§ 210-B — Credits

New York § 210-B

• Jurisdiction: New York
• Law TAX: Tax
• Art. 9-A: Franchise Tax On Business Corporations

Text

§ 210-B. Credits. 1. Investment tax credit (ITC). (a) A taxpayer\nshall be allowed a credit, to be computed as hereinafter provided,\nagainst the tax imposed by this article. The amount of the credit shall\nbe the percent provided for hereinbelow of the investment credit base.\nThe investment credit base is the cost or other basis for federal income\ntax purposes of tangible personal property and other tangible property,\nincluding buildings and structural components of buildings, described in\nparagraph (b) of this subdivision, less the amount of the nonqualified\nnonrecourse financing with respect to such property to the extent such\nfinancing would be excludible from the credit base pursuant to section\n46(c)(8) of the internal revenue code (treating such property as section\nthirty-eight property irrespective of whether or not it in fact\nconstitutes section thirty-eight property). If, at the close of a\ntaxable year following the taxable year in which such property was\nplaced in service, there is a net decrease in the amount of nonqualified\nnonrecourse financing with respect to such property, such net decrease\nshall be treated as if it were the cost or other basis of property\ndescribed in paragraph (b) of this subdivision acquired, constructed,\nreconstructed or erected during the year of the decrease in the amount\nof nonqualified nonrecourse financing. In the case of a combined report\nthe term investment credit base shall mean the sum of the investment\ncredit base of each corporation included on such report. The percentage\nto be used to compute the credit allowed pursuant to this subdivision\nshall be five percent with respect to the first three hundred fifty\nmillion dollars of the investment credit base, and four percent with\nrespect to the investment credit base in excess of three hundred fifty\nmillion dollars, except that in the case of research and development\nproperty at the option of the taxpayer the applicable percentage shall\nbe nine.\n (a-1) For a taxpayer that is an eligible farmer, as defined in\nsubdivision eleven of this section, the percentage to be used to compute\nthe credit allowed under this subdivision shall be twenty percent for\nproperty described in subparagraph (i) of paragraph (b) of this\nsubdivision that is principally used by the taxpayer in the production\nof goods by farming, agriculture, horticulture, floriculture or\nviticulture.\n (b) (i) A credit shall be allowed under this subdivision with respect\nto tangible personal property and other tangible property, including\nbuildings and structural components of buildings, which are: depreciable\npursuant to section one hundred sixty-seven of the internal revenue\ncode, have a useful life of four years or more, are acquired by purchase\nas defined in section one hundred seventy-nine (d) of the internal\nrevenue code, have a situs in this state and are (A) principally used by\nthe taxpayer in the production of goods by manufacturing, processing,\nassembling, refining, mining, extracting, farming, agriculture,\nhorticulture, floriculture, viticulture or commercial fishing, (B)\nindustrial waste treatment facilities or air pollution control\nfacilities, used in the taxpayer's trade or business, (C) research and\ndevelopment property, or (D) principally used in the ordinary course of\nthe taxpayer's trade or business as a broker or dealer in connection\nwith the purchase or sale (which shall include but not be limited to the\nissuance, entering into, assumption, offset, assignment, termination, or\ntransfer) of stocks, bonds or other securities as defined in section\nfour hundred seventy-five (c)(2) of the Internal Revenue Code, or of\ncommodities as defined in section four hundred seventy-five (e) of the\nInternal Revenue Code, (E) principally used in the ordinary course of\nthe taxpayer's trade or business of providing investment advisory\nservices for a regulated investment company as defined in section eight\nhundred fifty-one of the Internal Revenue Code, or lending, loan\narrangement or loan origination services to customers in connection with\nthe purchase or sale (which shall include but not be limited to the\nissuance, entering into, assumption, offset, assignment, termination, or\ntransfer) of securities as defined in section four hundred seventy-five\n(c)(2) of the Internal Revenue Code, (F) principally used in the\nordinary course of the taxpayer's business as an exchange registered as\na national securities exchange within the meaning of sections 3(a)(1)\nand 6(a) of the Securities Exchange Act of 1934 or a board of trade as\ndefined in subparagraph one of paragraph (a) of section fourteen hundred\nten of the not-for-profit corporation law or as an entity that is wholly\nowned by one or more such national securities exchanges or boards of\ntrade and that provides automation or technical services thereto, or (G)\nprincipally used as a qualified film production facility including\nqualified film production facilities having a situs in an empire zone\ndesignated as such pursuant to article eighteen-B of the general\nmunicipal law, where the taxpayer is providing three or more services to\nany qualified film production company using the facility, including such\nservices as a studio lighting grid, lighting and grip equipment,\nmulti-line phone service, broadband information technology access,\nindustrial scale electrical capacity, food services, security services,\nand heating, ventilation and air conditioning. For purposes of clauses\n(D), (E) and (F) of this subparagraph, property purchased by a taxpayer\naffiliated with a regulated broker, dealer, registered investment\nadvisor, national securities exchange or board of trade, is allowed a\ncredit under this subdivision if the property is used by its affiliated\nregulated broker, dealer, registered investment advisor, national\nsecurities exchange or board of trade in accordance with this\nsubdivision. For purposes of determining if the property is principally\nused in qualifying uses, the uses by the taxpayer described in clauses\n(D) and (E) of this subparagraph may be aggregated. In addition, the\nuses by the taxpayer, its affiliated regulated broker, dealer and\nregistered investment advisor under either or both of those clauses may\nbe aggregated. Provided, however, a taxpayer shall not be allowed the\ncredit provided by clauses (D), (E) and (F) of this subparagraph unless\nthe property is first placed in service before October first, two\nthousand fifteen and (i) eighty percent or more of the employees\nperforming the administrative and support functions resulting from or\nrelated to the qualifying uses of such equipment are located in this\nstate or (ii) the average number of employees that perform the\nadministrative and support functions resulting from or related to the\nqualifying uses of such equipment and are located in this state during\nthe taxable year for which the credit is claimed is equal to or greater\nthan ninety-five percent of the average number of employees that perform\nthese functions and are located in this state during the thirty-six\nmonths immediately preceding the year for which the credit is claimed,\nor (iii) the number of employees located in this state during the\ntaxable year for which the credit is claimed is equal to or greater than\nninety percent of the number of employees located in this state on\nDecember thirty-first, nineteen hundred ninety-eight or, if the taxpayer\nwas not a calendar year taxpayer in nineteen hundred ninety-eight, the\nlast day of its first taxable year ending after December thirty-first,\nnineteen hundred ninety-eight. If the taxpayer becomes subject to tax in\nthis state after the taxable year beginning in nineteen hundred\nninety-eight, then the taxpayer is not required to satisfy the\nemployment test provided in the preceding sentence of this subparagraph\nfor its first taxable year. For purposes of clause (iii) of this\nsubparagraph the employment test will be based on the number of\nemployees located in this state on the last day of the first taxable\nyear the taxpayer is subject to tax in this state. If the uses of the\nproperty must be aggregated to determine whether the property is\nprincipally used in qualifying uses, then either each affiliate using\nthe property must satisfy this employment test or this employment test\nmust be satisfied through the aggregation of the employees of the\ntaxpayer, its affiliated regulated broker, dealer, and registered\ninvestment adviser using the property. For purposes of clause (A) of\nthis subparagraph, tangible personal property and other tangible\nproperty shall not include property principally used by the taxpayer in\nthe production or distribution of electricity, natural gas after\nextraction from wells, steam, or water delivered through pipes and\nmains.\n (ii) For purposes of this paragraph, the following definitions shall\napply--\n (A) Manufacturing shall mean the process of working raw materials into\nwares suitable for use or which gives new shapes, new quality or new\ncombinations to matter which already has gone through some artificial\nprocess by the use of machinery, tools, appliances and other similar\nequipment. Property used in the production of goods shall include\nmachinery, equipment or other tangible property which is principally\nused in the repair and service of other machinery, equipment or other\ntangible property used principally in the production of goods and shall\ninclude all facilities used in the production operation, including\nstorage of material to be used in production and of the products that\nare produced.\n (B) Research and development property shall mean property which is\nused for purposes of research and development in the experimental or\nlaboratory sense. Such purposes shall not be deemed to include the\nordinary testing or inspection of materials or products for quality\ncontrol, efficiency surveys, management studies, consumer surveys,\nadvertising, promotions, or research in connection with literary,\nhistorical or similar projects.\n (C) Industrial waste treatment facilities shall mean property\nconstituting facilities for the treatment, neutralization or\nstabilization of industrial waste and other wastes (as the terms\n"industrial waste" and "other wastes" are defined in section 17-0105 of\nthe environmental conservation law) from a point immediately preceding\nthe point of such treatment, neutralization or stabilization to the\npoint of disposal, including the necessary pumping and transmitting\nfacilities, but excluding such facilities installed for the primary\npurpose of salvaging materials which are usable in the manufacturing\nprocess or are marketable.\n (D) Air pollution control facilities shall mean property constituting\nfacilities which remove, reduce, or render less noxious air contaminants\nemitted from an air contamination source (as the terms "air contaminant"\nand "air contamination source" are defined in section 19-0107 of the\nenvironmental conservation law) from a point immediately preceding the\npoint of such removal, reduction or rendering to the point of discharge\nof air, meeting emission standards as established by the department of\nenvironmental conservation, but excluding such facilities installed for\nthe primary purpose of salvaging materials which are usable in the\nmanufacturing process or are marketable and excluding those facilities\nwhich rely for their efficacy on dilution, dispersion or assimilation of\nair contaminants in the ambient air after emission. Such term shall\nfurther include flue gas desulfurization equipment and attendant sludge\ndisposal facilities, fluidized bed boilers, precombustion coal cleaning\nfacilities or other facilities that conform with this subdivision and\nwhich comply with the provisions of the state acid deposition control\nact set forth in title nine of article nineteen of the environmental\nconservation law.\n (E) The terms "qualified film production facility" and "qualified film\nproduction company" shall have the same meaning as in section\ntwenty-four of this chapter.\n (iii) However, such credit shall be allowed with respect to industrial\nwaste treatment facilities and air pollution control facilities only on\ncondition that such facilities have been certified by the state\ncommissioner of environmental conservation or his designated\nrepresentative, pursuant to subdivision one of section 17-0707 or\nsubdivision one of section 19-0309 of the environmental conservation\nlaw, as complying with applicable provisions of the environmental\nconservation law, the public health law, the state sanitary code and\ncodes, rules, regulations, permits or orders issued pursuant thereto.\n (c) A taxpayer shall not be allowed a credit under this subdivision\nwith respect to tangible personal property and other tangible property,\nincluding buildings and structural components of buildings, which it\nleases to any other person or corporation except where a taxpayer leases\nproperty to an affiliated regulated broker, dealer, registered\ninvestment adviser, national securities exchange or board of trade (or\nother entity described in clause (F) of subparagraph (i) of paragraph\n(b) of this subdivision) that uses such property in accordance with\nclause (D), (E) or (F) of subparagraph (i) of paragraph (b) of this\nsubdivision. For purposes of the preceding sentence, any contract or\nagreement to lease or rent or for a license to use such property shall\nbe considered a lease. Provided, however, in determining whether a\ntaxpayer shall be allowed a credit under this subdivision with respect\nto such property, any election made with respect to such property\npursuant to the provisions of paragraph eight of subsection (f) of\nsection one hundred sixty-eight of the internal revenue code, as such\nparagraph was in effect for agreements entered into prior to January\nfirst, nineteen hundred eighty-four, shall be disregarded. For purposes\nof this paragraph, the use of a qualified film production facility by a\nqualified film production company shall not be considered a lease of\nsuch facility to such company.\n (d) Except as otherwise provided in this paragraph, the credit allowed\nunder this subdivision for any taxable year shall not reduce the tax due\nfor such year to less than the fixed dollar minimum amount prescribed in\nparagraph (d) of subdivision one of section two hundred ten of this\narticle. However, if the amount of credit allowable under this\nsubdivision for any taxable year reduces the tax to such amount or if\nthe taxpayer otherwise pays tax based on the fixed dollar minimum\namount, any amount of credit allowed for a taxable year commencing prior\nto January first, nineteen hundred eighty-seven and not deductible in\nsuch taxable year may be carried over to the following year or years and\nmay be deducted from the taxpayer's tax for such year or years but in no\nevent shall such credit be carried over to taxable years commencing on\nor after January first, two thousand two, and any amount of credit\nallowed for a taxable year commencing on or after January first,\nnineteen hundred eighty-seven and not deductible in such year may be\ncarried over to the fifteen taxable years next following such taxable\nyear and may be deducted from the taxpayer's tax for such year or years.\nIn lieu of such carryover, (i) any such taxpayer which qualifies as a\nnew business under paragraph (f) of this subdivision may elect to treat\nthe amount of such carryover as an overpayment of tax to be credited or\nrefunded in accordance with the provisions of section ten hundred\neighty-six of this chapter, and (ii) any such taxpayer that is an\neligible farmer, as defined in subdivision eleven of this section, may\nfor taxable years beginning before January first, two thousand\ntwenty-eight, elect to treat the amount of such carryover as an\noverpayment of tax to be credited or refunded in accordance with the\nprovisions of section one thousand eighty-six of this chapter, provided,\nhowever, the provisions of subsection (c) of section ten hundred\neighty-eight of this chapter notwithstanding, no interest shall be paid\nthereon.\n (e) (1) With respect to property which is depreciable pursuant to\nsection one hundred sixty-seven of the internal revenue code but is not\nsubject to the provisions of section one hundred sixty-eight of such\ncode and which is disposed of or ceases to be in qualified use prior to\nthe end of the taxable year in which the credit is to be taken, the\namount of the credit shall be that portion of the credit provided for in\nthis subdivision which represents the ratio which the months of\nqualified use bear to the months of useful life. If property on which\ncredit has been taken is disposed of or ceases to be in qualified use\nprior to the end of its useful life, the difference between the credit\ntaken and the credit allowed for actual use must be added back in the\nyear of disposition. Provided, however, if such property is disposed of\nor ceases to be in qualified use after it has been in qualified use for\nmore than twelve consecutive years, it shall not be necessary to add\nback the credit as provided in this subparagraph. The amount of credit\nallowed for actual use shall be determined by multiplying the original\ncredit by the ratio which the months of qualified use bear to the months\nof useful life. For purposes of this subparagraph, useful life of\nproperty shall be the same as the taxpayer uses for depreciation\npurposes when computing his federal income tax liability.\n (2) Except with respect to that property to which subparagraph four of\nthis paragraph applies, with respect to three-year property, as defined\nin subsection (e) of section one hundred sixty-eight of the internal\nrevenue code, which is disposed of or ceases to be in qualified use\nprior to the end of the taxable year in which the credit is to be taken,\nthe amount of the credit shall be that portion of the credit provided\nfor in this subdivision which represents the ratio which the months of\nqualified use bear to thirty-six. If property on which credit has been\ntaken is disposed of or ceases to be in qualified use prior to the end\nof thirty-six months, the difference between the credit taken and the\ncredit allowed for actual use must be added back in the year of\ndisposition. The amount of credit allowed for actual use shall be\ndetermined by multiplying the original credit by the ratio which the\nmonths of qualified use bear to thirty-six.\n (3) Except with respect to that property to which subparagraph four of\nthis paragraph applies, with respect to property subject to the\nprovisions of section one hundred sixty-eight of the internal revenue\ncode, other than three-year property as defined in subsection (e) of\nsuch section one hundred sixty-eight which is disposed of or ceases to\nbe in qualified use prior to the end of the taxable year in which the\ncredit is to be taken, the amount of the credit shall be that portion of\nthe credit provided for in this subdivision which represents the ratio\nwhich the months of qualified use bear to sixty. If property on which\ncredit has been taken is disposed of or ceases to be in qualified use\nprior to the end of sixty months, the difference between the credit\ntaken and the credit allowed for actual use must be added back in the\nyear of disposition. The amount of credit allowed for actual use shall\nbe determined by multiplying the original credit by the ratio which the\nmonths of qualified use bear to sixty.\n (4) With respect to any property to which section one hundred\nsixty-eight of the internal revenue code applies, which is a building or\na structural component of a building and which is disposed of or ceases\nto be in qualified use prior to the end of the taxable year in which the\ncredit is to be taken, the amount of the credit shall be that portion of\nthe credit provided for in this subdivision which represents the ratio\nwhich the months of qualified use bear to the total number of months\nover which the taxpayer chooses to deduct the property under the\ninternal revenue code. If property on which credit has been taken is\ndisposed of or ceases to be in qualified use prior to the end of the\nperiod over which the taxpayer chooses to deduct the property under the\ninternal revenue code, the difference between the credit taken and the\ncredit allowed for actual use must be added back in the year of\ndisposition. Provided, however, if such property is disposed of or\nceases to be in qualified use after it has been in qualified use for\nmore than twelve consecutive years, it shall not be necessary to add\nback the credit as provided in this subparagraph. The amount of credit\nallowed for actual use shall be determined by multiplying the original\ncredit by the ratio which the months of qualified use bear to the total\nnumber of months over which the taxpayer chooses to deduct the property\nunder the internal revenue code.\n (5) For purposes of this paragraph, property (i) which is described in\nsubparagraph two, three or four of this paragraph, and (ii) which is\nsubject to subparagraph eleven of paragraph (a) of subdivision nine and\nsubparagraph ten of paragraph (b) of subdivision nine of section two\nhundred eight of this chapter, shall be treated as property which is\ndepreciable pursuant to section one hundred sixty-seven of the internal\nrevenue code but is not subject to section one hundred sixty-eight of\nsuch code.