§ 4-H — Relocation and employment assistance credit

§ 4-h. Relocation and employment assistance credit. (1) In addition\nto any other credit allowed by this part, a taxpayer that has obtained\nthe certifications 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 section 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 section 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 subdivision four of this section, 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 part.\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 section, 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 subdivision\none of this section, 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\nseventy-seven of this title. For such taxable years, such credits or\nportions thereof may not be carried over to any succeeding taxable year;\nprovided, however, that this subdivision shall not apply to any\nrelocation for which an application for a certification of eligibility\nwas not submitted prior to July first, two thousand three, unless the\ndate of such relocation is on or after July first, two thousand.\n