N.Y. Tax Law Section 43*2
Single member limited liability companies and eligibility for tax credits

* § 43. Single member limited liability companies and eligibility for tax credits. A limited liability company that has a single member and is disregarded as an entity separate from its owner for federal income tax purposes (without reference to any special rules related to the imposition of certain federal taxes, including but not limited to certain employment and excise taxes) shall be disregarded as an entity separate from its owner for purposes of determining whether or not the taxpayer that is the single member of such limited liability company satisfies the requirements to be eligible for any tax credit allowed under article nine, nine-A, twenty-two or thirty-three of this chapter or allowed under article thirty-two of this chapter prior to the repeal of such article. Such requirements, including but not limited to any necessary certification, employment or investment thresholds, payment obligations, and any time period for eligibility, shall be imposed on the taxpayer and the determination of whether or not such requirements have been satisfied and the computation of the credit shall be made by deeming such taxpayer and such limited liability company to be a single entity. If the taxpayer is the single member of more than one limited liability company that is disregarded as an entity separate from its owner, the determination of whether or not the requirements to be eligible for any tax credit allowed under article nine, nine-A, twenty-two or thirty-three of this chapter or allowed under article thirty-two of this chapter prior to the repeal of such article have been satisfied and the computation of the credit shall be made by deeming such taxpayer and such limited liability companies to be a single entity. * NB There are 2 § 43’s

Source: Section 43*2 — Single member limited liability companies and eligibility for tax credits, https://www.­nysenate.­gov/legislation/laws/TAX/43*2 (updated Apr. 14, 2017; accessed Feb. 8, 2025).

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:
Feb. 8, 2025

Last modified:
Apr. 14, 2017

§ 43*2’s source at nysenate​.gov

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