\n (6) For purposes of this paragraph, where a credit is allowed with\nrespect to an air pollution control facility on the basis of a\ncertificate of compliance issued pursuant to the environmental\nconservation law and the certificate is revoked pursuant to subdivision\nthree of section 19-0309 of the environmental conservation law, such\nrevocation shall constitute a disposal or cessation of qualified use,\nunless such facility is described in clause (A) or (C) of subparagraph\n(ii) of paragraph (b) of this subdivision. Also for purposes of this\nsubparagraph, the use of an air pollution control facility or an\nindustrial waste treatment facility for the primary purpose of salvaging\nmaterials which are usable in the manufacturing process or are\nmarketable shall constitute a cessation of qualified use, unless such\nfacility is described in clause (A) or (C) of subparagraph (ii) of\nparagraph (b) of this subdivision.\n (7) For taxable years commencing on or after January first, nineteen\nhundred eighty-seven, the amount required to be added back pursuant to\nthis paragraph shall be augmented by an amount equal to the product of\nsuch amount and the underpayment rate of interest (without regard to\ncompounding), set by the commissioner of taxation and finance pursuant\nto subsection (e) of section one thousand ninety-six, in effect on the\nlast day of the taxable year.\n (8) If, as of the close of the taxable year, there is a net increase\nwith respect to the taxpayer in the amount of nonqualified nonrecourse\nfinancing (within the meaning of section 46(c) (8) of the internal\nrevenue code) with respect to any property with respect to which the\ncredit under this subdivision was limited based on attributable\nnonqualified nonrecourse financing, then an amount equal to the decrease\nin such credit which would have resulted from reducing, by the amount of\nsuch net increase, the cost or other basis taken into account with\nrespect to such property must be added back in such taxable year. The\namount of nonqualified nonrecourse financing shall not be treated as\nincreased by reason of a transfer of (or agreement to transfer) any\nevidence of an indebtedness if such transfer occurs (or such agreement\nis entered into) more than one year after the date such indebtedness was\nincurred.\n (f) For purposes of paragraph (d) of this subdivision, a new business\nshall include any corporation, except a corporation which:\n (1) over fifty percent of the number of shares of stock entitling the\nholders thereof to vote for the election of directors or trustees is\nowned or controlled, either directly or indirectly, by a taxpayer\nsubject to tax under this article; section one hundred eighty-three, one\nhundred eighty-four or one hundred eighty-five of article nine; or\narticle thirty-three of this chapter; or\n (2) is substantially similar in operation and in ownership to a\nbusiness entity (or entities) taxable, or previously taxable, under this\narticle; section one hundred eighty-three, one hundred eighty-four,\nformer section one hundred eighty-five or former section one hundred\neighty-six of article nine; article thirty-two of this chapter as such\narticle was in effect on December thirty-first, two thousand fourteen;\narticle thirty-three of this chapter; article twenty-three of this\nchapter or which would have been subject to tax under such article\ntwenty-three (as such article was in effect on January first, nineteen\nhundred eighty) or the income (or losses) of which is (or was)\nincludable under article twenty-two of this chapter whereby the intent\nand purpose of this paragraph and paragraph (d) of this subdivision with\nrespect to refunding of credit to new business would be evaded; or\n (3) has been subject to tax under this article or former article\nthirty-two of this chapter for more than five taxable years (excluding\nshort taxable years).\n 2. Employment Incentive Credit (EIC). (a)(i) Application of credit.\nWhere a taxpayer is allowed a credit under subdivision one of this\nsection, other than at the optional rate applicable to research and\ndevelopment property, the taxpayer shall be allowed a credit for each of\nthe two years next succeeding the taxable year for which the credit\nunder such subdivision one is allowed with respect to such property,\nwhether or not deductible in such taxable year or in subsequent taxable\nyears pursuant to paragraph (d) of such subdivision one. Provided,\nhowever, that the credit allowable under this subdivision for any\ntaxable year shall be allowed only if the average number of employees\nduring such taxable year is at least one hundred one percent of the\naverage number of employees during the employment base year. The\nemployment base year shall be the taxable year immediately preceding the\ntaxable year for which the credit under such subdivision one is allowed\nexcept that if the taxpayer was not subject to tax and did not have a\ntaxable year immediately preceding the taxable year for which the credit\nunder such subdivision one of this section is allowed, the employment\nbase year shall be the taxable year in which the credit under such\nsubdivision one is allowed.\n (ii) Amount of credit. The amount of the credit allowed under this\nsubdivision shall be as set forth in the following table:\nAverage number of employees during the Credit allowed under this\ntaxable year expressed as a percentage subdivision expressed as a\nof average employees in employment percentage of the applicable\nbase years investment credit basis\nLess than 102% 1.5%\nAt least 102% and less than 103% 2%\nAt least 103% 2.5%\n (b) Average number of employees. The average number of employees in a\ntaxable year shall be computed by ascertaining the number of employees\nwithin the state, except general executive officers, employed by the\ntaxpayer on the thirty-first day of March, the thirtieth day of June,\nthe thirtieth day of September and the thirty-first day of December in\nthe taxable year, by adding together the number of employees ascertained\non each of such dates and dividing the sum so obtained by the number of\nsuch above mentioned dates occurring within the taxable year. However,\nwith respect to the employment base year, there shall be excluded\ntherefrom any employee with respect to whom a credit provided for under\nsubdivision six of this section is claimed, for the taxable year, based\non employment within a zone equivalent area designated as such pursuant\nto article eighteen-B of the general municipal law.\n (c) Carryover. In no event shall the credit herein provided for be\nallowed in an amount which will reduce the tax payable to less than the\nfixed dollar minimum amount prescribed in paragraph (d) of subdivision\none of section two hundred ten of this article. However, if the amount\nof credit allowable under this subdivision for any taxable year reduces\nthe tax to such amount or if the taxpayer otherwise pays tax based on\nthe fixed dollar minimum amount, any amount of credit not deductible in\nsuch taxable year may be carried over to the fifteen taxable years\nimmediately following such taxable year and may be deducted from the\ntaxpayer's tax for such year or years.\n 3. Empire zone investment tax credit (EZ-ITC). (a) A taxpayer shall be\nallowed a credit, to be computed as herein provided, against the tax\nimposed by this article if the taxpayer has been certified pursuant to\narticle eighteen-B of the general municipal law. The amount of the\ncredit shall be ten percent of the cost or other basis for federal\nincome tax purposes of tangible personal property and other tangible\nproperty, including buildings and structural components of buildings,\ndescribed in paragraph (b) of this subdivision, which is located within\nan empire zone designated as such pursuant to article eighteen-B of such\nlaw, but only if the acquisition, construction, reconstruction or\nerection of such property occurred or was commenced on or after the date\nof such designation and prior to the expiration thereof. Provided,\nhowever, that in the case of an acquisition, construction,\nreconstruction or erection which was commenced during such period and\ncontinued or completed subsequently, such credit shall be ten percent of\nthe portion of the cost or other basis for federal income tax purposes\nattributable to such period, which portion shall be ascertained by\nmultiplying such cost or basis by a fraction the numerator of which\nshall be the expenditures paid or incurred during such period for such\npurposes and the denominator of which shall be the total of all\nexpenditures paid or incurred for such acquisition, construction,\nreconstruction or erection.\n (b) Qualified property. A credit shall be allowed under this\nsubdivision with respect to tangible personal property and other\ntangible property, including buildings and structural components of\nbuildings, which\n (i) are depreciable pursuant to section one hundred sixty-seven of the\ninternal revenue code,\n (ii) have a useful life of four years or more,\n (iii) are acquired by purchase as defined in section one hundred\nseventy-nine (d) of the internal revenue code,\n (iv) have a situs in an empire zone designated as such pursuant to\narticle eighteen-B of the general municipal law, and\n (v) are (A) principally used by the taxpayer in the production of\ngoods by manufacturing, processing, assembling, refining, mining,\nextracting, farming, agriculture, horticulture, floriculture,\nviticulture or commercial fishing,\n (B) industrial waste treatment facilities or air pollution control\nfacilities used in the taxpayer's trade or business,\n (C) research and development property,\n (D) principally used in the ordinary course of the taxpayer's trade or\nbusiness as a broker or dealer in connection with the purchase or sale\n(which shall include but not be limited to the issuance, entering into,\nassumption, offset, assignment, termination, or transfer) of stocks,\nbonds or other securities as defined in section four hundred\nseventy-five (c)(2) of the Internal Revenue Code, or of commodities as\ndefined in section four hundred seventy-five (e) of the Internal Revenue\nCode,\n (E) principally used in the ordinary course of the taxpayer's trade or\nbusiness of providing investment advisory services for a regulated\ninvestment company as defined in section eight hundred fifty-one of the\nInternal Revenue Code, or lending, loan arrangement, or loan origination\nservices to customers in connection with the purchase or sale (which\nshall include but not be limited to the issuance, entering into,\nassumption, offset, assignment, termination or transfer) of securities\nas defined in section four hundred seventy-five (c)(2) of the Internal\nRevenue Code,\n (E-1) principally used in the ordinary course of the taxpayer's trade\nor business of providing investment advisory services or the service of\nmanaging investment portfolios to achieve specific investment objectives\nfor accounts over one million dollars of accredited investors (as that\nterm is defined in rule 501 of regulation D of the Securities Act of\n1933), if the taxpayer satisfies the following criteria:\n (I) the taxpayer is a regulated broker or dealer or an affiliate of a\nregulated broker or dealer,\n (II) the taxpayer is registered as an investment adviser under section\ntwo hundred three of the Investment Advisers Act of 1940, as amended,\nand\n (III) at least one client of the taxpayer is a regulated investment\ncompany as defined in section eight hundred fifty-one of the internal\nrevenue code that has assets of one hundred million dollars, or\n (F) principally used in the ordinary course of the taxpayer's business\nas an exchange registered as a national securities exchange within the\nmeaning of sections 3(a)(1) and 6(a) of the Securities Exchange Act of\n1934 or a board of trade as defined in subdivision one of paragraph (a)\nof section fourteen hundred ten of the not-for-profit corporation law or\nas an entity that is wholly owned by one or more such national\nsecurities exchanges or boards or trade and that provides automation or\ntechnical services thereto.\n (vi) For purposes of clauses (D), (E), (E-1) and (F) of subparagraph\n(v) of this paragraph, property purchased by a taxpayer affiliated with\na regulated broker, dealer, registered investment adviser, national\nsecurities exchange or board of trade is allowed a credit under this\nsubdivision if the property is used by its affiliated regulated broker,\ndealer, registered investment adviser or national securities exchange or\nboard of trade in accordance with this subdivision. For purposes of\ndetermining if the property is principally used in qualifying uses, the\nuses by the taxpayer described in clauses (D), (E) and (E-1) of\nsubparagraph (v) of this paragraph may be aggregated. In addition, the\nuses by the taxpayer, its affiliated regulated broker, dealer and\nregistered investment adviser under any of those clauses may be\naggregated. Provided, however, a taxpayer shall not be allowed the\ncredit provided by clauses (D), (E), (E-1) and (F) of subparagraph (v)\nof this paragraph unless\n (I) eighty percent or more of the employees performing the\nadministrative and support functions resulting from or related to the\nqualifying uses of such equipment are located in this state, or\n (II) the average number of employees that perform the administrative\nand support functions resulting from or related to the qualifying uses\nof such equipment and are located in this state during the taxable year\nfor which the credit is claimed is equal to or greater than ninety-five\npercent of the average number of employees that perform these functions\nand are located in this state during the thirty-six months immediately\npreceding the year for which the credit is claimed, or\n (III) the number of employees located in this state during the taxable\nyear for which the credit is claimed is equal to or greater than ninety\npercent of the number of employees located in this state on December\nthirty-first, nineteen hundred ninety-eight or, if the taxpayer was not\na calendar year taxpayer in nineteen hundred ninety-eight, the last day\nof its first taxable year ending after December thirty-first, nineteen\nhundred ninety-eight. If the taxpayer becomes subject to tax in this\nstate after the taxable year beginning in nineteen hundred ninety-eight,\nthen the taxpayer is not required to satisfy the employment test\nprovided in the preceding sentence of this subparagraph for its first\ntaxable year.\n (vii) For the purposes of clause (III) of subparagraph (vi) of this\nparagraph the employment test will be based on the number of employees\nlocated in this state on the last day of the first taxable year the\ntaxpayer is subject to tax in this state. If the uses of the property\nmust be aggregated to determine whether the property is principally used\nin qualifying uses, then either each affiliate using the property must\nsatisfy this employment test or this employment test must be satisfied\nthrough the aggregation of the employees of the taxpayer, its affiliated\nregulated broker, dealer, and registered investment adviser using the\nproperty.\n (viii) For the purpose of this subdivision, the term "goods" shall not\ninclude electricity.\n (ix) For purposes of this subdivision, "manufacturing" shall mean the\nprocess of working raw materials into wares suitable for use or which\ngives new shapes, new quality or new combinations to matter which\nalready has gone through some artificial process by the use of\nmachinery, tools, appliances and other similar equipment. Property used\nin the production of goods shall include machinery, equipment or other\ntangible property which is principally used in the repair and service of\nother machinery, equipment or other tangible property used principally\nin the production of goods and shall include all facilities used in the\nproduction operation, including storage of material to be used in\nproduction and of the products that are produced. For purposes of this\nsubdivision, the terms "research and development property", "industrial\nwaste treatment facilities", and "air pollution control facilities"\nshall have the meanings ascribed thereto by clauses (B), (C) and (D),\nrespectively, of subparagraph (iv) of paragraph (b) of subdivision one\nof this section, and the provisions of subparagraph (v) of such\nparagraph (b) shall apply.\n (c) Nonqualified property. A taxpayer shall not be allowed a credit\nunder this subdivision with respect to any tangible personal property\nand other tangible property, including buildings and structural\ncomponents of buildings, which it leases to any other person or\ncorporation except where a taxpayer leases property to an affiliated\nregulated broker, dealer, registered investment adviser, national\nsecurities exchange or board of trade or other entity described in\nclause (F) of subparagraph (v) of paragraph (b) of this subdivision that\nuses such property in accordance with clause (D), (E), (E-1) or (F) of\nsubparagraph (v) of paragraph (b) of this subdivision. For purposes of\nthe preceding sentence, any contract or agreement to lease or rent or\nfor a license to use such property shall be considered a lease.\nProvided, however, in determining whether a taxpayer shall be allowed a\ncredit under this subdivision with respect to such property, any\nelection made with respect to such property pursuant to the provisions\nof paragraph eight of subsection (f) of section one hundred sixty-eight\nof the internal revenue code, as such paragraph was in effect for\nagreements entered into prior to January first, nineteen hundred\neighty-four, shall be disregarded.\n (d) Carryover. The credit allowed under this subdivision for any\ntaxable year shall not reduce the tax due for such year to less than the\nfixed dollar minimum amount prescribed in paragraph (d) of subdivision\none of section two hundred ten of this article. Provided, however, that\nif the amount of credit allowed under this subdivision for any taxable\nyear reduces the tax to such amount or if the taxpayer otherwise pays\ntax based on the fixed dollar minimum amount, any amount of credit not\ndeductible in such taxable year may be carried over to the following\nyear or years and may be deducted from the taxpayer's tax for such year\nor years. In lieu of such carryover, any such taxpayer which qualifies\nas a new business under paragraph (f) of subdivision one of this section\nmay elect, on its report for its taxable year with respect to which such\ncredit is allowed, to treat fifty percent of the amount of such\ncarryover as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter. In addition, any taxpayer which is approved as the owner\nof a qualified investment project or a significant capital investment\nproject pursuant to subdivision (w) of section nine hundred fifty-nine\nof the general municipal law, on its report for its taxable year with\nrespect to which such credit is allowed, in lieu of such carryover, may\nelect to treat fifty percent of the amount of such carryover which is\nattributable to the credit allowed under this subdivision for property\nwhich is part of such project as an overpayment of tax to be credited or\nrefunded in accordance with the provisions of section one thousand\neighty-six of this chapter. Provided, however, such owner shall be\nallowed such refund for a maximum of ten taxable years with respect to\nsuch qualified investment project and each significant capital\ninvestment project, starting with the first taxable year in which\nproperty comprising such project is placed in service. Provided,\nfurther, however, the provisions of subsection (c) of section one\nthousand eighty-eight of this chapter notwithstanding, no interest shall\nbe paid thereon.\n (d-1) Any carryover of a credit from prior taxable years will not be\nallowed if an empire zone retention certificate is not issued pursuant\nto subdivision (w) of section nine hundred fifty-nine of the general\nmunicipal law to the empire zone enterprise which is the basis of the\ncredit.\n (e) At the option of the taxpayer, the taxpayer may choose to claim\nthe credit described in paragraph (a) of this subdivision for property\nwhich also qualifies for the credit provided under subdivision one of\nthis section. A taxpayer shall not be allowed a credit under this\nsubdivision with respect to any property described in paragraph (a) of\nthis subdivision if a credit is taken pursuant to subdivision one of\nthis section.\n (f) Recapture. (i) With respect to property which is depreciable\npursuant to section one hundred sixty-seven of the internal revenue code\nbut is not subject to the provisions of section one hundred sixty-eight\nof such code and which is disposed of or ceases to be in qualified use\nprior to the end of the taxable year in which the credit is to be taken,\nthe amount of the credit shall be that portion of the credit provided\nfor in this subdivision which represents the ratio which the months of\nqualified use bear to the months of useful life. If property on which\ncredit has been taken is disposed of or ceases to be in qualified use\nprior to the end of its useful life, the difference between the credit\ntaken and the credit allowed for actual use must be added back in the\nyear of disposition. Provided, however, if such property is disposed of\nor ceases to be in qualified use after it has been in qualified use for\nmore than twelve consecutive years, it shall not be necessary to add\nback the credit as provided in this subparagraph. The amount of credit\nallowed for actual use shall be determined by multiplying the original\ncredit by the ratio which the months of qualified use bear to the months\nof useful life. For purposes of this subparagraph, useful life of\nproperty shall be the same as the taxpayer uses for depreciation\npurposes when computing his federal income tax liability.