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 Oct. 26, 2024).

1
Short title 2
Definitions 3
Exemption from certain taxes granted to certain corporations engaged in the operation of vessels in foreign commerce 4
Exemption from certain excise and sales taxes granted to the United Nations 5
Obtaining and furnishing taxpayer identification information 5‑A
Certification of registration to collect sales and compensating use taxes by certain contractors, affiliates and subcontractors 6
Filing of warrants in the department of state 7
Inapplicability of certain money judgment enforcement procedures 8
Exemption from taxes granted to REMICs 9
Electronic funds transfer by certain taxpayers remitting withholding taxes 10
Electronic funds transfer by certain taxpayers remitting sales and compensating use taxes, prepaid sales and compensating use taxes on mo... 11
Certified capital companies 12
Internet 13
Exemption from taxation for victims or targets of Nazi persecution 14
Empire zones program 14‑A
IMB credit for energy taxes 15
QEZE credit for real property taxes 16
QEZE tax reduction credit 17
Empire zones tax benefits report 18
Low-income housing credit 19
Green building credit 20
Credit for transportation improvement contributions 21
Brownfield redevelopment tax credit 21*2
Disclosure of taxpayer information in cases involving abandoned property 22
Tax credit for remediated brownfields 23
Environmental remediation insurance credit 24
Empire state film production credit 24‑A
Musical and theatrical production credit 24‑B
Television writers’ and directors’ fees and salaries credit 24‑C
New York city musical and theatrical production tax 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 separately for New York e-file services 34*2
Temporary deferral payout credits 35
Use of electronic means of communication 35*2
Economic transformation and facility redevelopment program tax credit 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 employees of such businesses 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 tax credits 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
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Accessed:
Oct. 26, 2024

Last modified:
Apr. 23, 2021

§ 31’s source at nysenate​.gov

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