\npayments actually made by the taxpayer to the landlord which are solely\nand directly attributable to an increase or addition to the real estate\ntax imposed upon the leased premises. Such credit shall be allowed only\nto the extent that the taxpayer has not otherwise claimed said amount as\na deduction against the tax imposed by this section, has met the\nrequirements of this section, and further, that the granting of the tax\ncredit to the applicant is in the "public interest." In determining that\nthe granting of the tax credit is in the public interest, the board\nshall make affirmative findings that: the granting of the tax credit to\nthe applicant will not effect an undue hardship on similar taxpayers\nalready located within the city; the existence of this tax incentive has\nbeen instrumental in bringing about the relocation of the applicant to\nthe city; and the granting of the tax credit will foster the economic\nrecovery and economic development of the city. The tax credit, if\napproved and certified by the industrial and commercial incentive board,\nshall be utilized annually on the filing of its tax return by the\ntaxpayer for the length of the term of the lease or for a period not to\nexceed ten years from the date of relocation, whichever period is\nshorter.\n (B) Definitions. When used in this section, "employment opportunity"\nmeans the creation of a full time position of gainful employment for an\nindustrial or commercial employee and the actual hiring of such employee\nfor the said position.\n "Industrial employee" means one engaged in the manufacture or\nassembling of tangible goods or the processing of raw materials.\n "Commercial employee" means one engaged in the buying, selling or\notherwise providing of goods or services other than on a retail basis.\n "Retail" means the selling or otherwise disposing or furnishing of\ntangible goods or services directly to the ultimate user or consumer.\n "Full time position" means the hiring of an industrial or commercial\nemployee in a position of gainful employment where the number of hours\nworked by such employee is not less than thirty hours during any given\nwork week.\n "Industrial and commercial incentive board" means the board created\npursuant to section four hundred eighty-nine-nn of the real property tax\nlaw.\n (2) The credit allowed under this section for any taxable year shall\nbe deemed to be an overpayment of tax by the taxpayer to be credited or\nrefunded, without interest, in accordance with the provisions of section\none hundred thirty-four of this title.\n (3) Where the taxpayer receives a refund or credit of any tax imposed\nunder section eleven hundred seven of the tax law for which the taxpayer\nhad claimed a credit under the provisions of this section in a prior\ntaxable year, the amount of such tax refund or credit shall be added to\nthe tax imposed by section one hundred one of this title, and such\namount shall be subtracted in computing unincorporated business taxable\nincome for the taxable year.\n (g) Credit relating to certain sales and compensating use taxes. (1)\nIn addition to any other credit allowed by this section, a taxpayer\nshall be allowed a credit against the tax imposed by this title to be\ncredited or refunded in the manner hereinafter provided in this section.\nThe amount of such credit shall be equal to one-half the amount of sales\nand compensating use taxes imposed by section eleven hundred seven of\nthe tax law during the taxpayer's taxable year which became legally due\non or after and was paid on or after July first, nineteen hundred\neighty-one, less one-half of any credit or refund of such taxes, with\nrespect to the purchase or use by the taxpayer of (i) parts with a\nuseful life of one year or less, tools and supplies for use or\nconsumption directly and predominantly in the production of tangible\npersonal property, gas, electricity, refrigeration or steam for sale by\nmanufacturing, processing, generating, assembling, refining, mining or\nextracting or for use directly and predominantly in or on telephone\ncentral office equipment or station apparatus or comparable telegraph\nequipment where such equipment or apparatus is used directly and\npredominantly in receiving at destination or initiating and switching\ntelephone or telegraph communication, and (ii) the services of\ninstalling, repairing, maintaining or servicing the tangible personal\nproperty described in subdivision (d) of this section, including the\nparts with a useful life of one year or less, tools and supplies\ndescribed in clause (i) of this paragraph. The foregoing credit shall be\nreduced by the amount of any credit for such sales and compensating use\ntaxes allowed or allowable against the taxes imposed by any local law of\nthe city imposing a tax on utilities and vendors of utility services,\nfor any periods embraced within the taxable year of the taxpayer under\nthis title.