\n (ii) Except with respect to that property to which subparagraph (iv)\nof this paragraph applies, with respect to three-year property, as\ndefined in subsection (e) of section one hundred sixty-eight of the\ninternal revenue code, which is disposed of or ceases to be in qualified\nuse prior to the end of the taxable year in which the credit is to be\ntaken, the amount of the credit shall be that portion of the credit\nprovided for in this subdivision which represents the ratio which the\nmonths of qualified use bear to thirty-six. If property on which credit\nhas been taken is disposed of or ceases to be in qualified use prior to\nthe end of thirty-six months, the difference between the credit taken\nand the credit allowed for actual use must be added back in the year of\ndisposition. The amount of credit allowed for actual use shall be\ndetermined by multiplying the original credit by the ratio which the\nmonths of qualified use bear to thirty-six.\n (iii) Except with respect to that property to which subparagraph (iv)\nof this paragraph applies, with respect to property subject to the\nprovisions of section one hundred sixty-eight of the internal revenue\ncode other than three-year property as defined in subsection (e) of such\nsection one hundred sixty-eight which is disposed of or ceases to be in\nqualified use prior to the end of the taxable year in which the credit\nis to be taken, the amount of the credit shall be that portion of the\ncredit provided for in this subdivision which represents the ratio which\nthe months of qualified use bear to sixty. If property on which credit\nhas been taken is disposed of or ceases to be in qualified use prior to\nthe end of sixty months, the difference between the credit taken and the\ncredit allowed for actual use must be added back in the year of\ndisposition. The amount of credit allowed for actual use shall be\ndetermined by multiplying the original credit by the ratio which the\nmonths of qualified use bear to sixty.\n (iv) With respect to any property to which section one hundred\nsixty-eight of the internal revenue code applies, which is a building or\na structural component of a building and which is disposed of or ceases\nto be in qualified use prior to the end of the taxable year in which the\ncredit is to be taken, the amount of the credit shall be that portion of\nthe credit provided for in this subdivision which represents the ratio\nwhich the months of qualified use bear to the total number of months\nover which the taxpayer chooses to deduct the property under the\ninternal revenue code. If property on which credit has been taken is\ndisposed of or ceases to be in qualified use prior to the end of the\nperiod over which the taxpayer chooses to deduct the property under the\ninternal revenue code, the difference between the credit taken and the\ncredit allowed for actual use must be added back in the year of\ndisposition. Provided, however, if such property is disposed of or\nceases to be in qualified use after it has been in qualified use for\nmore than twelve consecutive years, it shall not be necessary to add\nback the credit as provided in this subparagraph. The amount of credit\nallowed for actual use shall be determined by multiplying the original\ncredit by the ratio which the months of qualified use bear to the total\nnumber of months over which the taxpayer chooses to deduct the property\nunder the internal revenue code.\n (v) For purposes of this paragraph, disposal or cessation of qualified\nuse shall not be deemed to have occurred solely by reason of the\ntermination or expiration of an empire zone's designation as such.\n (vi)(A) For purposes of this paragraph, the decertification of a\nbusiness enterprise with respect to an empire zone shall constitute a\ndisposal or cessation of qualified use of the property on which the\ncredit was taken which is located in the zone to which the\ndecertification applies, on the effective date of such decertification.\n (B) Where a business enterprise has been decertified based on a\nfinding pursuant to clause one, two, or five of subdivision (a) of\nsection nine hundred fifty-nine of the general municipal law, the amount\nrequired to be added back by reason of this paragraph shall be (I) the\namount of credit, with respect to the property which is disposed of or\nceases to be in qualified use, which was deducted from the taxpayer's\ntax otherwise due under this article for all prior taxable years,\nreduced (but not below zero) by (II) the credit allowed for actual use.\nFor purposes of this subparagraph, the attribution to specific property\nof credit amounts deducted from tax shall be established in accordance\nwith the date of placement in service of such property in the empire\nzone.\n (C) In no event shall the amount of the credit allowed pursuant to\nthis subdivision be rendered, solely by reason of clause (A) of this\nsubparagraph, less than the amount of the credit to which the taxpayer\nwould otherwise be entitled under subdivision one of this section.\n (D) Notwithstanding any other provision of this subdivision, in the\ncase of a business enterprise which has been decertified, any amount of\ncredit allowed with respect to the property of such business enterprise\nlocated in the zone to which the decertification applies which is\ncarried over pursuant to paragraph (d) of this subdivision shall not be\ncarried over beyond the seventh taxable year next following the taxable\nyear with respect to which the credit provided for in this subdivision\nwas allowed.\n (vii) For purposes of this paragraph, where a credit is allowed with\nrespect to an air pollution control facility on the basis of a\ncertificate of compliance issued pursuant to the environmental\nconservation law and the certificate is revoked pursuant to subdivision\nthree of section 19-0309 of the environmental conservation law, such\nrevocation shall constitute a disposal or cessation of qualified use,\nexcept with respect to property contained in or comprising such facility\nwhich is described in clause (A), (B), or (C) of subparagraph (v) of\nparagraph (b) of this subdivision other than as part of or comprising an\nair pollution control facility. Also for purposes of this paragraph, the\nuse of an air pollution control facility or an industrial waste\ntreatment facility for the primary purpose of salvaging materials which\nare usable in the manufacturing process or are marketable shall\nconstitute a cessation of qualified use, except with respect to property\ncontained in or comprising such facility which is described in clause\n(A) or (C) of subparagraph (v) of paragraph (b) of this subdivision.\n (viii) Except as provided in this subparagraph, this paragraph shall\nnot apply to a credit allowed by this subdivision to a taxpayer that is\na partner in a partnership in the case of manufacturing property;\nprovided, at the time such property was placed in service by such\npartnership in an empire zone the basis for federal income tax purposes\nfor such property (or a project that includes such property) equaled or\nexceeded three hundred million dollars and such partner owned its\npartnership interest for at least three years from the date such\nproperty was placed in service. If such property ceases to be in\nqualified use after it is placed in service, this paragraph shall apply\nto such partner in the year such property ceases to be in qualifying\nuse.\n (ix) If a taxpayer, which is approved by the commissioner of economic\ndevelopment as the owner of a qualified investment project or a\nsignificant capital investment project pursuant to subdivision (w) of\nsection nine hundred fifty-nine of the general municipal law, fails to\n(A) create at least the minimum number of jobs at such project as\nrequired by the provisions of subdivision (s) or (t) of section nine\nhundred fifty-seven and subdivision (w) of section nine hundred\nfifty-nine of the general municipal law or (B) place in service property\ncomprising such qualified investment project or significant capital\ninvestment project with a basis for federal income tax purposes equaling\nor exceeding the applicable minimum required basis as provided in such\nsubdivision (s) or (t), whichever is relevant, by the last day of the\nfifth taxable year following the taxable year in which a credit is first\nallowed under this subdivision for the property which comprises such\nqualified investment project or such significant capital investment\nproject, the total amount of the credit allowed under this subdivision\nfor all taxable years with respect to the property which comprises such\nproject which has been refunded to such taxpayer shall be added back in\nsuch taxable year.\n (g) Notwithstanding the expiration of the empire zones program under\narticle eighteen-B of the general municipal law, a taxpayer that is\ncertified as a qualified investment project pursuant to such article\neight-B on the day immediately preceding the day the empire zones\nprogram expired shall continue to be deemed certified under such article\neighteen-B for purposes of this subdivision for the remainder of the\ntaxable year in which the expiration occurred and for the next\nsucceeding nine taxable years. In addition, the areas designated as\nempire zones in which the taxpayer is certified as a qualified\ninvestment project on the day immediately preceding the day the empire\nzones program expired shall continue to be deemed empire zones for\npurposes of this subdivision for the remainder of the taxable year in\nwhich the expiration occurred and for the next succeeding nine taxable\nyears.\n (h) Notwithstanding the expiration of the empire zones program under\narticle eighteen-B of the general municipal law and except as provided\nin paragraph (g) of this subdivision, a taxpayer that is certified as an\nempire zone business pursuant to such article eighteen-B on the day\nimmediately preceding the day the empire zone program expired shall\ncontinue to be deemed certified under such article eighteen-B for\npurposes of this subdivision until April first, two thousand fourteen.\nIn addition, the areas designated as empire zones in which the taxpayer\nis certified as an empire zone business on the day immediately preceding\nthe day the empire zones program expired shall continue to be deemed\nempire zones for purposes of this subdivisions until April first, two\nthousand fourteen.\n 4. Empire zone employment incentive credit (EZ-EIC). (a) Application\nof credit. Where a taxpayer is allowed a credit under subdivision three\nof this section, the taxpayer shall be allowed a credit for each of the\nthree years next succeeding the taxable year for which the credit under\nsuch subdivision three is allowed, with respect to such property,\nwhether or not deductible in such taxable year or in subsequent taxable\nyears pursuant to paragraph (d) of such subdivision three, of thirty\npercent of the credit allowable under such subdivision three; provided,\nhowever, that the credit allowable under this subdivision for any\ntaxable year shall only be allowed if the average number of employees\nemployed by the taxpayer in the empire zone, designated pursuant to\narticle eighteen-B of the general municipal law, in which such property\nis located during such taxable year is at least one hundred one percent\nof the average number of employees employed by the taxpayer in such\nempire zone, during the taxable year immediately preceding the taxable\nyear for which the credit under such subdivision three is allowed and\nprovided, further, that if the taxpayer was not subject to tax and did\nnot have a taxable year immediately preceding the taxable year for which\nthe credit under subdivision three of this section is allowed, the\ncredit allowable under this subdivision for any taxable year shall be\nallowed if the average number of employees employed in such empire zone\nin such taxable year is at least one hundred one percent of the average\nnumber of such employees during the taxable year in which the credit\nunder such subdivision three is allowed.\n (b) Average number of employees. The average number of employees\nemployed in an empire zone in a taxable year shall be computed by\nascertaining the number of such employees within such zone except\ngeneral executive officers, employed by the taxpayer on the thirty-first\nday of March, the thirtieth day of June, the thirtieth day of September\nand the thirty-first day of December in the taxable year, by adding\ntogether the number of employees ascertained on each of such dates and\ndividing the sum so obtained by the number of such above-mentioned dates\noccurring within the taxable year.\n (c) Carryover. In no event shall the credit herein provided for be\nallowed in an amount which will reduce the tax payable to less than the\nfixed dollar minimum amount prescribed in paragraph (d) of subdivision\none of section two hundred ten of this article. Provided, however, that\nif the amount of credit allowable under this subdivision for any taxable\nyear reduces the tax to such amount or if the taxpayer otherwise pays\ntax based on the fixed dollar minimum amount, any amount of credit not\ndeductible in such taxable year may be carried over to the following\nyear or years and may be deducted from the taxpayer's tax for such year\nor years. In lieu of such carryover, any such taxpayer, which is\napproved as the owner of a qualified investment project or a significant\ncapital investment project pursuant to subdivision (v) of section nine\nhundred fifty-nine of the general municipal law, may elect, on its\nreport for its taxable year with respect to which such credit is\nallowed, to treat fifty percent of the amount of such carryover as an\noverpayment of tax to be credited or refunded in accordance with the\nprovisions of section one thousand eighty-six of this chapter. Provided,\nhowever, in the case of such owner of a qualified investment project or\na significant capital investment project, only fifty percent of the\namount of such carryover which is attributable to the credit allowed\nunder this subdivision with respect to property which is part of such\nproject shall be allowed to be credited or refunded and such owner shall\nbe allowed such credit or refund only for those taxable years in which\nsuch owner would be allowed a credit or refund of the empire zone\ninvestment tax credit pursuant to paragraph (d) of subdivision three of\nthis section. Provided, further, however, the provisions of subsection\n(c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest shall be paid thereon.\n (c-1) Any carryover of a credit from prior taxable years will not be\nallowed if an empire zone retention certificate is not issued pursuant\nto subdivision (w) of section nine hundred fifty-nine of the general\nmunicipal law to the empire zone enterprise which is the basis of the\ncredit.\n (d) Notwithstanding the expiration of the empire zones program under\narticle eighteen-B of the general municipal law, a taxpayer that is\ncertified as a qualified investment project pursuant to such article\neighteen-B on the day immediately preceding the day the empire zones\nprogram expired shall continue to be deemed certified under such article\neighteen-B for purposes of this subdivision for the remainder of the\ntaxable year in which the expiration occurred and for the next\nsucceeding nine taxable years. In addition, the areas designated as\nempire zones in which the taxpayer is certified as a qualified\ninvestment project on the day immediately preceding the day the empire\nzones program expired shall continue to be deemed empire zones for\npurposes of this subdivision for the remainder of the taxable year in\nwhich the expiration occurred and for the next succeeding nine taxable\nyears.\n (e) Notwithstanding the expiration of the empire zones program under\narticle eighteen-B of the general municipal law and except as provided\nin paragraph (d) of this subdivision, a taxpayer that is certified as an\nempire zone business pursuant to such article eighteen-B on the day\nimmediately preceding the day the empire zones program expired shall\ncontinue to be deemed in the empire zone in which the taxpayer was\ncertified as an empire zone business on the day immediately preceding\nthe day the empire zones program expired for each of the three years\nnext succeeding the taxable year for which the credit under subdivision\nthree of this section is allowed.\n 5. QEZE credit for real property taxes. (a) Allowance of credit. A\ntaxpayer which is a qualified empire zone enterprise shall be allowed a\ncredit for eligible real property taxes, to be computed as provided in\nsection fifteen of this chapter, against the tax imposed by this\narticle.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the fixed dollar minimum amount prescribed in paragraph (d) of\nsubdivision one of section two hundred ten of this article. However, if\nthe amount of credit allowed under this subdivision for any taxable year\nreduces the tax to such amount or if the taxpayer otherwise pays tax\nbased on the fixed dollar minimum amount, any amount of credit thus not\ndeductible in such taxable year shall be treated as an overpayment of\ntax to be credited or refunded in accordance with the provisions of\nsection one thousand eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section one thousand eighty-eight of\nthis chapter notwithstanding, no interest shall be paid thereon.\n 6. QEZE tax reduction credit. (a) Allowance of credit. A taxpayer\nwhich is a qualified empire zone enterprise shall be allowed a QEZE tax\nreduction credit, to be computed as provided in section sixteen of this\nchapter, against the tax imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the fixed dollar minimum amount prescribed in paragraph (d) of\nsubdivision one of section two hundred ten of this article. Provided,\nhowever, this paragraph shall not apply to a taxpayer with a zone\nallocation factor of one hundred percent.\n 7. Qualified emerging technology company employment credit. (a)\nApplication of credit. A taxpayer shall be allowed a credit, to be\ncomputed as hereinafter provided, against the tax imposed by this\narticle, provided:\n (i) the taxpayer is a qualified emerging technology company pursuant\nto the provisions of section thirty-one hundred two-e of the public\nauthorities law; and\n (ii) the average number of individuals employed full time by the\ntaxpayer in New York state during the taxable year is at least one\nhundred one percent of the taxpayer's base year employment. For the\npurposes of this subdivision, "base year employment" means the average\nnumber of individuals employed full-time by the taxpayer in the state\nduring the three taxable years immediately preceding the first taxable\nyear in which the credit is claimed. Where the taxpayer provided\nfull-time employment within the state during only a portion of such\nthree-year period, then the first effective date for the company to take\nadvantage of this credit shall be the next year following the first full\ntaxable year that the company had full-time employment in New York\nstate. For the purposes of this paragraph the term "three years" shall\nbe deemed to refer instead to the prior year's full-time employment\nafter the first year and the average of the first eight quarters of\nemployment after the first two taxable years in New York state.\n (b) Credit limitation. The credit shall be allowed only in the first\ntaxable year in which the credit is claimed and in each of the next two\ntaxable years, provided that the conditions of paragraph (a) of this\nsubdivision are satisfied in each taxable year.\n (c) Average number of individuals employed full-time. For the purposes\nof this subdivision, average number of individuals employed full-time\nshall be computed by adding the number of such individuals employed by\nthe taxpayer at the end of each quarter during each taxable year or\nother applicable period and dividing the sum so obtained by the number\nof such quarters occurring within such taxable year or other applicable\nperiod; provided however, except that in computing base year employment,\nthere shall be excluded therefrom any employee with respect to whom a\ncredit provided for under subdivision nineteen of section two hundred\nten of this article, as such subdivision was in effect on December\nthirty-first, two thousand fourteen, was claimed for the taxable year.\n (d) Amount of credit. The amount of the credit shall equal the product\nof one thousand dollars times the number of individuals employed\nfull-time by the taxpayer in the taxable year that are in excess of one\nhundred percent of the taxpayer's base year employment.\n (e) Carryover. The credit allowed under this subdivision for any\ntaxable year shall not reduce the tax due for such year to less than the\nfixed dollar minimum amount prescribed in paragraph (d) of subdivision\none of section two hundred ten of this article. However, if the amount\nof credit allowed under this subdivision for any taxable year reduces\nthe tax to such amount or if the taxpayer otherwise pays tax based on\nthe fixed dollar minimum amount, any amount of credit thus not\ndeductible in such taxable year shall be treated as an overpayment of\ntax to be credited or refunded in accordance with the provisions of\nsection one thousand eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section one thousand eighty-eight of\nthis chapter notwithstanding, no interest shall be paid thereon.