§ 31 — Excelsior jobs program credit

New York § 31

• Jurisdiction: New York
• Law TAX: Tax
• Art. 1: Short Title; Definitions; Miscellaneous

Text

* § 31. Excelsior jobs program credit. (a) General. A taxpayer\nsubject to tax under article nine-A, twenty-two or thirty-three of this\nchapter shall be allowed a credit against such tax, pursuant to the\nprovisions referenced in subdivision (g) of this section. The amount of\nthe credit, allowable for up to ten consecutive taxable years, is the\nsum of the following four credit components:\n (1) the excelsior jobs tax credit component;\n (2) the excelsior investment tax credit component;\n (2-a) the excelsior child care services tax credit component;\n (3) the excelsior research and development tax credit component; and\n (4) the excelsior real property tax credit component.\n (b) To be eligible for the excelsior jobs program credit, the taxpayer\nshall have been issued a "certificate of tax credit" by the department\nof economic development pursuant to subdivision four of section three\nhundred fifty-four of the economic development law, which certificate\nshall set forth the amount of each credit component that may be claimed\nfor the taxable year. A taxpayer may claim such credit for ten\nconsecutive taxable years commencing in the first taxable year that the\ntaxpayer receives a certificate of tax credit or the first taxable year\nlisted on its preliminary schedule of benefits, whichever is later,\nprovided that no tax credits may be allowed for taxable years beginning\non or after January first, two thousand forty. The taxpayer shall be\nallowed to claim only the amount listed on the certificate of tax credit\nfor that taxable year. Such certificate must be attached to the\ntaxpayer's return. No cost or expense paid or incurred by the taxpayer\nshall be the basis for more than one component of this credit or any\nother tax credit, except as provided in section three hundred fifty-five\nof the economic development law.\n (c) Election of credit. A taxpayer who or which is qualified to claim\nthe excelsior investment tax credit component and is also qualified to\nclaim the investment tax credit provided for under subdivision one of\nsection two hundred ten-B or subsection (a) of section six hundred six\nof this chapter, may claim either the excelsior investment tax credit\ncomponent or the investment tax credit, but not both with regard to a\nparticular piece of property. In addition, a taxpayer who or which is\nqualified to claim the excelsior investment tax credit component and is\nalso qualified to claim the brownfield tangible property credit\ncomponent under section twenty-one of this article, as added by chapter\none of the laws of two thousand three, may claim either the excelsior\ninvestment tax credit component or such tangible property credit\ncomponent, but not both with regard to a particular piece of property.\nThe election to claim the excelsior investment tax credit component, the\ninvestment tax credit or the brownfield tangible property credit\ncomponent, with regard to the same property, is irrevocable.\n (d) Information sharing. Notwithstanding any provision of this\nchapter, employees and officers of the department of economic\ndevelopment and the department shall be allowed and are directed to\nshare and exchange:\n (1) information derived from tax returns or reports that is relevant\nto a taxpayer's eligibility to participate in the excelsior jobs\nprogram;\n (2) information regarding the component or components of the credit\napplied for, allowed, or claimed pursuant to this section and taxpayers\nwho are applying for the credit or who are claiming the credit; and\n (3) information contained in or derived from credit claim forms\nsubmitted to the department and applications for admission into the\nexcelsior jobs program.\n Other than the information required to be contained in the report\nissued pursuant to subdivision (e) of this section, all information\nexchanged between the department of economic development and the\ndepartment shall not be subject to disclosure or inspection under the\nstate's freedom of information law.\n (e) Excelsior jobs program credit report. (1) The commissioner must\npublish an excelsior jobs program tax credit report annually by June\nthirtieth. The first report must be published by June thirtieth, two\nthousand twelve.\n (2) The credit report must contain the following information about the\nexcelsior jobs program tax credit claimed under this chapter during the\nprevious calendar year:\n (i) the name of each taxpayer claiming a credit; provided however, if\nthe taxpayer claims a credit because the taxpayer is a member of a\nlimited liability company, a partner in a partnership or a shareholder\nin a subchapter S corporation, the name of each limited liability\ncompany, partnership or subchapter S corporation earning any of the\ncredit must be included in the report instead of information about the\ntaxpayer claiming the credit; and\n (ii) the amount of each credit component earned by each taxpayer;\nprovided however, if the taxpayer claims a credit because the taxpayer\nis a member of a limited liability company, a partner in a partnership\nor a shareholder in a subchapter S corporation, the amount of credit\nearned by each entity must be included in the report instead of\ninformation about the taxpayer claiming the credit.\n (3) The credit report may also contain any other information received\nby the commissioner with regard to the excelsior jobs program credit\nthat the commissioner deems to be useful in evaluating the use of the\ncredit. The information included in the credit report will be based on\nthe information filed with the department during the previous calendar\nyear, to the extent that it is practicable to use that information.\n (f) Credit recapture. If a certificate of eligibility or a certificate\nof tax credit issued by the department of economic development under\narticle seventeen 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-three of the economic development law, the amount of credit\ndescribed in this section 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 (f-1) Credit recapture for unrealized job creation. If, in any given\nyear, a taxpayer who has satisfied the eligibility criteria specified in\nsection three hundred fifty-three of the economic development law\nrealizes job creation less than the estimated amount, the credit\ndescribed in this section allowed in that year shall be reduced by the\nproportion of actual job creation to the estimated amount, provided the\nproportion is at least seventy-five percent of the jobs estimated.\n (g) Cross-references. For application of the credit provided for in\nthis section, see the following provisions of this chapter:\n (2) article 9-A: section 210-B: subdivision 31.\n (3) article 22: section 606: subsection (qq).\n (4) article 33: section 1511: subdivision (y).\n * NB There are 2 § 31's\n