§ 4-D — ) Credit relating to the annual increase in certain payments to a landlord by a taxpayer relocating industrial and commercial employment ...

§ (4-d) Credit relating to the annual increase in certain payments to\na landlord 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 entitled\nto a credit against the tax imposed by this section. The amount of such\ncredit shall be: An amount equal to the annual increased payments\nactually made by the taxpayer to the landlord which are solely and\ndirectly attributable to an increase or addition to the real estate tax\nimposed upon the leased premises. Such credit shall be allowed only to\nthe extent that the taxpayer has not otherwise claimed said amount as a\ndeduction against the tax imposed by this section.\n The industrial and commercial incentive board in approving and\ncertifying to the qualifications of the taxpayer to receive the tax\ncredit provided for herein shall first determine that the applicant has\nmet the requirements of this section, and further, that the granting of\nthe tax credit to the applicant is in the "public interest." In\ndetermining that the granting of the tax credit is in the public\ninterest, the board shall make affirmative findings that: the granting\nof the tax credit to the applicant will not effect an undue hardship on\nsimilar taxpayers already located within the city; the existence of this\ntax incentive has been instrumental in bringing about the relocation of\nthe applicant to the city; and the granting of the tax credit will\nfoster the economic recovery and economic development of the city.\n The tax credit, if approved and certified by the industrial and\ncommercial incentive board, must be utilized annually by the taxpayer\nfor the length of the term of the lease or for a period not to exceed\nten years from the date of relocation, whichever period is shorter.\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 utlimate 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 in accordance with the provisions of section seventy-seven of\nthis 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 of this part, and such amount shall be\nsubtracted in computing entire net income for the taxable year.\n