\n 8. Qualified emerging technology company capital tax credit. (a)\nAmount of credit. A taxpayer shall be allowed a credit against the tax\nimposed by this article. The amount of the credit shall be equal to one\nof the following percentages, per each qualified investment in a\nqualified emerging technology company as defined in section thirty-one\nhundred two-e of the public authorities law, made during the taxable\nyear, and certified by the commissioner, either:\n (1) ten percent of qualified investments in qualified emerging\ntechnology companies, except for investments made by or on behalf of an\nowner of the business, including, but not limited to, a stockholder,\npartner or sole proprietor, or any related person, as defined in\nsubparagraph (C) of paragraph three of subsection (b) of section four\nhundred sixty-five of the internal revenue code, and provided, however,\nthat the taxpayer certifies to the commissioner that the qualified\ninvestment will not be sold, transferred, traded, or disposed of during\nthe four years following the year in which the credit is first claimed;\nor\n (2) twenty percent of qualified investments in qualified emerging\ntechnology companies, except for investments made by or on behalf of an\nowner of the business, including, but not limited to, a stockholder,\npartner or sole proprietor, or any related person, as defined in\nsubparagraph (C) of paragraph three of subsection (b) of section four\nhundred sixty-five of the internal revenue code, and provided, however,\nthat the taxpayer certifies to the commissioner that the qualified\ninvestment will not be sold, transferred, traded, or disposed of during\nthe nine years following the year in which the credit is first claimed.\n (b) Qualified investment. "Qualified investment" means the\ncontribution of property to a corporation in exchange for original issue\ncapital stock or other ownership interest, the contribution of property\nto a partnership in exchange for an interest in the partnership, and\nsimilar contributions in the case of a business entity not in corporate\nor partnership form in exchange for an ownership interest in such\nentity. The total amount of credit allowable to a taxpayer under this\nprovision for all years, taken in the aggregate, shall not exceed one\nhundred fifty thousand dollars in the case of investments made pursuant\nto subparagraph one of paragraph (a) of this subdivision and shall not\nexceed three hundred thousand dollars in the case of investments made\npursuant to subparagraph two of paragraph (a) of this subdivision.\n (c) Carryover. In no event shall the credit and carryover of such\ncredit allowed under this subdivision for any taxable year, in the\naggregate, reduce the tax due for such year to less than the fixed\ndollar minimum amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this chapter. However, if the amount of\ncredit or carryovers of such credit, or both, allowed under this\nsubdivision for any taxable year reduces the tax to such amount or if\nthe taxpayer otherwise pays tax based on the fixed dollar minimum\namount, or if any part of the credit or carryovers of such credit may\nnot be deducted from the tax otherwise due by reason of the final\nsentence of this paragraph, any amount of credit or carryovers of such\ncredit thus not deductible in such taxable year may be carried over to\nthe following year or years and may be deducted from the tax for such\nyear or years. In addition, the amount of such credit, and carryovers of\nsuch credit to the taxable year, deducted from the tax otherwise due may\nnot, in the aggregate, exceed fifty percent of the tax imposed under\nsection two hundred nine of this article computed without regard to any\ncredit provided for by this section.\n (d) Recapture. (1) Where a taxpayer sells, transfers or otherwise\ndisposes of corporate stock, a partnership interest or other ownership\ninterest arising from the making of a qualified investment which was the\nbasis, in whole or in part, for the allowance of the credit provided for\nunder subparagraph one of paragraph (a) of this subdivision, or where an\ninvestment which was the basis for such allowance is, in whole or in\npart, recovered by such taxpayer, and such disposition or recovery\noccurs during the taxable year or within forty-eight months from the\nclose of the taxable year with respect to which such credit is allowed,\nthe taxpayer shall add back, with respect to the taxable year in which\nthe disposition or recovery described above occurred, the required\nportion of the credit originally allowed.\n (2) Where a taxpayer sells, transfers or otherwise disposes of\ncorporate stock, a partnership interest or other ownership interest\narising from the making of a qualified investment which was the basis,\nin whole or in part, for the allowance of the credit provided for under\nsubparagraph two of paragraph (a) of this subdivision, or where an\ninvestment which was the basis for such allowance is in any manner, in\nwhole or in part, recovered by such taxpayer, and such disposition or\nrecovery occurs during the taxable year or within one hundred eight\nmonths from the close of the taxable year with respect to which such\ncredit is allowed, the taxpayer shall add back, with respect to the\ntaxable year in which the disposition or recovery described in\nsubparagraph one of this paragraph occurred the required portion of the\ncredit originally allowed.\n (3) The required portion of the credit originally allowed shall be the\nproduct of (A) the portion of such credit attributable to the property\ndisposed of and (B) the applicable percentage.\n (4) The applicable percentage shall be:\n (A) for credits allowed pursuant to subparagraph one of paragraph (a)\nof this subdivision:\n (i) one hundred percent, if the disposition or recovery occurs within\nthe taxable year with respect to which the credit is allowed or within\ntwelve months of the end of such taxable year,\n (ii) seventy-five percent, if the disposition or recovery occurs more\nthan twelve but not more than twenty-four months after the end of the\ntaxable year with respect to which the credit is allowed,\n (iii) fifty percent, if the disposition or recovery occurs more than\ntwenty-four months but not more than thirty-six months after the end of\nthe taxable year with respect to which the credit is allowed, or\n (iv) twenty-five percent, if the disposition or recovery occurs more\nthan thirty-six months but not more than forty-eight months after the\nend of the taxable year with respect to which the credit is allowed; or\n (B) for credits allowed pursuant to subparagraph two of paragraph (a)\nof this subdivision:\n (i) one hundred percent, if the disposition or recovery occurs within\nthe taxable year with respect to which the credit is allowed or within\ntwelve months of the end of such taxable year,\n (ii) eighty percent, if the disposition or recovery occurs more than\ntwelve but not more than forty-eight months after the end of the taxable\nyear with respect to which the credit is allowed,\n (iii) sixty percent, if the disposition or recovery occurs more than\nforty-eight months but not more than seventy-two months after the end of\nthe taxable year with respect to which the credit is allowed,\n (iv) forty percent, if the disposition or recovery occurs more than\nseventy-two months but not more than ninety-six months after the end of\nthe taxable year with respect to which the credit is allowed, or\n (v) twenty percent, if the disposition or recovery occurs more than\nninety-six months but not more than one hundred eight months after the\nend of the taxable year with respect to which the credit is allowed.\n 9. Credit for the special additional mortgage recording tax. (a)\nApplication of credit. A taxpayer shall be allowed a credit, to be\ncredited against the tax imposed by this article, equal to the amount of\nthe special additional mortgage recording tax paid by the taxpayer\npursuant to the provisions of subdivision one-a of section two hundred\nfifty-three of this chapter on mortgages recorded. Provided, however, no\ncredit shall be allowed with respect to a mortgage of real property\nprincipally improved or to be improved by one or more structures\ncontaining in the aggregate not more than six residential dwelling\nunits, each dwelling unit having its own separate cooking facilities,\nwhere the real property is located in one or more of the counties\ncomprising the metropolitan commuter transportation area. Provided\nfurther, however, no credit shall be allowed with respect to a mortgage\nof real property principally improved or to be improved by one or more\nstructures containing in the aggregate not more than six residential\ndwelling units, each dwelling unit having its own separate cooking\nfacilities, where the real property is located in the county of Erie.\n (b) Carryover or refund. In no event shall the credit herein provided\nfor be allowed in an amount which will reduce the tax payable to less\nthan the fixed dollar minimum amount prescribed in paragraph (d) of\nsubdivision one of section two hundred ten of this article. If, however,\nthe amount of credit allowable under this subdivision for any taxable\nyear, including any credit carried over from a prior taxable year,\nreduces the tax to such amount or if the taxpayer otherwise pays tax\nbased on the fixed dollar minimum amount, any amount of credit not\ndeductible in such taxable year may be carried over to the following\nyear or years and may be deducted from the taxpayer's tax for such year\nor years. In lieu of carrying over to the following year or years, the\nunused portion of credits attributable to the special additional\nmortgage recording tax paid by the taxpayer as mortgagee with respect to\nmortgages of real property principally improved or to be improved by one\nor more structures containing in the aggregate not more than six\nresidential dwelling units, each dwelling unit having its own separate\ncooking facilities, such taxpayer may elect to treat such unused portion\nas an overpayment of tax to be credited or refunded in accordance with\nthe provisions of section ten hundred eighty-six of this chapter, except\nthat no interest shall be paid on such overpayment.\n 10. Credit for servicing certain mortgages. (a) General. Every\ntaxpayer meeting the requirements of the state of New York mortgage\nagency applicable to the servicing of mortgages acquired by such agency\npursuant to the state of New York mortgage agency act, which shall have\nentered into a contract with the state of New York mortgage agency to\nservice mortgages acquired by such agency pursuant to the state of New\nYork mortgage agency act, shall have credited to it annually an amount\nequal to two and ninety-three one hundredths per centum of the total\nprincipal and interest collected by the taxpayer during its taxable year\non each such mortgage secured by a lien on real estate improved by a\none-family to four-family residential structure and an amount equal to\nthe interest collected by the taxpayer during its taxable year on each\nsuch mortgage secured by a lien on real property improved by a structure\noccupied as the residence of five or more families living independently\nof each other, multiplied by a fraction the denominator of which shall\nbe the interest rate payable on the mortgage (computed to five decimal\nplaces) and the numerator of which shall be .00125 in the case of such a\nmortgage acquired by such agency for less than one million dollars, and\n..00100 in the case of such a mortgage acquired by such agency for one\nmillion dollars or more. In no event shall the credit allowed under this\nsubdivision reduce the tax to less than the fixed dollar minimum amount\nprescribed in paragraph (d) of subdivision one of section two hundred\nten of this article. In computing such tax credit for the servicing of\nmortgages on one-family to four-family residential structures, the\ntaxpayer shall not be entitled to credit for the collection of\ncurtailment or payments in discharge of any such mortgage. For the\npurposes of this subdivision,\n (b)(i) a "curtailment" shall mean amounts paid by mortgagors\n (A) in excess of the monthly constant due during the month of\ncollection and\n (B) in reduction of the unpaid principal balance of the mortgage; in\nthe absence of clear evidence to the contrary, amounts paid in excess of\nthe monthly constant due during the month of collection shall be deemed\nto be in reduction of the unpaid principal balance of the mortgage; and\n (ii) "monthly constant" shall mean the amount of principal and\ninterest which is due and payable according to the mortgage documents on\neach periodic payment date.\n 11. Agricultural property tax credit. (a) General. In the case of a\ntaxpayer which is an eligible farmer or an eligible farmer who has paid\ntaxes pursuant to a land contract, there shall be allowed a credit for\nthe allowable school district property taxes. The term "allowable school\ndistrict property taxes" means the school district property taxes paid\nduring the taxable year on qualified agricultural property, subject to\nthe acreage limitation provided in paragraph (e) of this subdivision and\nthe income limitation provided in paragraph (f) of this subdivision.\n (b) Eligible farmer. For purposes of this subdivision, the term\n"eligible farmer" means a taxpayer whose federal gross income from\nfarming for the taxable year is at least two-thirds of excess federal\ngross income. The term "eligible farmer" also includes a corporation\nother than the taxpayer of record for qualified agricultural land which\nhas paid the school district property taxes on such land pursuant to a\ncontract for the future purchase of such land; provided that such\ncorporation has a federal gross income from farming for the taxable year\nwhich is at least two-thirds of excess federal gross income; and\nprovided further that, in determining such income eligibility, a\ntaxpayer may, for any taxable year, use the average of such federal\ngross income from farming for that taxable year and such income for the\ntwo consecutive taxable years immediately preceding such taxable year.\nExcess federal gross income means the amount of federal gross income\nfrom all sources for the taxable year in excess of thirty thousand\ndollars. For the purposes of this paragraph, payments from the state's\nfarmland protection program, administered by the department of\nagriculture and markets, shall be included as federal gross income from\nfarming for otherwise eligible farmers.\n (c) School district property taxes. For purposes of this subdivision,\nthe term "school district property taxes" means all property taxes,\nspecial ad valorem levies and special assessments, exclusive of\npenalties and interest, levied for school district purposes on the\nqualified agricultural property owned by the taxpayer.\n (d) Qualified agricultural property. For purposes of this subdivision,\nthe term "qualified agricultural property" means land located in this\nstate which is used in agricultural production, and land improvements,\nstructures and buildings (excluding buildings used for the taxpayer's\nresidential purpose) located on such land which are used or occupied to\ncarry out such production. Qualified agricultural property also includes\nland set aside or retired under a federal supply management or soil\nconservation program or land that at the time it becomes subject to a\nconservation easement met the requirements under this paragraph.\n (e) Acreage limitation. (i) Eligible taxes. In the event that the\nqualified agricultural property owned by the taxpayer includes land in\nexcess of the base acreage as provided in this paragraph, the amount of\nschool district property taxes eligible for credit under this\nsubdivision shall be that portion of the school district property taxes\nwhich bears the same ratio to the total school district property taxes\npaid during the taxable year, as the acreage allowable under this\nparagraph bears to the entire acreage of such land.\n (ii) Allowable acreage. The allowable acreage is the sum of the base\nacreage set forth below and fifty percent of the incremental acreage.\nThe incremental acreage is the excess of the entire acreage of qualified\nagricultural land owned by the taxpayer over the base acreage. Except as\nprovided in subparagraph (iii) of this paragraph, the base acreage is\nthree hundred fifty acres.\nThe total base acreage may be increased by any acreage enrolled or\nparticipating during the taxable year in a federal environmental\nconservation acreage reserve program pursuant to title three of the\nfederal agriculture improvement and reform act of nineteen hundred\nninety-six.\n (iii) Base acreage of related persons. Where the taxpayer and one or\nmore related persons each own qualified agricultural property on the\nfirst day of March of any year, the base acreage under subparagraph (ii)\nof this paragraph shall be divided equally and allotted among the\ntaxpayer and such related persons, and the taxpayer's base acreage for\nthe taxable year which includes such March first shall be limited to its\nallotted share. Provided, however, if the taxpayer and all such related\npersons consent (at such time and in such manner as the commissioner may\nprescribe) to an unequal division, the taxpayer's base acreage for such\ntaxable year shall be limited to its allotted share under such unequal\ndivision.\n (iv) Related persons. (A) For purposes of subparagraph (iii) of this\nparagraph, the term "related person" means:\n (I) a corporation subject to tax under this article, where the\ntaxpayer and the corporation are members of the same controlled group,\nas defined in section 267(f) of the internal revenue code;\n (II) an individual, partnership, estate or trust, where more than\nfifty percent in value of the outstanding stock of the taxpayer is\nowned, directly or indirectly, by or for such individual, partnership,\nestate or trust or by or for the grantor of such trust;\n (III) a corporation subject to tax under this article, or a\npartnership, estate or trust, if the same person owns more than fifty\npercent in value of the outstanding stock of the taxpayer and more than\nfifty percent in value of the outstanding stock of the corporation, or\nmore than fifty percent of the capital or profits interest in the\npartnership, or more than fifty percent of the beneficial interest in\nthe estate or trust;\n (IV) a partnership, estate or trust of which the taxpayer owns,\ndirectly or indirectly, more than fifty percent of the capital, profits\nor beneficial interest.\n (B) In determining whether a person is a related person within the\nmeaning of this subparagraph:\n (I) stock owned, directly or indirectly, by or for a corporation,\npartnership, estate or trust shall be considered as being owned\nproportionately by or for its shareholders, partners or beneficiaries;\n (II) an individual shall be considered as owning the stock owned,\ndirectly or indirectly, by or for his spouse;\n (III) stock constructively owned by a person by reason of the\napplication of item (I) of this clause shall, for the purpose of\napplying item (I) or (II) of this clause, be treated as actually owned\nby such person.\n (f) Income limitation. (i) In the event that the modified entire net\nincome of the taxpayer exceeds two hundred thousand dollars, the\nallowable school district property taxes under paragraph (a) of this\nsubdivision shall be the eligible taxes under subparagraph (i) of\nparagraph (e) of this subdivision reduced by the product of the amount\nof such eligible taxes and a percentage, such percentage to be\ndetermined by multiplying one hundred percent by a fraction, the\nnumerator of which is the lesser of one hundred thousand dollars or the\nexcess of the taxpayer's modified entire net income over two hundred\nthousand dollars and the denominator of which is one hundred thousand\ndollars. For purposes of the preceding sentence, the term "eligible\ntaxes", where the acreage limitation of paragraph (e) of this\nsubdivision does not apply, shall mean the total school district\nproperty taxes paid during the taxable year.\n (ii) The term "modified entire net income" means the entire net income\nfor the taxable year reduced by the amount of principal paid on farm\nindebtedness during the taxable year. The term "farm indebtedness" means\ndebt incurred or refinanced which is secured by farm property, where the\nproceeds of the debt are disbursed for expenditures incurred in the\nbusiness of farming.\n (g) Carryover. In no event shall the credit provided herein be allowed\nin an amount which will reduce the tax payable to less than the fixed\ndollar minimum amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. If, however, the amount of\ncredit allowable under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit not deductible in such\ntaxable year may be carried over to the following year or years and may\nbe deducted from the taxpayer's tax for such year or years. Provided,\nhowever, in lieu of carrying over the unused portion of such credit, the\ntaxpayer may elect to treat such unused portion as an overpayment of tax\nto be credited or refunded in accordance with the provisions of section\none thousand eighty-six of this chapter except that no interest shall be\npaid on such overpayment.\n (h) Nonqualified use. (i) No credit in conversion year. In the event\nthat qualified agricultural property is converted by the taxpayer to\nnonqualified use, credit under this subdivision shall not be allowed\nwith respect to such property for the taxable year of conversion (the\nconversion year).\n (ii) Credit recapture. If the conversion by the taxpayer of qualified\nagricultural property to nonqualified use occurs during the period of\nthe two taxable years following the taxable year for which the credit\nunder this subdivision was first claimed with respect to such property,\nthe credit allowed with respect to such property for the taxable years\nprior to the conversion year must be added back in the conversion year.\nWhere the property converted includes land, and where the conversion is\nof only a portion of such land, the credit allowed with respect to the\nproperty converted shall be determined by multiplying the entire credit\nunder this subdivision for the taxable years prior to the conversion\nyear by a fraction, the numerator of which is the acreage converted and\nthe denominator of which is the entire acreage of such land owned by the\ntaxpayer immediately prior to the conversion.\n (iii) Exception to recapture. Subparagraph (ii) of this paragraph\nshall not apply to the conversion of property where the conversion is by\nreason of involuntary conversion, within the meaning of section one\nthousand thirty-three of the internal revenue code.