N.Y.
Tax Law Section 31
Excelsior jobs program credit
(a)
General. A taxpayer subject to tax under article nine-A, twenty-two or thirty-three of this chapter shall be allowed a credit against such tax, pursuant to the provisions referenced in subdivision (g) of this section. The amount of the credit, allowable for up to ten consecutive taxable years, is the sum of the following four credit components:(1)
the excelsior jobs tax credit component;(2)
the excelsior investment tax credit component; (2-a) the excelsior child care services tax credit component;(3)
the excelsior research and development tax credit component; and(4)
the excelsior real property tax credit component.(b)
To be eligible for the excelsior jobs program credit, the taxpayer shall have been issued a “certificate of tax credit” by the department of economic development pursuant to subdivision four of Economic Development Law § 354 (Application and approval process)section three hundred fifty-four of the economic development law, which certificate shall set forth the amount of each credit component that may be claimed for the taxable year. A taxpayer may claim such credit for ten consecutive taxable years commencing in the first taxable year that the taxpayer receives a certificate of tax credit or the first taxable year listed on its preliminary schedule of benefits, whichever is later, provided that no tax credits may be allowed for taxable years beginning on or after January first, two thousand forty. The taxpayer shall be allowed to claim only the amount listed on the certificate of tax credit for that taxable year. Such certificate must be attached to the taxpayer’s return. No cost or expense paid or incurred by the taxpayer shall be the basis for more than one component of this credit or any other tax credit, except as provided in Economic Development Law § 355 (Excelsior jobs program credit)section three hundred fifty-five of the economic development law.(c)
Election of credit. A taxpayer who or which is qualified to claim the excelsior investment tax credit component and is also qualified to claim the investment tax credit provided for under subdivision one of section two hundred ten-B or subsection (a) of § 606 (Credits against tax)section six hundred six of this chapter, may claim either the excelsior investment tax credit component or the investment tax credit, but not both with regard to a particular piece of property. In addition, a taxpayer who or which is qualified to claim the excelsior investment tax credit component and is also qualified to claim the brownfield tangible property credit component under § 21 (Brownfield redevelopment tax credit)section twenty-one of this article, as added by chapter one of the laws of two thousand three, may claim either the excelsior investment tax credit component or such tangible property credit component, but not both with regard to a particular piece of property. The election to claim the excelsior investment tax credit component, the investment tax credit or the brownfield tangible property credit component, with regard to the same property, is irrevocable.(d)
Information sharing. Notwithstanding any provision of this chapter, employees and officers 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 excelsior jobs program;(2)
information regarding the component or components of the credit applied for, allowed, or claimed pursuant to this section and taxpayers who are applying for the credit or who 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 excelsior jobs program. Other than the information required to be contained in the report issued pursuant to subdivision (e) of this section, 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)
Excelsior jobs program credit report.(1)
The commissioner must publish an excelsior jobs program tax credit report annually by June thirtieth. The first report must be published by June thirtieth, two thousand twelve.(2)
The credit report must contain the following information about the excelsior jobs program tax credit claimed under this chapter during the previous calendar year:(i)
the name of each taxpayer claiming a credit; provided however, if the taxpayer claims a credit because the taxpayer is a member of a limited liability company, a partner in a partnership or a shareholder in a subchapter S corporation, the name of each limited liability company, partnership or subchapter S corporation earning any of the credit must be included in the report instead of information about the taxpayer claiming the credit; and(ii)
the amount of each credit component earned by each taxpayer; provided however, if the taxpayer claims a credit because the taxpayer is a member of a limited liability company, a partner in a partnership or a shareholder in a subchapter S corporation, the amount of credit earned by each entity must be included in the report instead of information about the taxpayer claiming the credit.(3)
The credit report may also contain any other information received by the commissioner with regard to the excelsior jobs program credit that the commissioner deems to be useful in evaluating the use of the credit. The information included in the credit report will be based on the information filed with the department during the previous calendar year, to the extent that it is practicable to use that information.(f)
Credit recapture. If a certificate of eligibility or a certificate of tax credit issued by the department of economic development under article seventeen of the economic development law is revoked by such department because the taxpayer does not meet the eligibility requirement set forth in subdivision six of Economic Development Law § 353 (Eligibility criteria)section three hundred fifty-three of the economic development law, 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-1) Credit recapture for unrealized job creation. If, in any given year, a taxpayer who has satisfied the eligibility criteria specified in Economic Development Law § 353 (Eligibility criteria)section three hundred fifty-three of the economic development law realizes job creation less than the estimated amount, the credit described in this section allowed in that year shall be reduced by the proportion of actual job creation to the estimated amount, provided the proportion is at least seventy-five percent of the jobs estimated.(g)
Cross-references. For application of the credit provided for in this section, see the following provisions of this chapter:(2)
article 9-A: section 210-B: subdivision 31.(3)
article 22: section 606: subsection (qq).(4)
article 33: section 1511: subdivision (y). * NB There are 2 § 31’s
Source:
Section 31 — Excelsior jobs program credit, https://www.nysenate.gov/legislation/laws/TAX/31 (updated Apr. 23, 2021; accessed Apr. 27, 2024).
