N.Y. Tax Law § 46-A — Additional restaurant return-to-work tax credit

§ 46-a. Additional restaurant return-to-work tax credit. (a) Allowance\nof credit. A taxpayer subject to tax under article nine-A or twenty-two\nof this chapter shall be allowed a credit against such tax, pursuant to\nthe provisions referenced in subdivision (f) of this section. The amount\nof the credit is equal to the amount determined pursuant to section four\nhundred seventy-five-a of the economic development law. 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 allowed under this chapter.\n (b) Eligibility. To be eligible for the additional restaurant\nreturn-to-work tax credit, the taxpayer shall have been issued a\ncertificate of additional tax credit by the department of economic\ndevelopment pursuant to subdivision four of section four hundred\nseventy-four of the economic development law, which certificate shall\nset forth the amount of the credit that may be claimed for the taxable\nyear. The taxpayer shall be allowed to claim only the amount listed on\nthe certificate of additional tax credit for that taxable year. A\ntaxpayer that is a partner in a partnership, member of a limited\nliability company or shareholder in a subchapter S corporation that has\nreceived a certificate of additional tax credit shall be allowed its pro\nrata share of the credit earned by the partnership, limited liability\ncompany or subchapter S corporation. However, the taxpayer must be a\npartner, member or shareholder of such partnership, limited liability\ncompany or subchapter S corporation as of April first, two thousand\ntwenty-two.\n (c) Tax return requirement and advance payment option. (1) The\ntaxpayer shall be required to attach to its tax return in the form\nprescribed by the commissioner, proof of receipt of its certificate of\nadditional tax credit issued by the commissioner of the department of\neconomic development.\n (2) Taxpayers shall have the option to request an advance payment of\nthe amount of tax credit they are allowed under this section. A taxpayer\nmust submit such request to the department in the manner prescribed by\nthe commissioner after it has been issued a certificate of additional\ntax credit by the department of economic development pursuant to\nsubdivision four of section four hundred seventy-four of the economic\ndevelopment law (or such certificate has been issued to a partnership,\nlimited liability company or subchapter S corporation in which it is a\npartner, member or shareholder, respectively), but such request must be\nsubmitted no later than September thirtieth, two thousand twenty-two.\nFor those taxpayers who have requested an advance payment and for whom\nthe commissioner has determined eligible for this credit, the\ncommissioner shall advance a payment of the tax credit allowed to the\ntaxpayer. However, in the case of a taxpayer subject to article nine-A\nof this chapter, such payment shall be equal to the amount of credit\nallowed to the taxpayer less twenty-five dollars. Such twenty-five\ndollars shall represent a partial payment of tax owed by the taxpayer\nunder article nine-A, including any fixed dollar minimum owed under\nparagraph (d) of subdivision one of section two hundred ten of this\nchapter. When a taxpayer files its return for the taxable year, such\ntaxpayer shall properly reconcile the advance payment and any partial\npayment of fixed dollar minimum tax, if applicable, on the taxpayer's\nreturn.\n (d) Information sharing. Notwithstanding any provision of this\nchapter, employees of the department of economic development and the\ndepartment shall be allowed and are directed to share and exchange:\n (1) information derived from tax returns or reports that are relevant\nto a taxpayer's eligibility to participate in the restaurant\nreturn-to-work tax credit program;\n (2) information regarding the credit applied for, allowed, or claimed\npursuant to this section and taxpayers that are applying for the credit\nor that 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\nrestaurant return-to-work tax credit program. Except as provided in\nparagraph two of this subdivision, all information exchanged between the\ndepartment of economic development and the department shall not be\nsubject to disclosure or inspection under the state's freedom of\ninformation law.\n (e) Credit recapture. If a certificate of additional tax credit issued\nby the department of economic development under article twenty-five of\nthe economic development law is revoked by such department, the amount\nof credit described in this section and claimed by the taxpayer prior to\nthat revocation shall be added back to tax in the taxable year in which\nany such revocation becomes final.\n (f) 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 56-a;\n (2) article 22: section 606, subsection (nnn).\n