\n (2) The credit allowed under this subdivision for any taxable year\nshall be deemed to be an overpayment of tax by the taxpayer to be\ncredited or refunded in accordance with the provisions of section one\nhundred thirty-four of this title.\n (3) Where the taxpayer receives a refund or credit of any tax imposed\nunder section eleven hundred seven of the tax law for which the taxpayer\nhad claimed a credit under this subdivision in a prior taxable year, the\namount of such tax refund or credit shall be added to the tax imposed by\nsection one hundred one, and such amount shall be subtracted in\ncomputing unincorporated business taxable income for the taxable year.\n (h) Credit relating to certain sales and compensating use taxes on\nelectricity used in manufacturing, processing or assembling.\n (1) (a) In addition to any other credit allowed by this section, a\ntaxpayer shall be allowed a credit against the tax imposed by this title\nto be credited or refunded in the manner hereinafter provided in this\nsubdivision. The amount of such credit shall be equal to the amount of\nsales and compensating use taxes imposed by section eleven hundred seven\nof the tax law during the taxpayer's taxable year which became legally\ndue on or after and was paid on or after July first, nineteen hundred\neighty-four, less any credit or refund of such taxes, with respect to\nthe purchase or use by the taxpayer of electricity or electric service\nof whatever nature for use or consumption directly and exclusively in\nthe production of tangible personal property for sale by manufacturing,\nprocessing or assembling. Provided, however, the amount of the credit\nallowed by this paragraph shall be reduced by the amount of any rebate\nor rebates received during the taxpayer's taxable year pursuant to a\nlocal law enacted in accordance with article two-G of the general city\nlaw.\n (b) In addition to any other credit allowed by this section, a\ntaxpayer shall be allowed a credit against the tax imposed by this title\nto be credited or refunded in the manner hereinafter provided in this\nsubdivision. The amount of such credit shall be equal to the percentage\nspecified below of the amount of sales and compensating use taxes\nimposed by section eleven hundred seven of the tax law during the\ntaxpayer's taxable year which became legally due on or after and was\npaid on or after July first, nineteen hundred eighty-eight, less any\ncredit or refund of such taxes, with respect to the purchase or use by a\nnonresidential energy user, as such term is defined in article two-G of\nthe general city law, of electricity or electric service purchased at\nretail from the power authority of the state of New York or the port\nauthority of the state of New York and New Jersey, provided, however,\nthat no credit shall be allowed with respect to purchases from such port\nauthority unless it shall be an "eligible vendor of energy services", as\ndefined in paragraph one of subdivision (c) of section twenty-five-v of\nthe general city law, and shall have obtained a certification of\neligibility in accordance with subdivision (b) of section twenty-five-w\nof such law; during the period commencing July first, nineteen hundred\neighty-eight and ending June thirtieth, nineteen hundred eighty-nine the\ncredit shall be in an amount equal to twenty-five per centum of such\nsales and compensating use taxes imposed; during the period commencing\nJuly first, nineteen hundred eighty-nine and ending June thirtieth,\nnineteen hundred ninety the credit shall be in an amount equal to fifty\nper centum of such taxes imposed; during the period commencing July\nfirst, nineteen hundred ninety and ending June thirtieth, nineteen\nhundred ninety-one the credit shall be in an amount equal to\nseventy-five per centum of such taxes imposed; and during the period\ncommencing July first, nineteen hundred ninety-one and thereafter the\ncredit shall be in an amount equal to one hundred per centum of such\ntaxes imposed.\n (c) In addition to any other credit allowed by this section, a\ntaxpayer shall be allowed a credit against the tax imposed by this title\nto be credited or refunded in the manner hereinafter provided in this\nsubdivision. The amount of such credit shall be equal to the percentage\nspecified below of the amount of sales and compensating use taxes\nimposed by section eleven hundred seven of the tax law during the\ntaxpayer's taxable year which became legally due on or after and was\npaid on or after July first, nineteen hundred eighty-eight, less any\ncredit or refund of such taxes, with respect to the purchase or use by a\nnon-residential fuel user of fuel or fuel service except fuel used to\noperate motor vehicles: during the period commencing July first,\nnineteen hundred eighty-eight and ending June thirtieth, nineteen\nhundred eighty-nine the credit shall be in an amount equal to\ntwenty-five per centum of such sales and compensating use taxes imposed;\nduring the period commencing July first, nineteen hundred