New York Tax Law (Consolidated Laws)
N.Y. Tax Law § 47
COVID-19 capital costs tax credit
* § 47. COVID-19 capital costs tax credit. (a) Allowance of credit. A taxpayer subject to tax under article nine-A or twenty-two of this chapter shall be allowed a credit against such tax, pursuant to the provisions referenced in subdivision (f) of this section. The amount of the credit is equal to the amount determined pursuant to section four hundred eighty-five of the economic development law. No cost or expense paid or incurred by the taxpayer which is included as part of the calculation of this credit shall be the basis of any other tax credit allowed under this chapter.
(b) Eligibility. To be eligible for the COVID-19 capital costs tax credit, the taxpayer shall have been issued a certificate of tax credit by the department of economic development pursuant to subdivision three of section four hundred eighty-four of the economic development law, which certificate shall set forth the amount of the credit that may be claimed for the taxable year. The taxpayer shall be allowed to claim only the amount listed on the certificate of tax credit for that taxable year. A taxpayer that is a partner in a partnership, member of a limited liability company or shareholder in a subchapter S corporation that has received a certificate of tax credit shall be allowed its pro rata share of the credit earned by the partnership, limited liability company or subchapter S corporation.
(c) Tax return requirement. The taxpayer shall be required to attach to its tax return in the form prescribed by the commissioner, proof of receipt of its certificate of tax credit issued by the commissioner of the department of economic development.
(d) Information sharing. Notwithstanding any provision of this chapter, employees of the department of economic development and the department shall be allowed and are directed to share and exchange:
# (1)
information derived from tax returns or reports that is relevant to a taxpayer's eligibility to participate in the COVID-19 capital costs tax credit program;
# (2)
information regarding the credit applied for, allowed or claimed pursuant to this section and taxpayers that are applying for the credit or that are claiming the credit; and
# (3)
information contained in or derived from credit claim forms submitted to the department and applications for admission into the COVID-19 capital costs tax credit program. Except as provided in paragraph two of this subdivision, all information exchanged between the department of economic development and the department shall not be subject to disclosure or inspection under the state's freedom of information law.
(e) Credit recapture. If a certificate of tax credit issued by the department of economic development under article twenty-six of the economic development law is revoked by such department, the amount of credit described in this section and claimed by the taxpayer prior to that revocation shall be added back to tax in the taxable year in which any such revocation becomes final.
(f) Cross references. For application of the credit provided for in this section, see the following provisions of this chapter:
(1) article 9-A: section 210-B, subdivision 58;
(2) article 22: section 606, subsection (nnn).
* NB There are 3 § 47'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