N.Y. Tax Law § 46 — Restaurant return-to-work tax credit

§ 46. Restaurant return-to-work tax credit. (a) Allowance of credit. A\ntaxpayer subject to tax under article nine-A or twenty-two of this\nchapter shall be allowed a credit against such tax, pursuant to the\nprovisions referenced in subdivision (f) of this section. The amount of\nthe credit is equal to the amount determined pursuant to section four\nhundred seventy-five of the economic development law. No cost or expense\npaid or incurred by the taxpayer which is included as part of the\ncalculation of this credit shall be the basis of any other tax credit\nallowed under this chapter.\n (b) Eligibility. To be eligible for the restaurant return-to-work tax\ncredit, the taxpayer shall have been issued a certificate of tax credit\nby the department of economic development pursuant to subdivision two of\nsection four hundred seventy-four of the economic development law, which\ncertificate shall set forth the amount of the credit that may be claimed\nfor the taxable year. The taxpayer shall be allowed to claim only the\namount listed on the certificate of 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 tax credit shall be allowed its pro rata share\nof the credit earned by the partnership, limited liability company or\nsubchapter S corporation.\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\ntax credit issued by the commissioner of the department of economic\ndevelopment.\n (2) Taxpayers who choose to use August thirty-first, two thousand\ntwenty-one as the last date to calculate their average ending full-time\nemployment and have received their certificate of tax credit by November\nfifteenth, two thousand twenty-one shall have the option to request an\nadvance payment of the amount of tax credit they are allowed under this\nsection. A taxpayer must submit such request to the department in the\nmanner prescribed by the commissioner after it has been issued a\ncertificate of tax credit by the department of economic development\npursuant to subdivision two of section four hundred seventy-four of the\neconomic development law (or such certificate has been issued to a\npartnership, limited liability company or subchapter S corporation in\nwhich it is a partner, member or shareholder, respectively), but such\nrequest must be submitted no later than November fifteenth, two thousand\ntwenty-one. For those taxpayers who have requested an advance payment\nand for whom the commissioner has determined eligible for this credit,\nthe commissioner shall advance a payment of the tax credit allowed to\nthe taxpayer. However, in the case of a taxpayer subject to article\nnine-A of this chapter, such payment shall be equal to the amount of\ncredit allowed to the taxpayer less twenty-five dollars. Such\ntwenty-five dollars shall represent a partial payment of tax owed by the\ntaxpayer under article nine-A, including any fixed dollar minimum owed\nunder paragraph (d) of subdivision one of section two hundred ten of\nthis chapter. When a taxpayer files its return for the taxable year,\nsuch taxpayer shall properly reconcile the advance payment and any\npartial payment of fixed dollar minimum tax, if applicable, on the\ntaxpayer's return.\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 is 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 tax credit issued by the\ndepartment of economic development under article twenty-five of the\neconomic development law is revoked by such department, the amount of\ncredit 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;\n (2) article 22: section 606, subsection (lll).\n