\n (iv) Conversion to nonqualified use. For purposes of this paragraph, a\nsale or other disposition of qualified agricultural property alone shall\nnot constitute a conversion to a nonqualified use.\n (i) Special rules. For purposes of this subdivision, the term "federal\ngross income from farming" shall include gross income from the\nproduction of maple syrup, cider, Christmas trees derived from a managed\nChristmas tree operation whether dug for transplanting or cut from the\nstump, or from a commercial horse boarding operation as defined in\nsubdivision thirteen of section three hundred one of the agriculture and\nmarkets law, or from the sale of wine from a licensed farm winery as\nprovided for in article six of the alcoholic beverage control law, or\nfrom the sale of cider from a licensed farm cidery as provided for in\nsection fifty-eight-c of the alcoholic beverage control law.\n (j) Election to deem gross income of New York C corporation to\nshareholders. For purposes of this subdivision, federal gross income\nfrom farming shall be zero for any taxable year of a New York C\ncorporation for which the election under paragraph nine of subsection\n(n) of section six hundred six of this chapter is in effect.\n 12. Credit for employment of persons with disabilities. (a) Allowance\nof credit. A taxpayer shall be allowed a credit, to be computed as\nhereinafter provided, against the tax imposed by this article, for\nemploying within the state a qualified employee.\n (b) Qualified employee. A qualified employee is an individual:\n (1) who is certified by the education department, or in the case of an\nindividual who is blind or visually handicapped, by the state agency\nresponsible for provision of vocational rehabilitation services to the\nblind and visually handicapped: (i) as a person with a disability which\nconstitutes or results in a substantial handicap to employment and (ii)\nas having completed or as receiving services under an individualized\nwritten rehabilitation plan approved by the education department or\nother state agency responsible for providing vocational rehabilitation\nservices to such individual; and\n (2) who has worked on a full-time basis for the employer who is\nclaiming the credit for at least one hundred eighty days or four hundred\nhours.\n (c) Amount of credit. Except as provided in paragraph (d) of this\nsubdivision, the amount of credit for taxable years beginning before\nJanuary first, two thousand twenty-five shall be thirty-five percent of\nthe first six thousand dollars in qualified first-year wages earned by\neach qualified employee and for taxable years beginning on or after\nJanuary first, two thousand twenty-five shall be the first five thousand\ndollars in qualified first-year wages earned by each qualified employee.\n"Qualified first-year wages" means wages paid or incurred by the\ntaxpayer during the taxable year to qualified employees which are\nattributable, with respect to any such employee, to services rendered\nduring the one-year period beginning with the day the employee begins\nwork for the taxpayer.\n (d) Credit where federal work opportunity tax credit applies. With\nrespect to any qualified employee whose qualified first-year wages under\nparagraph (c) of this subdivision also constitute qualified first-year\nwages for purposes of the work opportunity tax credit for vocational\nrehabilitation referrals under section fifty-one of the internal revenue\ncode, the amount of credit under this subdivision for taxable years\nbeginning before January first, two thousand twenty-five shall be\nthirty-five percent of the first six thousand dollars in qualified\nsecond-year wages earned by each such employee and for taxable years\nbeginning on or after January first, two thousand twenty-five shall be\nthe first five thousand dollars in qualified second-year wages earned by\neach qualified employee. "Qualified second-year wages" means wages paid\nor incurred by the taxpayer during the taxable year to qualified\nemployees which are attributable, with respect to any such employee, to\nservices rendered during the one-year period beginning one year after\nthe employee begins work for the taxpayer.\n (e) Carryover. The credit allowed under this subdivision for any\ntaxable year shall not reduce the tax due for such year to less than the\nfixed dollar minimum amount prescribed in paragraph (d) of subdivision\none of section two hundred ten of this chapter. However, if the amount\nof credit allowable under this subdivision for any taxable year reduces\nthe tax to such amount or if the taxpayer otherwise pays tax based on\nthe fixed dollar minimum amount, any amount of credit not deductible in\nsuch taxable year may be carried over to the following year or years,\nand may be deducted from the taxpayer's tax for such year or years.\n (f) Coordination with federal work opportunity tax credit. The\nprovisions of section fifty-one and fifty-two of the internal revenue\ncode, as such sections applied on October first, nineteen hundred\nninety-six, that apply to the federal work opportunity tax credit for\nvocational rehabilitation referrals shall apply to the credit under this\nsubdivision to the extent that such sections are consistent with the\nspecific provisions of this subdivision, provided that in the event of a\nconflict the provisions of this subdivision shall control.\n 13. Credit for purchase of an automated external defibrillator. A\ntaxpayer shall be allowed a credit, to be computed as hereinafter\nprovided, against the tax imposed by this article, for the purchase,\nother than for resale, of an automated external defibrillator, as such\nterm is defined in section three thousand-b of the public health law.\nThe amount of credit shall be the cost to the taxpayer of automated\nexternal defibrillators purchased during the taxable year, such credit\nnot to exceed five hundred dollars with respect to each unit purchased.\nThe credit allowed under this subdivision for any taxable year shall not\nreduce the tax due for such year to less than the fixed dollar minimum\namount prescribed in paragraph (d) of subdivision one of section two\nhundred ten of this chapter.\n 14. Credit for purchase of long-term care insurance. (a) General. A\ntaxpayer shall be allowed a credit against the tax imposed by this\narticle equal to twenty percent of the premium paid during the taxable\nyear for long-term care insurance. In order to qualify for such credit,\nthe taxpayer's premium payment must be for the purchase of or for\ncontinuing coverage under a long-term care insurance policy that\nqualifies for such credit pursuant to section one thousand one hundred\nseventeen of the insurance law.\n (b) Carryover. The credit allowed under this subdivision for any year\nshall not reduce the tax due for such year to less than the fixed dollar\nminimum amount prescribed in paragraph (d) of subdivision one of section\ntwo hundred ten of this article. If, however, the amount of credit\nallowable under this subdivision for any taxable year reduces the tax to\nsuch amount or if the taxpayer otherwise pays tax based on the fixed\ndollar minimum amount, any amount of credit not deductible in such\ntaxable year may be carried over to the following year or years and may\nbe deducted from the taxpayer's tax for such year or years.\n 15. Low-income housing credit. (a) Allowance of credit. A taxpayer\nshall be allowed a credit against the tax imposed by this article with\nrespect to the ownership of eligible low-income buildings, computed as\nprovided in section eighteen of this chapter.\n (b) Application of credit. The credit and carryovers of such credit\nallowed under this subdivision for any taxable year shall not, in the\naggregate, reduce the tax due for such year to less than the fixed\ndollar minimum amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit or carryovers of such credit, or both, allowed under this\nsubdivision for any taxable year reduces the tax to such amount or if\nthe taxpayer otherwise pays tax based on the fixed dollar minimum\namount, any amount of credit or carryovers of such credit thus not\ndeductible in such taxable year may be carried over to the following\nyear or years and may be deducted from the tax for such year or years.\n (c) Credit recapture. For provisions requiring recapture of credit,\nsee subdivision (b) of section eighteen of this chapter.\n 16. Green building credit. (a) Allowance of credit. A taxpayer shall\nbe allowed a credit, to be computed as provided in section nineteen of\nthis chapter, against the tax imposed by this article.\n (b) Carryovers. The credit and carryovers of such credit allowed under\nthis subdivision for any taxable year shall not, in the aggregate,\nreduce the tax due for such year to less than the fixed dollar minimum\namount prescribed in paragraph (d) of subdivision one of section two\nhundred ten of this article. However, if the amount of credit or\ncarryovers of such credit, or both, allowed under this subdivision for\nany taxable year reduces the tax to such amount or if the taxpayer\notherwise pays tax based on the fixed dollar minimum amount, any amount\nof credit or carryovers of such credit thus not deductible in such\ntaxable year may be carried over to the following year or years and may\nbe deducted from the tax for such year or years.\n 17. Brownfield redevelopment tax credit. (a) Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided in\nsection twenty-one of this chapter, against the tax imposed by this\narticle.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the fixed dollar minimum amount prescribed in paragraph (d) of\nsubdivision one of section two hundred ten of this article. However, if\nthe amount of credits allowed under this subdivision for any taxable\nyear reduces the tax to such amount or if the taxpayer otherwise pays\ntax based on the fixed dollar minimum amount, any amount of credit thus\nnot deductible in such taxable year shall be treated as an overpayment\nof tax to be credited or refunded in accordance with the provisions of\nsection one thousand eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section one thousand eighty-eight of\nthis chapter notwithstanding, no interest shall be paid thereon.\n 18. Remediated brownfield credit for real property taxes for qualified\nsites. (a) Allowance of credit. A taxpayer which is a developer of a\nqualified site shall be allowed a credit for eligible real property\ntaxes, to be computed as provided in subdivision (b) of section\ntwenty-two of this chapter, against the tax imposed by this article. For\npurposes of this subdivision, the terms "qualified site" and "developer"\nshall have the same meaning as set forth in paragraphs two and three,\nrespectively, of subdivision (a) of section twenty-two of this chapter.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the fixed dollar minimum amount prescribed in paragraph (d) of\nsubdivision one of section two hundred ten of this article. However, if\nthe amount of credit allowed under this subdivision for any taxable year\nreduces the tax to such amount or if the taxpayer otherwise pays tax\nbased on the fixed dollar minimum amount, any amount of credit thus not\ndeductible in such taxable year shall be treated as an overpayment of\ntax to be credited or refunded in accordance with the provisions of\nsection one thousand eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section one thousand eighty-eight of\nthis chapter notwithstanding, no interest shall be paid thereon.\n 19. Environmental remediation insurance credit. (a) Allowance of\ncredit. A taxpayer shall be allowed a credit, to be computed as\nprovided in section twenty-three of this chapter, against the tax\nimposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the fixed dollar minimum amount prescribed in paragraph (d) of\nsubdivision one of section two hundred ten of this article. However, if\nthe amount of credits allowed under this subdivision for any taxable\nyear reduces the tax to such amount or if the taxpayer otherwise pays\ntax based on the fixed dollar minimum amount, any amount of credit thus\nnot deductible in such taxable year shall be treated as an overpayment\nof tax to be credited or refunded in accordance with the provisions of\nsection one thousand eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section one thousand eighty-eight of\nthis chapter notwithstanding, no interest shall be paid thereon.\n 20. Empire state film production credit. (a) Allowance of credit. A\ntaxpayer who is eligible pursuant to section twenty-four of this chapter\nshall be allowed a credit to be computed as provided in such section\ntwenty-four against the tax imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the fixed dollar minimum amount prescribed in paragraph (d) of\nsubdivision one of section two hundred ten of this article. Provided,\nhowever, that if the amount of the credit allowable under this\nsubdivision for any taxable year reduces the tax to such amount or if\nthe taxpayer otherwise pays tax based on the fixed dollar minimum\namount, the excess shall be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest shall be paid thereon.\n 20-a. Empire state independent film production credit. (a) Allowance\nof credit. A taxpayer who is eligible pursuant to section twenty-four-d\nof this chapter shall be allowed a credit to be computed as provided in\nsuch section twenty-four-d against the tax imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the fixed dollar minimum amount prescribed in paragraph (d) of\nsubdivision one of section two hundred ten of this article. Provided,\nhowever, that if the amount of the credit allowable under this\nsubdivision for any taxable year reduces the tax to such amount or if\nthe taxpayer otherwise pays tax based on the fixed dollar minimum\namount, the excess shall be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest shall be paid thereon.\n 21. Security training tax credit. (a) Allowance of credit. A taxpayer\nshall be allowed a credit, to be computed as provided in section\ntwenty-six of this chapter, against the tax imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the fixed dollar minimum amount prescribed in paragraph (d) of\nsubdivision one of section two hundred ten of this chapter. However, if\nthe amount of credits allowed under this subdivision for any taxable\nyear reduces the tax to such amount or if the taxpayer otherwise pays\ntax based on the fixed dollar minimum amount, any amount of credit thus\nnot deductible in such taxable year shall be treated as an overpayment\nof tax to be credited or refunded in accordance with the provisions of\nsection one thousand eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section one thousand eighty-eight of\nthis chapter notwithstanding, no interest shall be paid thereon.\n 22. Conservation easement tax credit. (a) Credit allowed. In the case\nof a taxpayer who owns land that is subject to a conservation easement\nheld by a public or private conservation agency, there shall be allowed\na credit for twenty-five percent of the allowable school district,\ncounty and town real property taxes on such land. In no such case shall\nthe credit allowed under this subdivision in combination with any other\ncredit for such school district, county and town real property taxes\nunder this section exceed such taxes.\n (b) Conservation easement. For purposes of this subdivision, the term\n"conservation easement" means a perpetual and permanent conservation\neasement as defined in article forty-nine of the environmental\nconservation law that serves to protect open space, scenic, natural\nresources, biodiversity, agricultural, watershed and/or historic\npreservation resources. Any conservation easement for which a tax credit\nis claimed under this subdivision shall be filed with the department of\nenvironmental conservation, as provided for in article forty-nine of the\nenvironmental conservation law and such conservation easement shall\ncomply with the provisions of title three of such article, and the\nprovisions of subdivision (h) of section 170 of the internal revenue\ncode. Dedications of land for open space through the execution of\nconservation easements for the purpose of fulfilling density\nrequirements to obtain subdivision or building permits shall not be\nconsidered a conservation easement under this subdivision.\n (c) Land. For purposes of this subdivision, the term "land" means a\nfee simple title to real property located in this state, with or without\nimprovements thereon; rights of way; water and riparian rights;\neasements; privileges and all other rights or interests of any land or\ndescription in, relating to or connected with real property, excluding\nbuildings, structures, or improvements.\n (d) Public or private conservation agency. For purposes of this\nsubdivision, the term "public or private conservation agency" means any\nstate, local, or federal governmental body; or any private\nnot-for-profit charitable corporation or trust which is authorized to do\nbusiness in the state of New York, is organized and operated to protect\nland for natural resources, conservation or historic preservation\npurposes, is exempt from federal income taxation under section 501(c)(3)\nof the internal revenue code, and has the power to acquire, hold and\nmaintain land and/or interests in land for such purposes.\n (e) Credit limitation. The amount of the credit that may be claimed by\na taxpayer pursuant to this subsection shall not exceed five thousand\ndollars in any given year.\n (f) Application of the credit. The credit allowed under this\nsubdivision for any taxable year shall not reduce the tax due for such\nyear to less than the fixed dollar minimum amount prescribed in\nparagraph (d) of subdivision one of section two hundred ten of this\narticle. However, if the amount of the credit allowed under this\nsubdivision for any taxable year reduces the tax to such amount or if\nthe taxpayer otherwise pays tax based on the fixed dollar minimum\namount, any amount of the credit thus not deductible in such taxable\nyear shall be treated as an overpayment of tax to be credited or\nrefunded in accordance with the provisions of subsection (c) of section\none thousand eighty-eight of this chapter, except that, no interest\nshall be paid thereon.\n 23. Empire state commercial production credit. (a) Allowance of\ncredit. A taxpayer that is eligible pursuant to provisions of section\ntwenty-eight of this chapter shall be allowed a credit to be computed as\nprovided in such section against the tax imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the fixed dollar minimum amount prescribed in paragraph (d) of\nsubdivision one of section two hundred ten of this article. Provided,\nhowever, that if the amount of the credit allowable under this\nsubdivision for any taxable year reduces the tax to such amount or if\nthe taxpayer otherwise pays tax based on the fixed dollar minimum\namount, fifty percent of the excess shall be treated as an overpayment\nof tax to be credited or refunded in accordance with the provisions of\nsection one thousand eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section one thousand eighty-eight of\nthis chapter notwithstanding, no interest shall be paid thereon. The\nbalance of such credit not credited or refunded in such taxable year may\nbe carried over to the immediately succeeding taxable year and may be\ndeducted from the taxpayer's tax for such year. The excess, if any, of\nthe amount of credit over the tax for such succeeding year shall be\ntreated as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter. Provided, however, the provisions of subsection (c) of\nsection one thousand eighty-eight of this chapter notwithstanding, no\ninterest shall be paid thereon.\n (c) Expiration of credit. The credit allowed under this subdivision\nshall not be applicable to taxable years beginning on or after January\nfirst, two thousand twenty-nine.\n 24. Biofuel production credit. (a) General. A taxpayer shall be\nallowed a credit, to be computed as provided in section twenty-eight of\nthis chapter added as part X of chapter sixty-two of the laws of two\nthousand six, against the tax imposed by this article. The credit\nallowed under this subdivision for any taxable year shall not reduce the\ntax due for such year to less than the fixed dollar minimum amount\nprescribed in paragraph (d) of subdivision one of section two hundred\nten of this article. However, if the amount of credit allowed under this\nsubdivision for any taxable year reduces the tax to such amount or if\nthe taxpayer otherwise pays tax based on the fixed dollar minimum\namount, any amount of credit thus not deductible in such taxable year\nshall be treated as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter. Provided, however, the provisions of subsection (c) of\nsection one thousand eighty-eight of this chapter notwithstanding, no\ninterest shall be paid thereon. The tax credit allowed pursuant to this\nsection shall apply to taxable years beginning before January first, two\nthousand twenty.\n 25. Clean heating fuel credit. (a) General. A taxpayer shall be\nallowed a credit against the tax imposed by this article. Such credit,\nto be computed as hereinafter provided, shall be allowed for bioheating\nfuel, used for space heating or hot water production for residential\npurposes within this state purchased before January first, two thousand\ntwenty-nine. Such credit shall be $0.01 per percent of biodiesel per\ngallon of bioheating fuel, not to exceed twenty cents per gallon,\npurchased by such taxpayer. Provided, however, that on or after January\nfirst, two thousand seventeen, this credit shall not apply to bioheating\nfuel that is less than six percent biodiesel per gallon of bioheating\nfuel.