§ 4-J — Relocation assistance credit per employee

§ 4-j. Relocation assistance credit per employee. (1) In addition to\nany other credit allowed by this part other than a credit allowed by\nsection four-h of this part, 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 section, 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 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 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 taxable year during which such eligible aggregate\nemployment shares are maintained with respect to such premises.\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 prior to\nthe deduction of any other credit allowed by this part, except as\notherwise provided by law.\n