§ 4-C — Credit relating to certain expenses involved in the cost of relocating industrial and commercial employment opportunities

§ 4-c. 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, without interest, in the manner hereinafter provided in\nthis section. The amount 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 which relocates a\nminimum of ten employment opportunities. The credit shall be allowed\nagainst employment opportunity relocation costs incurred by the\ntaxpayer. Such credit shall be allowed only to the extent that the\ntaxpayer has not claimed a deduction for allowable employment\nopportunity relocation costs. The credit allowed hereunder may be taken\nby the taxpayer in whole or in part in the year in which the employment\nopportunity is relocated by such taxpayer or either of the two years\nsucceeding such event.\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 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 and installation of machinery and equipment\ninto the city from a location outside the state; the costs of\ninstallation of telephones and other communications equipment required\nas a result of the relocation to the city from a location outside the\nstate; the cost incurred in the purchase of office furniture and\nfixtures 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 to the extent that they do\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\nseventy-seven 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 three, and such amount shall be subtracted in\ncomputing entire net income for the taxable year.\n