§ 4-I — Lower Manhattan relocation and employment assistance credit

§ 4-i. Lower Manhattan relocation and employment assistance credit.\n(1) In addition to any other credit allowed by this part, a taxpayer\nthat has obtained the certifications in accordance with subdivision (b)\nof section twenty-five-ee of the general city law shall be allowed a\ncredit against the tax imposed by this part. The amount of the credit\nshall be the amount determined by multiplying three thousand dollars by\nthe number 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 section 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 taxable year during which such eligible\naggregate employment shares are maintained with respect to such\npremises.\n (3) Except as provided in subdivision four of this section, if the\namount of the credit allowable under this section for any taxable year\nexceeds the tax imposed for such year, the excess may be carried over,\nin order, to the five immediately succeeding taxable years and, to the\nextent not previously deductible, may be deducted from the taxpayer's\ntax for such years.\n (4) The credits allowed under this section, against the tax imposed by\nthis chapter for the taxable year of the relocation and for the four\ntaxable 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 allowed under this section shall be deducted after the\ncredits allowed by section four-h of this part, but prior to the\ndeduction of any other credit allowed by this part.\n