Economic Development Law Section 475-A
Additional restaurant return-to-work tax credit
1.A business entity in the restaurant return-to-work tax credit program that applies for the additional restaurant return-to-work credit pursuant to § 474 (Application and approval process)section four hundred seventy-four of this article may be eligible to claim a credit equal to five thousand dollars per each full-time equivalent net employee increase above ten, not to exceed twenty, as defined in subdivision eight of § 472 (Definitions)section four hundred seventy-two of this article. The amount of the business entity’s additional restaurant return-to-work tax credit shall be calculated by using the date the business entity chose to calculate its average ending full-time employment as described in subdivision three of § 472 (Definitions)section four hundred seventy-two of this article. Provided, however, that in calculating the full-time equivalent net employee increase above ten, the jobs must continue to exist as of March thirty-first, two thousand twenty-two. A business entity in the restaurant return-to-work program that ceased operations on or before March thirty-first, two thousand twenty-two, is not eligible for the credit provided by this section.
2.A business entity, including a partnership, limited liability company and subchapter S corporation, may not receive in excess of fifty thousand dollars in tax credits under this program.
3.The credit shall be allowed as provided in section forty-six-a, subdivision fifty-six-a of section two hundred ten-B and subsection (nnn) of Tax Law § 606 (Credits against tax)section six hundred six of the tax law.
Section 475-A — Additional restaurant return-to-work tax credit,
https://www.nysenate.gov/legislation/laws/COM/475-A (updated Apr. 29, 2022; accessed Dec. 2, 2023).