\n (b) Definitions. For purposes of this subdivision, the following\ndefinitions shall apply:\n (i) "Biodiesel" shall mean a fuel comprised exclusively of mono-alkyl\nesters of long chain fatty acids derived from vegetable oils or animal\nfats, designated B100, which meets the specifications of American\nSociety of Testing and Materials designation D 6751.\n (ii) "Bioheating fuel" shall mean a fuel comprised of biodiesel or\nrenewable hydrocarbon diesel blended with conventional home heating oil,\nwhich meets the specifications of the American Society of Testing and\nMaterials designation D 396 or D 975.\n (c) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the fixed dollar minimum amount prescribed in paragraph (d) of\nsubdivision one of section two hundred ten of this article. However, if\nthe amount of credit allowed under this subdivision for any taxable year\nreduces the tax to such amount or if the taxpayer otherwise pays tax\nbased on the fixed dollar minimum amount, any amount of credit thus not\ndeductible in such taxable year shall be treated as an overpayment of\ntax to be credited or refunded in accordance with the provisions of\nsection one thousand eighty-six of this chapter. Provided, however, the\nprovisions of subsection (c) of section one thousand eighty-eight of\nthis chapter notwithstanding, no interest shall be paid thereon.\n 26. Credit for rehabilitation of historic properties. (a) Application\nof credit. (i) For taxable years beginning on or after January first,\ntwo thousand ten, and before January first, two thousand thirty, a\ntaxpayer, or a transferee of such a taxpayer as described in paragraph\n(g) of this subdivision, shall be allowed a credit as hereinafter\nprovided, against the tax imposed by this article, in an amount equal to\none hundred percent of the amount of credit allowed the taxpayer for the\nsame taxable year with respect to a certified historic structure, and\none hundred fifty percent of the amount of credit allowed the taxpayer\nwith respect to a certified historic structure that is a small project,\nunder internal revenue code section 47(c)(3), determined without regard\nto ratably allocating the credit over a five year period as required by\nsubsection (a) of such section 47, with respect to a certified historic\nstructure located within the state. Provided, however, the credit shall\nnot exceed five million dollars.\n (ii) For taxable years beginning on or after January first, two\nthousand thirty, a taxpayer, or a transferee of such a taxpayer as\ndescribed in paragraph (g) of this subdivision, shall be allowed a\ncredit as hereinafter provided, against the tax imposed by this article,\nin an amount equal to thirty percent of the amount of credit allowed the\ntaxpayer for the same taxable year determined without regard to ratably\nallocating the credit over a five year period as required by subsection\n(a) of section 47 of the internal revenue code, with respect to a\ncertified historic structure under subsection (c)(3) of section 47 of\nthe internal revenue code with respect to a certified historic structure\nlocated within the state. Provided, however, the credit shall not exceed\none hundred thousand dollars.\n (a-1) If the taxpayer or transferee is a partner in a partnership or a\nshareholder in a New York S corporation, then the credit caps imposed in\nparagraph (a) of this subdivision shall be applied at the entity level,\nso that the aggregate credit allowed to all the partners or shareholders\nof each such entity in the taxable year does not exceed the credit cap\nthat is applicable in that taxable year.\n (b) Tax credits allowed pursuant to this subdivision shall be allowed\nin the taxable year that the qualified rehabilitation is placed in\nservice under section 167 of the federal internal revenue code.\n (c) If the taxpayer is allowed a credit pursuant to section 47 of the\ninternal revenue code with respect to a qualified rehabilitation that is\nalso the subject of the credit allowed by this subdivision and that\ncredit pursuant to such section 47 is recaptured pursuant to subsection\n(a) of section 50 of the internal revenue code, a portion of the credit\nallowed under this subdivision must be added back by the taxpayer or\ntransferee in the same taxable year and in the same proportion as the\nfederal credit.\n (d) The credit allowed under this subdivision for any taxable year\nshall not reduce the tax due for such year to less than the amount\nprescribed in paragraph (d) of subdivision one of section two hundred\nten of this article. However, if the amount of the credit allowed under\nthis subdivision for any taxable year reduces the tax to such amount or\nif the taxpayer otherwise pays tax based on the fixed dollar minimum\namount, any amount of credit thus not deductible in such taxable year\nshall be treated as an overpayment of tax to be recredited or refunded\nin accordance with the provisions of section one thousand eighty-six of\nthis chapter. Provided, however, the provisions of subsection (c) of\nsection one thousand eighty-eight of this chapter notwithstanding, no\ninterest shall be paid thereon.\n (e) To be eligible for the credit allowable under this subdivision,\nthe rehabilitation project shall be in whole or in part located within a\ncensus tract which is identified as being at or below one hundred\npercent of the state median family income as calculated as of April\nfirst of each year using the most recent five year estimate from the\nAmerican community survey published by the United States Census bureau.\nIf there is a change in the most recent five year estimate, a census\ntract that qualified for eligibility under this program before\ninformation about the change was released will remain eligible for a\ncredit under this subdivision for an additional two calendar years. The\neligibility restrictions set forth in this paragraph shall not be\napplicable if:\n (i) a qualified rehabilitation project is undertaken within a state\npark, state historic site, or other land owned by the state, that is\nunder the jurisdiction of the office of parks, recreation and historic\npreservation; or\n (ii) a qualified rehabilitation project is undertaken for the\nprovision of affordable housing and the taxpayer has entered into a\nregulatory agreement with any state or federal agency or authority, or\nany other government entity that is authorized to engage in the\nfinancing, construction or oversight of affordable housing within such\nentity's jurisdiction, and where such regulatory agreement sets forth\naffordability requirements applicable for a period of not less than\nthirty years and that is binding on all successors of the taxpayer.\n (f) For purposes of this subdivision "small project" means qualified\nrehabilitation expenditures totaling two million five hundred thousand\ndollars or less.\n (g)(i) A taxpayer allowed a credit pursuant to this subdivision may\ntransfer the credit, in whole or in part, to another person or entity,\nwho shall be referred to as the transferee, without regard to how any\ntax credit authorized pursuant to section forty-seven of the internal\nrevenue code with respect to a qualified rehabilitation project may be\nallocated and notwithstanding that such other person or entity owns no\ninterest in the qualified rehabilitation project or in an entity with an\nownership interest in the qualified rehabilitation project. A transferee\nmay not transfer any credit, or portion thereof, acquired by transfer.\n (ii) A taxpayer seeking to transfer a credit allowed pursuant to this\nsubdivision must enter into a transfer contract with the transferee. The\ntransfer contract must specify:\n (A) the building identification numbers for all buildings in the\nproject;\n (B) the date each building was placed into service;\n (C) the schedule of years for which the transfer credit may be claimed\nand the amount of credit previously claimed;\n (D) the amount of consideration received by the taxpayer for the\ntransfer credit; and\n (E) the amount of credit being transferred.\n (iii) No transfer shall be effective unless the taxpayer allowed a\ncredit pursuant to this subdivision and seeking to transfer the credit\nfiles a transfer application with the commissioner of parks, recreation\nand historic preservation prior to the transfer and such transfer\napplication is approved. The transfer application shall include the name\nand federal identification numbers of the taxpayer and each proposed\ntransferee, the amount of credit proposed to be transferred to each\nproposed transferee, a copy of the transfer contract, and such other\ninformation as the commissioner or the commissioner of parks, recreation\nand historic preservation may require. The commissioner of parks,\nrecreation and historic preservation shall approve or deny each transfer\napplication and, if an application is denied, shall issue a written\ndetermination to the taxpayer. If the transfer is approved, the\ncommissioner of parks, recreation and historic preservation shall issue\na transfer approval certificate that provides the name of the transferor\nand all transferees, the amount of credit being transferred and such\nother information as the commissioner of parks, recreation and historic\npreservation and the commissioner deem necessary. A copy of the transfer\napproval certificate must be attached to each transferee's tax return.\nThe commissioner of parks, recreation and historic preservation, in\nconsultation with the commissioner, may establish such other procedures\nand standards deemed necessary for the transferability of credits\nallowed under this subdivision.\n (iv) The commissioner of parks, recreation and historic preservation\nshall forward copies of all transfer applications and attachments\nthereto and approval certificates to the commissioner within thirty days\nafter the transfer is approved.\n (v) A taxpayer allowed a credit pursuant to section forty-seven of the\ninternal revenue code with respect to a qualified rehabilitation that is\nalso the subject of the credit allowed by this subdivision shall remain\nsolely liable for all obligations and liabilities imposed on the\ntaxpayer with respect to the credit allowed by this subdivision, none of\nwhich shall apply to a party to whom the credit has been subsequently\ntransferred.\n 27. Credits of New York S corporations. (a) General. Notwithstanding\nthe provisions of this section, no carryover of credit allowable in a\nNew York C year shall be deducted from the tax otherwise due under this\narticle in a New York S year, and no credit allowable in a New York S\nyear, or carryover of such credit, shall be deducted from the tax\nimposed by this article. However, a New York S year shall be treated as\na taxable year for purposes of determining the number of taxable years\nto which a credit may be carried over under this section.\nNotwithstanding the first sentence of this subdivision, however, the\ncredit for the special additional mortgage recording tax shall be\nallowed as provided in subdivision nine of this section, and the\ncarryover of any such credit shall be determined without regard to\nwhether the credit is carried from a New York C year to a New York S\nyear or vice-versa.\n 29. Hire a vet credit. (a) Allowance of credit. For taxable years\nbeginning on or after January first, two thousand fifteen and before\nJanuary first, two thousand twenty-nine, a taxpayer shall be allowed a\ncredit, to be computed as provided in this subdivision, against the tax\nimposed by this article, for hiring and employing, for not less than\ntwelve continuous and uninterrupted months (hereinafter referred to as\nthe twelve-month period) in a full-time or part-time position, a\nqualified veteran within the state. The taxpayer may claim the credit in\nthe year in which the qualified veteran completes the twelve-month\nperiod of employment by the taxpayer. If the taxpayer claims the credit\nallowed under this subdivision, the taxpayer may not use the hiring of a\nqualified veteran that is the basis for this credit in the basis of any\nother credit allowed under this article.\n (b) Qualified veteran. A qualified veteran is an individual:\n (1) who served on active duty in the United States army, navy, air\nforce, space force, marine corps, coast guard or the reserves thereof,\nor who served in active military service of the United States as a\nmember of the army national guard, air national guard, New York guard or\nNew York naval militia, or who served in the active uniformed services\nof the United States as a member of the commissioned corps of the\nnational oceanic and atmospheric administration or the commissioned\ncorps of the United States public health service; who (i) was released\nfrom such service, or (ii) has a qualifying condition, as defined in\nsection one of the veterans' services law, and has received a discharge\nother than bad conduct or dishonorable from such service, or (iii) is a\ndischarged LGBT veteran, as defined in section one of the veterans'\nservices law, and has received a discharge other than bad conduct or\ndishonorable from such service;\n (2) who commences employment by the qualified taxpayer on or after\nJanuary first, two thousand fourteen, and before January first, two\nthousand twenty-eight; and\n (3) who certifies by signed affidavit, under penalty of perjury, that\nhe or she has not been employed for thirty-five or more hours during any\nweek in the one hundred eighty day period immediately prior to his or\nher employment by the taxpayer.\n (c) Employer prohibition. An employer shall not discharge an employee\nand hire a qualifying veteran solely for the purpose of qualifying for\nthis credit.\n (d) Amount of credit. The amount of the credit shall be fifteen\npercent of the total amount of wages paid to the qualified veteran\nduring the veteran's first twelve-month period of employment. Provided,\nhowever, that, if the qualified veteran is a disabled veteran, as\ndefined in paragraph (b) of subdivision one of section eighty-five of\nthe civil service law, the amount of the credit shall be twenty percent\nof the total amount of wages paid to the qualified veteran during the\nveteran's first twelve-month period of employment. The credit allowed\npursuant to this subdivision shall not exceed in any taxable year: (1)\nfifteen thousand dollars for any qualified veteran, other than a\ndisabled veteran, employed in a full-time position for one thousand\neight hundred twenty or more hours in one twelve-month period, (2)\ntwenty thousand dollars for any qualified veteran who is a disabled\nveteran employed in a full-time position for one thousand eight hundred\ntwenty or more hours in one twelve-month period, (3) seven thousand five\nhundred dollars for any qualified veteran, other than a disabled\nveteran, employed in a part-time position for at least one thousand\nforty hours but not more than one thousand eight hundred nineteen hours\nin one twelve-month period, and (4) ten thousand dollars for any\nqualified veteran who is a disabled veteran employed in a part-time\nposition for at least one thousand forty hours but not more than one\nthousand eight hundred nineteen hours in one twelve-month period.\n (e) Carryover. The credit allowed under this subdivision for any\ntaxable year shall not reduce the tax due for such year to less than the\namount prescribed in paragraph (d) of subdivision one of section two\nhundred ten of this article. However, if the amount of credit allowable\nunder this subdivision for any taxable year reduces the tax to such\namount or if the taxpayer otherwise pays tax based on the fixed dollar\nminimum amount, any amount of credit not deductible in such taxable year\nmay be carried over to the following three years and may be deducted\nfrom the taxpayer's tax for such year or years.\n 30. Alternative fuels and electric vehicle recharging property credit.\n(a) General. A taxpayer shall be allowed a credit, to be computed as\nhereinafter provided, against the tax imposed by this article for\nalternative fuel vehicle refueling and electric vehicle recharging\nproperty placed in service during the taxable year.\n (b) (i) Alternative fuel vehicle refueling property and electric\nvehicle recharging property. The credit under this subdivision for\nalternative fuel vehicle refueling property and electric vehicle\nrecharging property shall equal for each installation of property the\nlesser of five thousand dollars or the product of fifty percent and the\ncost of any such property less any costs paid from the proceeds of\ngrants.\n (ii) To qualify for the credit, the property must:\n (A) be located in this state;\n (B) must constitute alternative fuel vehicle refueling property or\nelectric vehicle recharging property; and\n (C) not be paid for from the proceeds of grants awarded before January\nfirst, two thousand fifteen, including grants from the New York state\nenergy research and development authority or the New York power\nauthority.\n (c) Definitions. (i) The term "alternative fuel vehicle refueling\nproperty" means all of the equipment needed to dispense any fuel at\nleast eighty-five percent of the volume of which consists of one or more\nof the following: natural gas, liquified natural gas, liquified\npetroleum, or hydrogen.\n (ii) The term "electric vehicle recharging property" means all of the\nequipment needed to convey electric power from the electric grid or\nanother power source to an onboard vehicle energy storage system.\n (d) Carryovers. In no event shall the credit under this subdivision be\nallowed in an amount which will reduce the tax payable to less than the\namount prescribed in paragraph (d) of subdivision one of section two\nhundred ten of this article. Provided, however, that if the amount of\ncredit allowable under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit not deductible in such\ntaxable year may be carried over to the following year or years and may\nbe deducted from the taxpayer's tax for such year or years.\n (e) Credit recapture. If, at any time before the end of its recovery\nperiod, alternative fuel vehicle refueling or electric vehicle\nrecharging property ceases to be qualified, a recapture amount must be\nadded back in the year in which such cessation occurs.\n (i) Alternative fuel vehicle refueling property or electric vehicle\nrecharging property ceases to be qualified if:\n (I) the property no longer qualifies as alternative fuel vehicle\nrefueling property or electric vehicle recharging property; or\n (II) fifty percent or more of the use of the property in a taxable\nyear is other than in a trade or business in this state; or\n (III) the taxpayer receiving the credit under this subdivision sells\nor disposes of the property and knows or has reason to know that the\nproperty will be used in a manner described in clauses (I) and (II) of\nthis subparagraph.\n (ii) Recapture amount. The recapture amount is equal to the credit\nallowable under this subdivision multiplied by a fraction, the numerator\nof which is the total recovery period for the property minus the number\nof recovery years prior to, but not including, the recapture year, and\nthe denominator of which is the total recovery period.\n (f) Termination. The credit allowed by paragraph (b) of this\nsubdivision shall not apply in taxable years beginning after December\nthirty-first, two thousand twenty-eight.\n 31. Excelsior jobs program credit. (a) Allowance of credit. A taxpayer\nwill be allowed a credit, to be computed as provided in section\nthirty-one of this chapter, against the tax imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year may not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year will be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n 32. Empire state film post production credit. (a) Allowance of credit.\nA taxpayer who is eligible pursuant to section thirty-one of this\nchapter shall be allowed a credit to be computed as provided in such\nsection thirty-one against the tax imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. Provided, however, that if the\namount of the credit allowable under this subdivision for any taxable\nyear reduces the tax to such amount or if the taxpayer otherwise pays\ntax based on the fixed dollar minimum amount, fifty percent of the\nexcess shall be treated as an overpayment of tax to be credited or\nrefunded in accordance with the provisions of section one thousand\neighty-six of this chapter. Provided, however, the provisions of\nsubsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest shall be paid thereon. The balance of such\ncredit not credited or refunded in such taxable year may be a carryover\nto the immediately succeeding taxable year and may be deducted from the\ntaxpayer's tax for such year. The excess, if any, of the amount of the\ncredit over the tax for such succeeding year shall be treated as an\noverpayment of tax to be credited or refunded in accordance with the\nprovisions of section one thousand eighty-six of this chapter. Provided,\nhowever, the provisions of subsection (c) of section one thousand\neighty-eight of this chapter notwithstanding, no interest shall be paid\nthereon.\n 33. Temporary deferral nonrefundable payout credit. (a) Allowance of\ncredit. A taxpayer shall be allowed a credit, to be computed as provided\nin subdivision one of section thirty-four of this chapter, against the\ntax imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for that year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year may be carried over to the following year or years and\nmay be deducted from the taxpayer's tax for such year or years.\n 34. Temporary deferral refundable payout credit. (a) Allowance of\ncredit. A taxpayer shall be allowed a credit, to be computed as provided\nin subdivision two of section thirty-four of this chapter, against the\ntax imposed by this article.