N.Y. Tax Law § 36 — Empire state jobs retention program credit

§ 36. Empire state jobs retention program credit. (a) Allowance of\ncredit. A taxpayer subject to tax under article nine-A, twenty-two or\nthirty-three of this chapter shall be allowed a credit against such tax,\npursuant to the provisions referenced in subdivision (e) of this\nsection. The amount of the credit, allowable for ten consecutive tax\nyears, is equal to the amount determined pursuant to section four\nhundred twenty-five of the economic development law.\n (b) Eligibility. To be eligible for the empire state jobs retention\ncredit, the taxpayer shall have been issued a certificate of tax credit\nby the department of economic development pursuant to subdivision four\nof section four hundred twenty-four of the economic development law,\nwhich certificate shall set forth the amount of the credit that may be\nclaimed for the taxable year. A taxpayer may claim such credit for up to\nten consecutive taxable years commencing in the first taxable year that\nthe taxpayer receives a certificate of tax credit or the first taxable\nyear listed on its preliminary schedule of benefits, whichever is later.\nHowever, a taxpayer shall not be allowed to claim the credit prior to\nthe tax year commencing on or after January first, two thousand twelve\nand before January first, two thousand thirteen. The taxpayer shall be\nallowed to claim only the amount listed on the certificate of tax credit\nfor that taxable year. Such certificate, if required by the\ncommissioner, shall be attached to the taxpayer's return. No cost or\nexpense paid or incurred by the taxpayer which is included as part of\nthe calculation of this credit shall be the basis of any other tax\ncredit.\n (c) Information sharing. (1) 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 (A) information derived from tax returns or reports that is relevant\nto a taxpayer's eligibility to participate in the empire state jobs\nretention program;\n (B) information regarding the credit applied for, allowed or claimed\npursuant to this section and taxpayers who are applying for the credit\nor who are claiming the credit; and\n (C) information contained in or derived from credit claim forms\nsubmitted to the department and applications for admission into the\nempire state jobs retention program.\n Except as provided in paragraph two of this subdivision, all\ninformation exchanged between the department of economic development and\nthe department shall not be subject to disclosure or inspection under\nthe state's freedom of information law.\n (2) Notwithstanding any provision of this chapter, the commissioner or\nthe commissioner's designee is authorized to release the name of each\ntaxpayer claiming the credit and the amount of the credit earned by each\ntaxpayer. 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, only the name of a\nlimited liability company, partnership or subchapter S corporation\nparticipating in the empire state jobs retention program and the amount\nof credit earned by that entity may be released.\n (d) Credit recapture. If a certificate of eligibility or a certificate\nof tax credit issued by the department of economic development under\narticle twenty of the economic development law is revoked by such\ndepartment, the amount of credit described in this section and claimed\nby the taxpayer prior to that revocation shall be added back to tax in\nthe taxable year in which any such revocation becomes final.\n (e) Cross-references. For application of the credit provided for in\nthis section, see the following provisions of this chapter:\n (1) article 9-A: section 210-B, subdivision 37;\n (2) article 22: section 606, subsection (tt);\n (3) article 33, section 1511, subdivision (bb).\n