N.Y. Tax Law § 48 — Child care creation and expansion tax credit

§ 48. Child care creation and expansion tax 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 (f) of this\nsection. The amount of the credit is equal to the amount determined\npursuant to section three hundred ninety-four-d of the social services\nlaw and shall be claimed in the taxable year that includes the last day\nof the service year for which the credit is calculated. No cost or\nexpense paid or incurred by the taxpayer that 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 child care creation and\nexpansion tax credit, the taxpayer shall have been issued a certificate\nof tax credit by the office of children and family services pursuant to\nsection three hundred ninety-four-c of the social services law. 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. The taxpayer shall be required to attach\nto its tax return in the form prescribed by the commissioner, proof of\nreceipt of its certificate of tax credit issued by the commissioner of\nthe office of children and family services.\n (d) Information sharing. Notwithstanding any provision of this\nchapter, employees of the office of children and family services and the\ndepartment shall be allowed and are directed to share and exchange:\n (1) 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 (2) information contained in or derived from credit claim forms\nsubmitted to the department. Except as provided in paragraph one of this\nsubdivision, all information exchanged between the office of children\nand family services and the department shall not be subject to\ndisclosure or inspection under the state's freedom of information law.\n (e) Credit recapture. If a certificate of tax credit issued by the\noffice of children and family services under title one-A of article six\nof the social services law is revoked by such office, 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 59;\n (2) article 22: section 606, subsection (ooo);\n (3) article 33: section 1511, subdivision (ee).\n