N.Y. Economic Development Law Section 474
Application and approval process


1.

A business entity must submit a complete application as prescribed by the commissioner for the restaurant return-to-work credit and the additional restaurant return-to-work credit.

2.

The commissioner shall establish procedures and a timeframe for business entities to submit applications. As part of the application, each business entity must:

(a)

provide evidence in a form and manner prescribed by the commissioner of their business eligibility;

(b)

agree to allow the department of taxation and finance to share the business entity’s tax information with the department. However, any information shared as a result of this program shall not be available for disclosure or inspection under the state freedom of information law;

(c)

agree to allow the department of labor to share its tax and employer information with the department. However, any information shared as a result of this program shall not be available for disclosure or inspection under the state freedom of information law;

(d)

allow the department and its agents access to any and all books and records the department may require to monitor compliance;

(e)

certify, under penalty of perjury, that it is in substantial compliance with all emergency orders or public health regulations currently required of such entity, and local, and state tax laws; and

(f)

agree to provide any additional information required by the department relevant to this article.

3.

The application for the tax credit allowed under § 475 (Restaurant return-to-work tax credit)section four hundred seventy-five of this article must be submitted by May first, two thousand twenty-two. After reviewing a business entity’s completed final application for the restaurant return-to-work credit and determining that the business entity meets the eligibility criteria as set forth in this article, the department may issue to that business entity a certificate of tax credit. A business entity may claim the tax credit in the taxable year that includes December thirty-first, two thousand twenty-one.

4.

The application for the tax credit allowed under § 475-A (Additional restaurant return-to-work tax credit)section four hundred seventy-five-a of this article must be submitted by July first, two thousand twenty-two. After reviewing a business entity’s completed final application for the additional restaurant return-to-work credit and determining that the business entity meets the eligibility criteria as set forth in this article, the department may issue to that business entity a certificate of additional tax credit. A business entity may claim the tax credit in the taxable year that includes December thirty-first, two thousand twenty-two.

Source: Section 474 — Application and approval process, https://www.­nysenate.­gov/legislation/laws/COM/474 (updated Apr. 29, 2022; accessed Jun. 15, 2024).

Accessed:
Jun. 15, 2024

Last modified:
Apr. 29, 2022

§ 474’s source at nysenate​.gov

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