\n (b) Application of credit. In no event shall the credit under this\nsubdivision be allowed in an amount which will reduce the tax to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. If, however, the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit not deductible in such\ntaxable year shall be treated as an overpayment of tax to be refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter, provided however, that no interest shall be paid thereon.\n 35. Economic transformation and facility redevelopment program tax\ncredit. (a) Allowance of credit. A taxpayer shall be allowed a credit,\nto be computed as provided in section thirty-five of this chapter,\nagainst the tax imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year may not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year will be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n 36. New York youth jobs program tax credit. (a) A taxpayer that has\nbeen certified by the commissioner of labor as a qualified employer\npursuant to section twenty-five-a of the labor law and received an\nannual final certificate of tax credit from such commissioner shall be\nallowed a credit against the tax imposed by this article equal to the\namount listed on the annual final certificate of tax credit issued by\nthe commissioner of labor pursuant to section twenty-five-a of the labor\nlaw. If the qualified employer's taxable year is a calendar year, the\nemployer shall be entitled to claim the credit as calculated on the\nannual final certificate of tax credit on the calendar year return for\nwhich the annual final certificate of tax credit was issued. If the\nqualified employer's taxable year is a fiscal year, the employer shall\nbe entitled to claim the credit as calculated on the annual final\ncertificate of tax credit on the return for the fiscal year that\nencompasses the date on which the annual final certificate of tax credit\nis issued. For the purposes of this subdivision, the term "qualified\nemployee" shall have the same meaning as set forth in subdivision (b) of\nsection twenty-five-a of the labor law.\n (b) The credit allowed under this subdivision for any taxable year may\nnot reduce the tax due for that year to less than the amount prescribed\nin paragraph (d) of subdivision one of section two hundred ten of this\narticle. However, if the amount of the credit allowed under this\nsubdivision for any taxable year reduces the tax to that amount or if\nthe taxpayer otherwise pays tax based on the fixed dollar minimum\namount, any amount of credit not deductible in that taxable year will be\ntreated as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter. Provided, however, no interest will be paid thereon.\n (c) The taxpayer shall be required to attach to its tax return its\nannual final certificate of tax credit issued by the commissioner of\nlabor pursuant to section twenty-five-a of the labor law. In no event\nshall the taxpayer be allowed a credit greater than the amount of the\ncredit listed on the annual final certificate of tax credit.\nNotwithstanding any provision of this chapter to the contrary, the\ncommissioner and the commissioner's designees may release the names and\naddresses of any taxpayer claiming this credit and the amount of the\ncredit earned by the taxpayer. Provided, however, if a taxpayer claims\nthis credit because it is a member of a limited liability company or a\npartner in a partnership, only the amount of credit earned by the entity\nand not the amount of credit claimed by the taxpayer may be released.\n 37. Empire state jobs retention program credit. (a) Allowance of\ncredit. A taxpayer will be allowed a credit, to be computed as provided\nin section thirty-six of this chapter, against the taxes imposed by this\narticle.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year will not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year will be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n 38. Credit for companies who provide transportation to individuals\nwith disabilities. (a) Allowance and amount of credit. A taxpayer, who\nprovides a taxicab service as defined in section one hundred\nforty-eight-a of the vehicle and traffic law, or a livery service as\ndefined in section one hundred twenty-one-e of the vehicle and traffic\nlaw, shall be allowed a credit, to be computed as provided in this\nsubdivision, against the tax imposed by this article. The amount of the\ncredit shall be equal to the incremental cost associated with upgrading\na vehicle so that it is accessible by individuals with disabilities as\ndefined in paragraph (b) of this subdivision. Provided, however, that\nsuch credit shall not exceed fifteen thousand dollars per electric\nvehicle and ten thousand dollars per any other vehicle. For purposes of\nthis subdivision, purchases of new vehicles that are initially\nmanufactured to be accessible for individuals with disabilities and for\nwhich there is no comparable make and model that does not include the\nequipment necessary to provide accessibility to individuals with\ndisabilities, the credit shall be fifteen thousand dollars per electric\nvehicle and ten thousand dollars per any other vehicle.\n (b) Definitions. The term "accessible by individuals with\ndisabilities" shall, for the purposes of this subdivision, refer to a\nvehicle that complies with federal regulations promulgated pursuant to\nthe Americans with Disabilities Act applicable to vans under twenty-two\nfeet in length, by the federal Department of Transportation, in Code of\nFederal Regulations, title 49, parts 37 and 38 and the Federal Motor\nVehicle Safety Standards, Code of Federal Regulations, title 49, part\n571. The term "electric vehicle" shall, for the purposes of this\nsubdivision, have the same meaning as in section sixty-six-s of the\npublic service law.\n (c) Application of credit. In no event shall the credit allowed under\nthis subdivision for any taxable year reduce the tax due for such year\nto less than the amount prescribed in paragraph (d) of subdivision one\nof section two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year shall be carried over to the following year or years,\nand may be deducted from the taxpayer's tax for such year or years. The\ntax credit allowed pursuant to this subdivision shall not apply to\ntaxable years beginning on or after January first, two thousand\ntwenty-nine.\n 39. Alcoholic beverage production credit. A taxpayer shall be allowed\na credit, to be computed as provided in section thirty-seven of this\nchapter, against the tax imposed by this article. In no event shall the\ncredit allowed under this subdivision for any taxable year reduce the\ntax due for such year to less than the amount prescribed in paragraph\n(d) of subdivision one of section two hundred ten of this article.\nHowever, if the amount of credit allowed under this subdivision for any\ntaxable year reduces the tax to such amount or if the taxpayer otherwise\npays tax based on the fixed dollar minimum amount, any amount of credit\nthus not deductible in such taxable year shall be treated as an\noverpayment of tax to be credited or refunded in accordance with the\nprovisions of section one thousand eighty-six of this chapter. Provided,\nhowever, the provisions of subsection (c) of section one thousand\neighty-eight of this chapter notwithstanding, no interest shall be paid\nthereon.\n 40. Minimum wage reimbursement credit. (a) Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided in\nsection thirty-eight of this chapter, against the tax imposed by this\narticle.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year may not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year will be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n 41. The tax-free NY area tax elimination credit. A taxpayer shall be\nallowed a credit to be computed as provided in section forty of this\nchapter, against the tax imposed by this article. Unless the taxpayer\nhas a tax-free NY area allocation factor of one hundred percent, the\ncredit allowed under this subdivision for any taxable year shall not\nreduce the tax due for such year to less than the amount prescribed in\nparagraph (d) of subdivision one of section two hundred ten of this\narticle. However, if the amount of the credit allowable under this\nsubdivision for any taxable year reduces the tax to such amount or if\nthe taxpayer otherwise pays tax based on the fixed dollar minimum\namount, any amount of credit not deductible in such taxable year shall\nbe treated as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter. Provided, however, the provisions of subsection (c) of\nsection one thousand eighty-eight of this chapter notwithstanding, no\ninterest shall be paid thereon.\n 42. Alternative base credit. (a) If the tax imposed on a taxpayer by\nsubdivision one of section two hundred nine of this article is the\namount prescribed in clause (ii) of subparagraph one of paragraph (b) of\nsubdivision one of section two hundred ten of this article, the taxpayer\nshall be allowed a credit against the tax imposed under this article\nequal to the amount of tax paid to another state computed on a tax base\nidentical to the tax base prescribed in such paragraph (b). If the tax\nimposed on a taxpayer by subdivision one of section two hundred nine of\nthis article is the highest amount prescribed in paragraph (d) of\nsubdivision one of section two hundred ten of this article applicable to\nthe taxpayer, the taxpayer shall be allowed a credit against the tax\nimposed under this article equal to the amount of tax paid to another\nstate computed on a tax base identical to the tax base prescribed in\nsuch paragraph (d).\n (b) In no event shall the credit allowed under this subdivision for\nany taxable year reduce the tax due for such year to less than the\namount prescribed in paragraph (d) of subdivision one of section two\nhundred ten of this article. However, if the amount of credit allowed\nunder this subdivision for any taxable year reduces the tax to such\namount or if the taxpayer otherwise pays tax based on the fixed dollar\nminimum amount, any amount of credit thus not deductible in such taxable\nyear shall be carried over to the following year or years, and may be\ndeducted from the taxpayer's tax for such year or years.\n 43. Real property tax credit for manufacturers. (a) A qualified New\nYork manufacturer, as defined in subparagraph (vi) of paragraph (a) of\nsubdivision one of section two hundred ten of this article, will be\nallowed a credit equal to twenty percent of the real property tax it\npaid during the taxable year for real property owned by such\nmanufacturer in New York which was principally used during the taxable\nyear for manufacturing to the extent not deducted in determining entire\nnet income. This credit will not be allowed if the real property taxes\nthat are the basis for this credit are included in the calculation of\nanother credit claimed by the taxpayer.\n (b) (1) For purposes of this subdivision, the term real property tax\nmeans a charge imposed upon real property by or on behalf of a county,\ncity, town, village or school district for municipal or school district\npurposes, provided that the charge is levied for the general public\nwelfare by the proper taxing authorities at a like rate against all\nproperty over which such authorities have jurisdiction, and provided\nthat where taxes are levied pursuant to article eighteen or nineteen of\nthe real property tax law, the property must have been taxed at the rate\ndetermined for the class in which it is contained, as provided by such\narticle eighteen or nineteen, whichever is applicable. The term real\nproperty tax does not include a charge for local benefits, including any\nportion of that charge that is properly allocated to the costs\nattributable to maintenance or interest, when (i) the property subject\nto the charge is limited to the property that benefits from the charge,\nor (ii) the amount of the charge is determined by the benefit to the\nproperty assessed, or (iii) the improvement for which the charge is\nassessed tends to increase the property value.\n (2) In addition, the term real property tax includes taxes paid by the\ntaxpayer upon real property principally used during the taxable year by\nthe taxpayer in manufacturing where the taxpayer leases such real\nproperty from an unrelated third party if the following conditions are\nsatisfied: (i) the tax must be paid by the taxpayer as lessee pursuant\nto explicit requirements in a written lease, and (ii) the taxpayer as\nlessee has paid such taxes directly to the taxing authority and has\nreceived a written receipt for payment of taxes from the taxing\nauthority. In the case of a combined group that constitutes a qualified\nNew York manufacturer, the conditions in the preceding sentence are\nsatisfied if one corporation in the combined group is the lessee and\nanother corporation in the combined group makes the payments to the\ntaxing authority. In the case of a taxpayer that, during the taxable\nyear, is principally engaged in the production of goods by farming,\nagriculture, horticulture, floriculture, viticulture, or commercial\nfishing, the taxpayer is eligible if the taxpayer satisfies the\nconditions stipulated in this subdivision and the taxpayer leases such\nreal property from a related or unrelated party.\n (3) The term real property tax does not include a payment made by the\ntaxpayer in connection with an agreement for the payment in lieu of\ntaxes on real property, whether such property is owned or leased by the\ntaxpayer.\n (4) The real property taxes must be paid by the taxpayer in the year\nsuch taxes become a lien on the real property.\n (c) Credit recapture. Where a qualified New York manufacturer's real\nproperty taxes which were the basis for the allowance of the credit\nprovided for under this subdivision are subsequently reduced as a result\nof a final order in any proceeding under article seven of the real\nproperty tax law or other provision of law, the taxpayer shall add back,\nin the taxable year in which such final order is issued, the excess of\n(1) the amount of credit originally allowed for a taxable year over (2)\nthe amount of credit determined based upon the reduced real property\ntaxes. If such final order reduces real property taxes for more than one\nyear, the taxpayer must determine how much of such reduction is\nattributable to each year covered by such final order and calculate the\namount of credit which is required by this subdivision to be recaptured\nfor each year based on such reduction.\n (d) The credit allowed under this subdivision for any taxable year\nshall not reduce the tax due for such year to less than twenty-five\ndollars.\n 44. The tax-free NY area excise tax on telecommunication services\ncredit. A taxpayer that is a business or owner of a business that is\nlocated in a tax-free NY area approved pursuant to article twenty-one of\nthe economic development law shall be allowed a credit equal to the\nexcise tax on telecommunication services imposed by section one hundred\neighty-six-e of this chapter and passed through to such business during\nthe taxable year to the extent not otherwise deducted in computing\nentire net income under this article. However, except as otherwise\nprovided for in this subdivision, if the amount of the credit allowable\nunder this subdivision for any taxable year reduces the tax to the\namount prescribed in paragraph (d) of subdivision one of section two\nhundred ten of this chapter or if the taxpayer otherwise pays tax based\non the fixed dollar minimum amount, any amount of credit not deductible\nin such taxable year shall be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. This credit may be claimed only\nwhere any tax imposed by such section one hundred eighty-six-e has been\nseparately stated on a bill from the provider of telecommunication\nservices and paid by such business with respect to such services\nrendered within a tax-free NY area during the taxable year. Unless the\ntaxpayer has a tax-free NY area allocation factor of one hundred\npercent, the credit allowed under this subdivision for any taxable year\nshall not reduce the tax due for such year to less than the amount\nprescribed in paragraph (d) of subdivision one of section two hundred\nten of this chapter. Provided, however, the provisions of subsection (c)\nof section one thousand eighty-eight of this chapter notwithstanding, no\ninterest shall be paid thereon.\n 45. Order of credits. Credits allowable under this article which\ncannot be carried over and which are not refundable shall be deducted\nfirst. Credits allowable under this article which can be carried over,\nand carryovers of such credits, shall be deducted next, and among such\ncredits, those whose carryover is of limited duration shall be deducted\nbefore those whose carryover is of unlimited duration. Credits allowable\nunder this article which are refundable shall be deducted last.\n 46. Notwithstanding the repeal of the credit provisions contained in\nsection two hundred ten of this article or in article thirty-two of this\nchapter and the enactment of this section by a chapter of the laws of\ntwo thousand fourteen:\n (a) A taxpayer shall be allowed to utilize any carryforward amounts of\ncredits to which the taxpayer was entitled as of the close of the\ntaxable year beginning on or after January first, two thousand fourteen\nand before January first, two thousand fifteen, other than the\ncarryforward amount of the minimum tax credit provided under subdivision\nthirteen of section two hundred ten, as that subdivision was in effect\non December thirty-first, two thousand fourteen.\n (b) A taxpayer shall be required in a taxable year beginning on or\nafter January first, two thousand fifteen, to recapture all or a portion\nof a credit allowed under a credit provision in section two hundred ten\nor article thirty-two of this chapter for a taxable year beginning prior\nto January first, two thousand fifteen if recapture would have been\nrequired under such credit provision.\n * 47. Musical and theatrical production credit. (a) Allowance of\ncredit. A taxpayer who is eligible pursuant to section twenty-four-a of\nthis chapter shall be allowed a credit to be computed as provided in\nsuch section against the tax imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. Provided, however, that if the\namount of the credit allowable under this subdivision for any taxable\nyear reduces the tax to such amount or if the taxpayer otherwise pays\ntax based on the fixed dollar minimum amount, the excess shall be\ntreated as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter. Provided, further, the provisions of subsection (c) of\nsection one thousand eighty-eight of this chapter notwithstanding, no\ninterest shall be paid thereon.\n * NB Repealed January 1, 2030\n 48. Workers with disabilities tax credit. (a) A qualified employer, as\ndefined in paragraph one of subdivision (b) of section twenty-five-b of\nthe labor law, shall be entitled to a credit against the tax imposed by\nthis article. The amount of the credit shall be: fifteen percent of the\nqualified wages paid after January first, two thousand fifteen to a\nqualified full-time employee who is employed for not less than six\nmonths and who works at least thirty hours per week; and shall be ten\npercent of the qualified wages paid after January first, two thousand\nfifteen to a qualified part-time employee who is employed for not less\nthan six months and works at least eight hours per week. The credit\nallowed pursuant to this subdivision shall not exceed, during any\ntaxable year, five thousand dollars for any qualified full time employee\nand two thousand five hundred dollars for any qualified part time\nemployee. "Qualified wages" means wages paid or incurred by the\nqualified employer during the taxable year to a qualified employee which\nare attributable, with respect to such employee, to services rendered by\nthe qualified employee.\n (b) Carryover. The credit allowed under this subdivision for any\ntaxable year shall not reduce the tax due for such year to less than the\namount prescribed in paragraph (d) of subdivision one of section two\nhundred ten of this article. However, if the amount of credit allowable\nunder this subdivision for any taxable year reduces the tax to such\namount or if the taxpayer otherwise pays tax based on the fixed dollar\nminimum amount, any amount of credit not deductible in such taxable year\nmay be carried over to the following three years, and may be deducted\nfrom the qualified employer's tax for such years.\n (c) The taxpayer shall attach to its tax return its final certificate\nof eligibility issued by the commissioner of labor pursuant to section\ntwenty-five-b of the labor law for each taxable year that the credit is\nclaimed. In no event shall the taxpayer be allowed a credit greater than\nthe amount of the credit listed on the final certificate of eligibility.\nNotwithstanding any provision of this chapter to the contrary, the\ncommissioner and the commissioner's designees may release the names and\naddresses of any taxpayer claiming this credit and the amount of the\ncredit earned by the taxpayer.\n (d) A qualified employer may not claim the workers with disabilities\ntax credit if it claims any of the other credits for employment of\npersons with disabilities under either subsection (o) of section six\nhundred six, subdivision twelve of this section, or subdivision (j) of\nsection fifteen hundred eleven of this chapter.\n 49. Empire state apprenticeship tax credit. (a) A taxpayer that has\nbeen certified by the commissioner of labor as a certified employer\npursuant to section twenty-five-c of the labor law shall be allowed a\ncredit against the tax imposed by this article equal to the amount\nspecified under subdivision (c) of section twenty-five-c of the labor\nlaw. In no event shall the taxpayer be allowed a credit greater than the\namount of the credit listed on the final certificate of eligibility.