eighty-nine\nand ending June thirtieth, nineteen hundred ninety the credit shall be\nin an amount equal to fifty per centum of such taxes; during the period\ncommencing July first, nineteen hundred ninety and ending June\nthirtieth, nineteen hundred ninety-one the credit shall be in an amount\nequal to seventy-five per centum of such taxes; and during the period\ncommencing July first, nineteen hundred ninety-one and thereafter the\ncredit shall be in an amount equal to one hundred per centum of such\ntaxes imposed. For purposes of this subparagraph, the term\n"non-residential fuel user" shall mean any non-residential user of fuel,\nexcept a government agency or instrumentality thereof, public benefit\ncorporation, or any entity that is exempt from the sales tax imposed\npursuant to section eleven hundred seven of the tax law, provided that\nthe term "non-residential fuel user" shall not include an owner or\noperator of residential income producing property, except a hotel.\n (2) The credit allowed under this subdivision for any taxable year\nshall be deemed to be an overpayment of tax by the taxpayer to be\ncredited or refunded, without interest, in accordance with the\nprovisions of section one hundred thirty-four of this title.\n (3) Where the taxpayer receives a refund or credit of any tax imposed\nunder section eleven hundred seven of the tax law for which the taxpayer\nhad claimed a credit under this subdivision in a prior taxable year, the\namount of such tax refund or credit shall be added to the tax imposed by\nthis section and such amount shall be subtracted in computing\nunincorporated business taxable income for the taxable year.\n (j) Relocation and employment assistance credit. (1) In addition to\nany other credit allowed by this part, a taxpayer that has obtained the\ncertifications in accordance with subdivision (b) of section\ntwenty-five-z of the general city law shall be allowed a credit against\nthe tax imposed by this part. The amount of the credit shall be the\namount determined by multiplying five hundred dollars or, in the case of\na taxpayer that has obtained pursuant to subdivision (b) of such section\ntwenty-five-z a certification of eligibility dated on or after July\nfirst, nineteen hundred ninety-five, one thousand dollars or, in the\ncase of an eligible business that has obtained pursuant to subdivision\n(b) of such section twenty-five-z a certification of eligibility dated\non or after July first, two thousand, for a relocation to eligible\npremises located within a revitalization area defined in subdivision (n)\nof section twenty-five-y of the general city law, three thousand\ndollars, by the number of eligible aggregate employment shares\nmaintained by the taxpayer during the taxable year with respect to\nparticular premises to which the taxpayer has relocated; provided,\nhowever, with respect to a relocation for which no application for a\ncertificate of eligibility is submitted prior to July first, two\nthousand three, to eligible premises that are not within a\nrevitalization area, if the date of such relocation as determined\npursuant to subdivision (j) of section twenty-five-y of the general city\nlaw is before July first, nineteen hundred ninety-five, the amount to be\nmultiplied by the number of eligible aggregate employment shares shall\nbe five hundred dollars, and with respect to a relocation for which no\napplication for a certificate of eligibility is submitted prior to July\nfirst, two thousand three, to eligible premises that are within a\nrevitalization area, if the date of such relocation as determined\npursuant to subdivision (j) of such section is before July first,\nnineteen hundred ninety-five, the amount to be multiplied by the number\nof eligible aggregate employment shares shall be five hundred dollars,\nand if the date of such relocation as determined pursuant to subdivision\n(j) of such section is on or after July first, nineteen hundred\nninety-five, and before July first, two thousand, one thousand dollars;\nprovided, however, that no credit shall be allowed for the relocation of\nany retail activity or hotel services; provided, further, that no credit\nshall be allowed under this paragraph to any taxpayer that has elected\npursuant to subdivision (d) of section twenty-five-z of the general city\nlaw to take such credit against a gross receipts tax imposed under a\nlocal law enacted pursuant to subdivision (a) of section twelve hundred\none of the tax law; and provided that in the case of an eligible\nbusiness that has obtained pursuant to subdivision (b) of such section\ntwenty-five-z certifications of eligibility for more than one\nrelocation, the portion of the total amount of eligible aggregate\nemployment shares to be multiplied by the dollar amount specified in\nthis subdivision for each such certification of a relocation shall be\nthe number of total attributed eligible aggregate employment shares\ndetermined with respect to such relocation pursuant to subdivision (o)\nof section twenty-five-y of the general city law. For purposes of this\nsection, the terms "eligible aggregate employment shares", "relocate",\n"retail activity" and "hotel services" shall have the meanings ascribed\nby section twenty-five-y of the general city law.