New York Tax Law (Consolidated Laws)
N.Y. Tax Law § 38
New York innovation hot spot program tax benefits
* § 38. New York innovation hot spot program tax benefits.
# (a)
As used in this chapter, the terms "New York state innovation hot spot" and "qualified entity" shall have the same meaning as under section sixteen-v of the New York state urban development corporation act.
# (b)
A taxpayer under article nine-A of this chapter that is a qualified entity of a New York state innovation hot spot shall be subject only to the fixed dollar minimum tax, imposed under paragraph
(d) of subdivision one of section two hundred ten of this chapter, for five taxable years, beginning with the first taxable year during which the qualified entity becomes a tenant in or part of an innovation hot spot. A taxpayer under article nine-A of this chapter that is a corporate partner in a qualified entity, or is a qualified entity that is located both within and without an innovation hot spot, shall be allowed only a deduction for the amount of income or gain included in its federal taxable income to the extent that the income or gain is attributable to the operations at or as part of the innovation hot spot.
The deduction is allowed for five taxable years, beginning with the first taxable year during which the qualified entity becomes a tenant in or part of an innovation hot spot.
# (c)
An individual who is the sole proprietor of a qualified entity or a member of a limited liability company, a partner in a partnership or a shareholder in a New York subchapter S corporation where the limited liability company, partnership, or S corporation is a qualified entity, that is taxable under article twenty-two of this chapter shall be allowed a deduction for the amount of income or gain included in its federal adjusted gross income to the extent that the income or gain is attributable to the operations of a qualified entity at or as a part of a New York state innovation hot spot. The deduction is allowed for five taxable years, beginning with the first taxable year during which the qualified entity becomes a tenant in or part of an innovation hot spot.
# (d)
A qualified entity that is a tenant in or part of a New York state innovation hot spot shall be eligible for a credit or refund for sales and use taxes imposed on the retail sale of tangible personal property or services under subdivisions (a), (b), and (c) of section eleven hundred five and section eleven hundred ten of this chapter. The credit or refund shall be allowed for sixty months beginning with the first full month after the qualified entity becomes a tenant in an incubator hot spot.
# (e)
A taxpayer who claims any of the tax benefits described in this section is no longer eligible for any other New York state exemptions, deductions, or credit or refunds under this chapter to the extent that any such exemption, deduction, credit or refund is attributable to the business operations of a tenant in or as part of the New York state innovation hot spot. The election to claim the tax benefits described in this section is not revocable.
# (f)
Cross-references. For application of the tax benefits provided for in this section, see the following provisions of this chapter:
(i) Article 9-A, section 208, subdivision (9), paragraph (a), subparagraph (18).
(ii) Article 9-A, section 209, subdivision 11.
(iii) Article 22, section 612, subsection (c), paragraph (39).
(iv) Article 28, section 1119, subdivision (d).
* NB There are 2 § 38's
Source: view the official text
In this article (40 sections)
- 24-C · New York city musical and theatrical production tax credit
- 24-D · Empire state independent film production credit
- 25 · Disclosure of certain transactions and related information
- 26 · Security training tax credit
- 27 · Suspension of tax-exempt status of terrorist organizations
- 28 · Empire state commercial production credit
- 28*2 · Biofuel production credit
- 29 · Mandatory electronic filing and payment
- 30 · Bad check or failed electronic funds withdrawal fee
- 31 · Excelsior jobs program credit
- 31*2 · Empire state film post production credit
- 32 · Registration of tax return preparers
- 33 · Correction periods for electronic tax documents and payments
- 33*2 · Temporary deferral of certain tax credits
- 34 · Tax return preparers and software companies not to charge…
- 34*2 · Temporary deferral payout credits
- 35 · Use of electronic means of communication
- 35*2 · Economic transformation and facility redevelopment program tax…
- 36 · Empire state jobs retention program credit
- 37 · Alcoholic beverage production credit
- 38 · New York innovation hot spot program tax benefits
- 38*2 · Minimum wage reimbursement credit
- 39 · Tax benefits for businesses located in tax-free NY areas and…
- 39-A · Penalties for fraud in the START-UP NY program
- 40 · The tax-free NY area tax elimination credit
- 41 · Limitations on tax credit eligibility
- 42 · Farm workforce retention credit
- 42-A · Farm employer overtime credit
- 43 · Life sciences research and development tax credit
- 43*2 · Single member limited liability companies and eligibility for…
- 44 · Employer-provided child care credit
- 45 · Empire state digital gaming media production credit
- 46 · Restaurant return-to-work tax credit
- 46-A · Additional restaurant return-to-work tax credit
- 47 · COVID-19 capital costs tax credit
- 47*2 · Grade no
- 47*3 · Suspension of certain taxes on motor fuel and Diesel motor fuel
- 48 · Child care creation and expansion tax credit
- 49 · Newspaper and broadcast media jobs tax credit
- 49*2 · Commercial security tax credit