\n (b) The credit allowed under this subdivision for any taxable year may\nnot reduce the tax due for that year to less than the amount prescribed\nin paragraph (d) of subdivision one of section two hundred ten of this\narticle. However, if the amount of the credit allowed under this\nsubdivision for any taxable year reduces the tax to that amount or if\nthe taxpayer otherwise pays tax based on the fixed dollar minimum\namount, any amount of credit not deductible in that taxable year will be\ntreated as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter. Provided, however, no interest will be paid thereon.\n 50. Employee training incentive program tax credit. (a) For taxable\nyears beginning before January first, two thousand twenty-nine, a\ntaxpayer that has been approved by the commissioner of economic\ndevelopment to participate in the employee training incentive program\nand has been issued a certificate of tax credit pursuant to section four\nhundred forty-three of the economic development law shall be allowed to\nclaim a credit against the tax imposed by this article. The credit\nshall equal fifty percent of a taxpayer's eligible training costs, up to\na credit of ten thousand dollars per employee completing eligible\ntraining pursuant to paragraph (a) of subdivision three of section four\nhundred forty-one of the economic development law. The credit shall\nequal fifty percent of the stipend paid to an intern, up to a credit of\nthree thousand dollars per intern completing eligible training pursuant\nto paragraph (b) of subdivision three of section four hundred forty-one\nof the economic development law. In no event shall a taxpayer be allowed\na credit greater than the amount of credit listed on the certificate of\ntax credit issued by the commissioner of economic development. The\ncredit will be allowed in the taxable year in which the eligible\ntraining is completed.\n (b) The credit allowed under this subdivision for any taxable year may\nnot reduce the tax due for that year to less than the amount prescribed\nin paragraph (d) of subdivision one of section two hundred ten of this\narticle. However, if the amount of credit allowed under this subdivision\nfor any taxable year reduces the tax to such amount, or if the taxpayer\notherwise pays tax based on the fixed dollar minimum amount, any amount\nof credit thus not deductible in that taxable year will be treated as an\noverpayment of tax to be credited or refunded in accordance with the\nprovisions of section one thousand eighty-six of this chapter. Provided,\nhowever, the provisions of subsection (c) of section one thousand\neighty-eight of this chapter notwithstanding, no interest will be paid\nthereon.\n (c) The taxpayer may be required to attach to its tax return its\ncertificate of tax credit issued by the commissioner of economic\ndevelopment pursuant to section four hundred forty-three of the economic\ndevelopment law. In no event shall the taxpayer be allowed a credit\ngreater than the amount of the credit listed in the certificate of tax\ncredit, or in the case of a taxpayer who is a partner in a partnership\nor a member of a limited liability company, its pro rata share of the\namount of credit listed in the certificate of tax credit issued to the\npartnership or limited liability company.\n 51. Farm workforce retention credit. (a) Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided in\nsection forty-two of this chapter, against the tax imposed by this\narticle.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year may not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year will be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n * 52. Life sciences research and development tax credit. (a) Allowance\nof credit. A taxpayer that is eligible pursuant to section forty-three\nof this chapter shall be allowed a credit to be computed as provided in\nsuch section against the tax imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. Provided, however, that if the\namount of the credit allowable under this subdivision for any taxable\nyear reduces the tax to such amount or if the taxpayer otherwise pays\ntax based on the fixed dollar minimum amount, the excess shall be\ntreated as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter. Provided, further, the provisions of subsection (c) of\nsection one thousand eighty-eight of this chapter notwithstanding, no\ninterest shall be paid thereon.\n * NB There are 2 sb 52's\n * 52. Credit for farm donations to food pantries. (a) General. In the\ncase of a taxpayer that is an eligible farmer, there shall be allowed a\ncredit, to be computed as hereinafter provided against the tax imposed\nby this article for taxable years beginning on and after January first,\ntwo thousand eighteen. The amount of the credit shall be twenty-five\npercent of the fair market value of the taxpayer's qualified donations\nmade to any eligible food pantry during the taxable year, not to exceed\nfive thousand dollars per taxable year. If the taxpayer is a partner in\na partnership, then the cap imposed by the preceding sentence shall be\napplied at the entity level, so that the aggregate credit allowed to all\npartners of such entity in the taxable year does not exceed five\nthousand dollars.\n (b) Eligible farmer. For purposes of this subdivision, the term\n"eligible farmer" means a taxpayer whose federal gross income from\nfarming for the taxable year is at least two-thirds of excess federal\ngross income. Excess federal gross income means the amount of federal\ngross income from all sources for the taxable year in excess of thirty\nthousand dollars. For purposes of this paragraph, payments from the\nstate's farmland protection program, administered by the department of\nagriculture and markets, shall be included as federal gross income from\nfarming for otherwise eligible farmers.\n (c) Qualified donation. For purposes of this subdivision, the term\n"qualified donation" means a donation of apparently wholesome food, as\ndefined in section 170(e)(3)(C)(vi) of the internal revenue code, grown\nor produced within this state, by an eligible farmer to an eligible food\npantry.\n (d) Eligible food pantry. For purposes of this subdivision, the term\n"eligible food pantry" means any food pantry, food bank, or other\nemergency food program operating within this state that has qualified\nfor tax exemption under section 501(c)(3) of the internal revenue code.\n (e) Determination of fair market value. For purposes of this\nsubdivision, to determine the fair market value of apparently wholesome\nfood donated to an eligible food pantry, the standards set forth under\nsection 170(e)(3)(C)(v) of the internal revenue code shall apply.\n (f) Record of donation. To claim a credit under this subdivision, a\ntaxpayer must get and keep a receipt from the eligible food pantry\nshowing: (i) the name of the eligible food pantry; (ii) the date and\nlocation of the qualified donation; and (iii) a reasonably detailed\ndescription of the qualified donation. A letter or other written\ncommunication from the eligible food pantry acknowledging receipt of the\ncontribution and containing the information in subparagraphs (i), (ii),\nand (iii) of this paragraph will serve as a receipt.\n (g) Application of credit. The credit allowed under this subdivision\nfor any taxable year will not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year will be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n * NB There are 2 sb 52's\n * 53. Employer-provided child care credit. (a) Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided in\nsection forty-four of this chapter, against the tax imposed by this\narticle.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year may not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of the\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year will be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest shall be paid thereon.\n (c) Credit recapture. For provisions requiring recapture of credit,\nsee section forty-four of this chapter.\n * NB There are 2 sb 53's\n * 53. Recovery tax credit. (a) Allowance of credit. A taxpayer that is\na certified employer pursuant to section 32.38 of the mental hygiene law\nthat has received a certificate of tax credit from the commissioner of\nthe office of alcoholism and substance abuse services shall be allowed a\ncredit against the tax imposed by this article equal to the amount shown\non such certificate of tax credit. A taxpayer that is a partner in a\npartnership or member of a limited liability company that has been\ncertified by the commissioner of the office of alcoholism and substance\nabuse services as a qualified employer pursuant to section 32.38 of the\nmental hygiene law shall be allowed its pro rata share of the credit\nearned by the partnership or limited liability company.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year may not reduce the tax due for that year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of the\ncredit allowed under this subdivision for any taxable year reduces the\ntax to that amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit not deductible in that\ntaxable year will be treated as an overpayment of tax to be credited or\nrefunded in accordance with the provisions of section one thousand\neighty-six of this chapter. Provided, however, no interest will be paid\nthereon.\n (c) Tax return requirement. The taxpayer shall be required to attach\nto its tax return, in the form prescribed by the commissioner, proof of\nreceipt of its certificate of tax credit issued by the commissioner of\nthe office of alcoholism and substance abuse services pursuant to\nsection 32.38 of the mental hygiene law.\n * NB There are 2 sb 53's\n * 54. Television writers' and directors' fees and salaries credit. (a)\nAllowance of credit. A taxpayer who is eligible pursuant to section\ntwenty-four-b of this chapter shall be allowed a credit to be computed\nas provided in such section against the tax imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. Provided, however, that if the\namount of the credit allowable under this subdivision for any taxable\nyear reduces the tax to such amount or if the taxpayer otherwise pays\ntax based on the fixed dollar minimum amount, the excess shall be\ntreated as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter. Provided, further, the provisions of subsection (c) of\nsection one thousand eighty-eight of this chapter notwithstanding, no\ninterest shall be paid thereon.\n * NB Effective on the first of January next succeeding the date the\ndepartment of economic development provides notice to the legislative\nbill drafting commission of a determination pursuant to § 6 sb 2 (b) of\nchapter 683 of 2019\n 55. Empire state digital gaming media production credit. (a) Allowance\nof credit. A taxpayer who is eligible pursuant to section forty-five of\nthis chapter shall be allowed a credit to be computed as provided in\nsuch section forty-five against the tax imposed by this article. Under\nno circumstances may a single taxpayer receive more than one million\nfive hundred thousand dollars in tax credits per year.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. Provided, however, that if the\namount of the credit allowable under this subdivision for any taxable\nyear reduces the tax to such amount, the excess shall be treated as an\noverpayment of tax to be credited or refunded in accordance with the\nprovisions of section one thousand eighty-six of this chapter, provided,\nhowever, no interest shall be paid thereon.\n 56. Restaurant return-to-work tax credit. (a) Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided in\nsection forty-six of this chapter, against the taxes imposed by this\narticle.\n (b) Application of credit. The credit allowed under this subdivision\nfor the taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for the taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year shall be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n 56-a. Additional restaurant return-to-work tax credit. (a) Allowance\nof credit. A taxpayer shall be allowed a credit, to be computed as\nprovided in section forty-six-a of this chapter, against the taxes\nimposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor the taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for the taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year shall be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n * 57. New York city musical and theatrical production tax credit. (a)\nAllowance of credit. A taxpayer shall be allowed a credit, to be\ncomputed as provided in section twenty-four-c of this chapter, against\nthe taxes imposed by this article.\n (b) Application of credit. The credit allowed under this subdivision\nfor the taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for the taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year shall be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest shall be paid thereon.\n * NB Repealed January 1, 2028\n * 58. Farm employer overtime credit. (a) Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided in\nsection forty-two-a of this chapter, against the tax imposed by this\narticle.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year shall be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest shall be paid thereon.\n * NB There are 3 sb 58's\n * 58. COVID-19 capital costs tax credit. (a) Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided in\nsection forty-seven of this chapter, against the taxes imposed by this\narticle.\n (b) Application of credit. The credit allowed under this subdivision\nfor the taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for the taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year shall be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n * NB There are 3 sb 58's\n * 58. Grade no. 6 heating oil conversion tax credit. (a) Allowance of\ncredit. A taxpayer will be allowed a credit, to be computed as provided\nin section forty-seven of this chapter, against the taxes imposed by\nthis article.\n (b) Application of credit. The credit allowed under this subdivision\nfor the taxable year will not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for the taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit not deductible in such\ntaxable year will be treated as an overpayment of tax to be credited or\nrefunded in accordance with the provisions of section one thousand\neighty-six of this chapter. Provided, however, the provisions of\nsubsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n * NB There are 3 sb 58's\n 59. Child care creation and expansion tax credit. (a) Allowance of\ncredit. A taxpayer shall be allowed a credit, to be computed as provided\nin section forty-eight of this chapter, against the taxes imposed by\nthis article.\n (b) Application of credit. The credit allowed under this subdivision\nfor the taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for the taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year shall be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n * 60. Newspaper and broadcast media jobs tax credit. (a) Allowance of\ncredit. A taxpayer shall be allowed a credit, to be computed as provided\nin section forty-nine of this chapter, against the taxes imposed by this\narticle.\n (b) Application of credit. The credit allowed under this subdivision\nfor the taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowable under this subdivision for the taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year shall be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n * NB There are 2 sb 60's\n * 60.*2 Commercial security tax credit. (a) Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided in\nsection forty-nine of this chapter, against the taxes imposed by this\narticle.\n (b) Application of credit. The credit allowed under this subdivision\nfor the taxable year shall not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowable under this subdivision for the taxable year reduces the\ntax to such amount or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nsuch taxable year shall be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n * NB There are 2 sb 60's\n 61. Semiconductor research and development tax credit. (a) Allowance\nof credit. A taxpayer that has been approved by the commissioner of\neconomic development to participate in the semiconductor research and\ndevelopment program and has been issued a certificate of tax credit\npursuant to section three hundred fifty-nine-e of the economic\ndevelopment law shall be allowed to claim a credit against the tax\nimposed by this article. The credit shall equal up to fifteen percent of\nthe cost or other basis for federal income tax purposes of the qualified\ninvestment and shall be allowable in each taxable year for which the\ncommissioner of economic development has issued a certificate of tax\ncredit, for up to ten consecutive taxable years. In no event shall a\ntaxpayer be allowed a credit greater than the amount of credit listed on\nthe certificate of tax credit issued by the commissioner of economic\ndevelopment. No cost or expense paid or incurred by the taxpayer that is\nthe basis for this credit shall be the basis for any other tax credit\nprovided by this chapter.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year may not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount, or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nthat taxable year will be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n (c) Reporting. The taxpayer shall attach to its tax return its\ncertificate of tax credit issued by the commissioner of economic\ndevelopment pursuant to section three hundred fifty-nine-e of the\neconomic development law. In no event shall the taxpayer be allowed a\ncredit greater than the amount of the credit listed on the certificate\nof tax credit, or in the case of a taxpayer who is a partner in a\npartnership, a member of a limited liability company, or shareholder in\nan S corporation, its pro rata share of the amount of credit listed on\nthe certificate of tax credit.\n (d) Credit recapture. If a certificate of eligibility or a certificate\nof tax credit issued by the department of economic development under\narticle seventeen-A of the economic development law is revoked by such\ndepartment because the taxpayer does not meet the eligibility\nrequirement set forth in subdivision six of section three hundred\nfifty-nine-c of the economic development law, the amount of credit\ndescribed in this subdivision and claimed by the taxpayer prior to that\nrevocation shall be added back to tax in the taxable year in which any\nsuch revocation becomes final.\n 62. Semiconductor manufacturing workforce training program tax credit.\n (a) Allowance of tax credit. A taxpayer that has been approved by the\ncommissioner of economic development to participate in the semiconductor\nmanufacturing workforce training program and has been issued a\ncertificate of tax credit pursuant to section five hundred three of the\neconomic development law shall be allowed to claim a credit against the\ntax imposed by this article. The credit shall equal seventy-five percent\nof wages, salaries or other compensation, training costs, and wrap\naround services, up to a credit of twenty-five thousand dollars per\nemployee receiving eligible training, up to one million dollars per\neligible non-semiconductor manufacturing business and up to five million\ndollars per eligible semiconductor manufacturing business pursuant to\nsubdivision three of section five hundred three of the economic\ndevelopment law. In no event shall a taxpayer be allowed a credit\ngreater than the amount of credit listed on the certificate of tax\ncredit issued by the commissioner of economic development. The credit\nshall be allowed in the taxable year in which the eligible training is\ncompleted. No cost or other expense paid or incurred by the taxpayer\nthat is the basis for this credit shall be the basis for any other tax\ncredit provided by this chapter.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year may not reduce the tax due for such year to less\nthan the amount prescribed in paragraph (d) of subdivision one of\nsection two hundred ten of this article. However, if the amount of\ncredit allowed under this subdivision for any taxable year reduces the\ntax to such amount, or if the taxpayer otherwise pays tax based on the\nfixed dollar minimum amount, any amount of credit thus not deductible in\nthat taxable year will be treated as an overpayment of tax to be\ncredited or refunded in accordance with the provisions of section one\nthousand eighty-six of this chapter. Provided, however, the provisions\nof subsection (c) of section one thousand eighty-eight of this chapter\nnotwithstanding, no interest will be paid thereon.\n (c) Reporting. The taxpayer shall attach to its tax return its\ncertificate of tax credit issued by the commissioner of economic\ndevelopment pursuant to section five hundred three of the economic\ndevelopment law. In no event shall the taxpayer be allowed a credit\ngreater than the amount of the credit listed on the certificate of tax\ncredit, or in the case of a taxpayer who is a partner in a partnership,\na member of a limited liability company, or shareholder in an S\ncorporation, its pro rata share of the amount of credit listed in the\ncertificate of tax credit.\n (d) Credit recapture. If a certificate of eligibility or a certificate\nof tax credit issued by the department of the economic development under\narticle twenty-eight of the economic development law is revoked by such\ndepartment because the taxpayer does not meet the eligibility\nrequirement set forth in subdivision three of section five hundred three\nof the economic development law, the amount of credit described in this\nsubdivision and claimed by the taxpayer prior to that revocation shall\nbe added back to tax in the taxable year in which any such revocation\nbecomes final.\n