\n (2) The credit allowed under this subdivision with respect to eligible\naggregate employment shares maintained with respect to particular\npremises to which the taxpayer has relocated shall be allowed for the\nfirst taxable year during which such eligible aggregate employment\nshares are maintained with respect to such premises and for any of the\ntwelve succeeding taxable years during which eligible aggregate\nemployment shares are maintained with respect to such premises; provided\nthat the credit allowed for the twelfth succeeding taxable year shall be\ncalculated by multiplying the number of eligible aggregate employment\nshares maintained with respect to such premises in the twelfth\nsucceeding taxable year by the lesser of one and a fraction the\nnumerator of which is such number of days in the taxable year of\nrelocation less the number of days the eligible business maintained\nemployment shares in the eligible premises in the taxable year of\nrelocation and the denominator of which is the number of days in such\ntwelfth succeeding taxable year during which such eligible aggregate\nemployment shares are maintained with respect to such premises. Except\nas provided in paragraph four of this subdivision, if the amount of the\ncredit allowable under this section for any taxable year exceeds the tax\nimposed for such year, the excess may be carried over, in order, to the\nfive immediately succeeding taxable years and, to the extent not\npreviously deductible, may be deducted from the taxpayer's tax for such\nyears.\n (3) The credit allowable under this section shall be deducted prior to\nthe deduction of any other credit allowed by this title.\n (4) In the case of a taxpayer that has obtained a certification of\neligibility pursuant to subdivision (b) of section twenty-five-z of the\ngeneral city law dated on or after July first, two thousand for a\nrelocation to eligible premises located within the revitalization area\ndefined in subdivision (n) of section twenty-five-y of the general city\nlaw, the credits allowed under this subdivision, or in the case of a\ntaxpayer that has relocated more than once, the portion of such credits\nattributed to such certification of eligibility pursuant to paragraph\none of this subdivision, against the tax imposed by this chapter for the\ntaxable year of such relocation and for the four taxable years\nimmediately succeeding the taxable year of such relocation, shall be\ndeemed to be overpayments of tax by the taxpayer to be credited or\nrefunded, without interest, in accordance with the provisions of section\none hundred thirty-four of this title. For such taxable years, such\ncredits or portions thereof may not be carried over to any succeeding\ntaxable year; provided, however, that this paragraph shall not apply to\nany relocation for which an application for a certification of\neligibility was not submitted prior to July first, two thousand three,\nunless the date of such relocation is on or after July first, two\nthousand.\n (k) Lower Manhattan relocation and employment assistance credit. (1)\nIn addition to any other credit allowed by this part, a taxpayer that\nhas obtained the certifications in accordance with subdivision (b) of\nsection twenty-five-ee of the general city law shall be allowed a credit\nagainst the tax imposed by this part. The amount of the credit shall be\nthe amount determined by multiplying three thousand dollars by the\nnumber of eligible aggregate employment shares maintained by the\ntaxpayer during the taxable year with respect to eligible premises to\nwhich the taxpayer has relocated; provided, however, that no credit\nshall be allowed for the relocation of any retail activity or hotel\nservices; provided, further, that no credit shall be allowed under this\nsubdivision to any taxpayer that has elected pursuant to subdivision (d)\nof section twenty-five-ee of the general city law to take such credit\nagainst a gross receipts tax imposed under a local law enacted pursuant\nto subdivision (a) of section twelve hundred one of the tax law. For\npurposes of this subdivision, the terms "eligible aggregate employment\nshares," "eligible premises," "relocate," "retail activity" and "hotel\nservices" shall have the meanings ascribed by section twenty-five-dd of\nthe general city law.