N.Y. Tax Law § 1201-A — Credits against taxes administered by cities of one million or more

§ 1201-a. Credits against taxes administered by cities of one million\nor more. (a) Any utility company subject to the supervision of the\npublic service commission required to grant rebates or discounts on\nbills for energy services or natural gas in accordance with a local law\nadopted pursuant to article two-F of the general city law shall be\nentitled to a credit for such rebates and discounts, as provided in such\narticle of the general city law, against the amount of tax to be paid\npursuant to any gross receipts tax imposed by a local law adopted\npursuant to subdivision (a) of section twelve hundred one of this\nchapter. The amounts of such rebates and discounts shall not be treated\nas affecting or reducing the gross receipts otherwise subject to tax\nunder such gross receipts tax or reducing the amount of tax imposed by\nor pursuant to any authorization contained in this chapter.\n (b) Empire state film production credit. Any city in this state having\na population of one million or more, acting through its local\nlegislative body, is hereby authorized to adopt and amend local laws to\nallow a credit against the general corporation tax and the\nunincorporated business tax imposed pursuant to the authority of chapter\nseven hundred seventy-two of the laws of nineteen hundred sixty-six\nwhich shall be substantially identical to the credit allowed under\nsection twenty-four of this chapter, except that (A) the percentage of\nqualified production costs used to calculate such credit shall be five\npercent, (B) whenever such section twenty-four references the state,\nsuch words shall be read as referencing the city, (C) such credit shall\nbe allowed only to a taxpayer which is a qualified film production\ncompany, and (D) the effective date of such credit shall be July first,\ntwo thousand six. Such credit shall be applied in a manner consistent\nwith the credit allowed under subdivision twenty of section two hundred\nten-B of this chapter except as may be necessary to take into account\ndifferences between the general corporation tax and the unincorporated\nbusiness tax.\n (c) Empire state commercial production credit. Any city in this state\nhaving a population of one million or more, acting through its local\nlegislative body, is hereby authorized to adopt and amend local laws to\nallow a credit against the general corporation tax and the\nunincorporated business tax imposed pursuant to the authority of chapter\nseven hundred seventy-two of the laws of nineteen hundred sixty-six\nwhich shall be substantially identical to the credit allowed under the\nprovisions of section twenty-eight of this chapter, except that (A) the\npercentage of qualified production costs used to calculate such credit\nshall be five percent, (B) whenever such section twenty-eight references\nthe state, such words shall be read as referencing the city, (C) such\ncredit shall be allowed only to a taxpayer that is a qualified\ncommercial production company, and (D) the effective date of such credit\nshall be as provided in local laws. Such credit shall be applied in a\nmanner consistent with the credit allowed under subdivision twenty-three\nof section two hundred ten-B of this chapter except as may be necessary\nto take into account differences between the general corporation tax and\nunincorporated business tax.\n (d) Biotechnology credit. 1. Any city in this state having a\npopulation of one million or more, acting through its local legislative\nbody, is hereby authorized to adopt and amend local laws to allow a\ncredit against the general corporation tax and the unincorporated\nbusiness tax imposed pursuant to the authority of chapter seven hundred\nseventy-two of the laws of nineteen hundred sixty-six which shall be\nsubstantially identical to the credit described in subdivision\ntwenty-one of section 11-654 of the administrative code of the city of\nNew York, against the business corporation tax imposed pursuant to\nchapter sixty of the laws of two thousand fifteen, except that the\neffective date of such credit against the general corporation tax and\nthe unincorporated business tax shall be as provided in such local laws.\n 2. The credit allowed by paragraph one of this subdivision shall be\napplied in a manner consistent with the credit described in subdivision\ntwenty-one of section 11-654 of the administrative code of the city of\nNew York except as may be necessary to take into account differences\nbetween such business corporation tax and such general corporation tax\nand such unincorporated business tax.\n 3. The aggregate amount of tax credits allowed under this subdivision\nin any calendar year shall be up to three million dollars. Such\naggregate amount of credits shall be allocated by the New York city\ndepartment of finance among eligible taxpayers on a pro rata basis.\nTaxpayers eligible for such pro rata allocation shall be determined by\nthe New York city department of finance no later than February\ntwenty-eighth of the succeeding calendar year in which a credit provided\npursuant to this subdivision is applied.\n 4. The New York city department of finance shall establish by rule\nprocedures for the allocation of tax credits allowed by local laws\nadopted pursuant to this subdivision. Such rules shall include\nprovisions describing the application process, the due dates for such\napplications, the standards that shall be used to evaluate the\napplications, the documentation that will be provided to taxpayers to\nsubstantiate the amount of tax credits allocated to such taxpayers, and\nsuch other provisions as deemed necessary and appropriate.\n 5. Any local law adopted pursuant to this subdivision may provide for\na credit as authorized by this subdivision for a maximum of three\nconsecutive calendar years, provided, however, that any such credit:\n (A) may not apply to taxable years beginning before January first, two\nthousand ten or beginning on or after January first, two thousand\nnineteen; and\n (B) may not apply to taxable years beginning before January first, two\nthousand twenty-three or beginning on or after January first, two\nthousand twenty-six.\n 6. Any city in this state having a population of one million or more,\nacting through its local legislative body, is authorized to provide the\ncredit set forth in subdivision twenty-one of section 11-654 of the\nadministrative code of the city of New York, against the business\ncorporation tax imposed pursuant to chapter sixty of the laws of two\nthousand fifteen, for a maximum of three consecutive calendar years,\nprovided, however, that such credit may not apply to taxable years\nbeginning before January first, two thousand twenty-three or beginning\non or after January first, two thousand twenty-six.\n