\n (2) The credit allowed under this subdivision with respect to eligible\naggregate employment shares maintained with respect to eligible premises\nto which the taxpayer has relocated shall be allowed for the taxable\nyear of the relocation and for any of the twelve succeeding taxable\nyears during which eligible aggregate employment shares are maintained\nwith respect to eligible premises; provided that the credit allowed for\nthe twelfth succeeding taxable year shall be calculated by multiplying\nthe number of eligible aggregate employment shares maintained with\nrespect to eligible premises in the twelfth succeeding taxable year by\nthe lesser of one and a fraction the numerator of which is such number\nof days in the taxable year of relocation less the number of days the\neligible business maintained employment shares in eligible premises in\nthe taxable year of relocation and the denominator of which is the\nnumber of days in such twelfth succeeding taxable year during which such\neligible aggregate employment shares are maintained with respect to such\npremises.\n (3) Except as provided in paragraph four of this subdivision, if the\namount of the credit allowable under this subdivision for any taxable\nyear exceeds the tax imposed for such year, the excess may be carried\nover, in order, to the five immediately succeeding taxable years and, to\nthe extent not previously deductible, may be deducted from the\ntaxpayer's tax for such years.\n (4) The credits allowed under this subdivision, against the tax\nimposed by this chapter for the taxable year of the relocation and for\nthe four taxable years immediately succeeding the taxable year of such\nrelocation, shall be deemed to be overpayments of tax by the taxpayer to\nbe credited or refunded, without interest, in accordance with the\nprovisions of section seventy-seven of this title. For such taxable\nyears, such credits or portions thereof may not be carried over to any\nsucceeding taxable year.\n (5) The credit allowable under this subdivision shall be deducted\nafter the credits allowed by subdivisions (b) and (j) of this section,\nbut prior to the deduction of any other credit allowed by this section.\n (l) Relocation assistance credit per employee. (1) In addition to any\nother credit allowed by this part other than a credit allowed by\nsubdivision (j) of this section, a taxpayer that has obtained the\ncertifications in accordance with subdivision (b) of section\ntwenty-five-gg of the general city law shall be allowed a credit against\nthe tax imposed by this part. The amount of the credit shall be the\namount determined by multiplying five thousand dollars by the number of\neligible aggregate employment shares maintained by the taxpayer during\nthe taxable year with respect to eligible premises to which the taxpayer\nhas relocated; provided, however, that no credit shall be allowed for\nthe relocation of any retail activity or hotel services. For purposes of\nthis subdivision, the terms "eligible aggregate employment shares",\n"eligible premises", "relocate", "retail activity" and "hotel services"\nshall have the meanings ascribed by section twenty-five-ff of the\ngeneral city law.\n (2) The credit allowed under this subdivision with respect to eligible\naggregate employment shares maintained with respect to eligible premises\nto which the taxpayer has relocated shall be allowed for the taxable\nyear of the relocation and for any of the ten succeeding taxable years\nduring which eligible aggregate employment shares are maintained with\nrespect to eligible premises; provided that the credit allowed for the\ntenth succeeding taxable year shall be calculated by multiplying the\nnumber of eligible aggregate employment shares maintained with respect\nto eligible premises in the tenth succeeding taxable year by the lesser\nof one and a fraction the numerator of which is such number of days in\nthe taxable year of relocation less the number of days the eligible\nbusiness maintained employment shares in eligible premises in the\ntaxable year of relocation and the denominator of which is the number of\ndays in such tenth succeeding taxable year during which such eligible\naggregate employment shares are maintained with respect to such\npremises.\n (3) Except as provided in paragraph four of this subdivision, if the\namount of the credit allowable under this subdivision for any taxable\nyear exceeds the tax imposed for such year, the excess may be carried\nover, in order, to the five immediately succeeding taxable years and, to\nthe extent not previously deductible, may be deducted from the\ntaxpayer's tax for such years.\n (4) The credits allowed under this subdivision, against the tax\nimposed by this chapter for the taxable year of the relocation and for\nthe four taxable years immediately succeeding the taxable year of such\nrelocation, shall be deemed to be overpayments of tax by the taxpayer to\nbe credited or refunded, without interest, in accordance with the\nprovisions of section seventy-seven of this title. For such taxable\nyears, such credits or portions thereof may not be carried over to any\nsucceeding taxable year.\n (5) The credit allowable under this subdivision shall be deducted\nafter the credits allowed by subdivision (b) of this section, but prior\nto the deduction of any other credit allowed by this section.\n