36. Empire state jobs retention program credit. (a) Allowance of credit. 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 (e) of this section. The amount of the credit, allowable for ten consecutive tax years, is equal to the amount determined pursuant to section four hundred twenty-five of the economic development law.
(b) Eligibility. To be eligible for the empire state jobs retention credit, the taxpayer shall have been issued a certificate of tax credit by the department of economic development pursuant to subdivision four of section four hundred twenty-four of the economic development law, which certificate shall set forth the amount of the credit that may be claimed for the taxable year. A taxpayer may claim such credit for up to 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. However, a taxpayer shall not be allowed to claim the credit prior to the tax year commencing on or after January first, two thousand twelve and before January first, two thousand thirteen. The taxpayer shall be allowed to claim only the amount listed on the certificate of tax credit for that taxable year. Such certificate, if required by the commissioner, shall be attached to the taxpayer's return. No cost or expense paid or incurred by the taxpayer which is included as part of the calculation of this credit shall be the basis of any other tax credit.
(c) Information sharing. (1) 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:
(A) information derived from tax returns or reports that is relevant to a taxpayer's eligibility to participate in the empire state jobs retention program;
(B) information regarding 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
(C) information contained in or derived from credit claim forms submitted to the department and applications for admission into the empire state jobs retention program.
Except as provided in paragraph two of this subdivision, 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.
(2) Notwithstanding any provision of this chapter, the commissioner or the commissioner's designee is authorized to release the name of each taxpayer claiming the credit and the amount of the credit earned by each taxpayer. 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, only the name of a limited liability company, partnership or subchapter S corporation participating in the empire state jobs retention program and the amount of credit earned by that entity may be released.
(d) Credit recapture. If a certificate of eligibility or a certificate of tax credit issued by the department of economic development under article twenty of the economic development law is revoked by such department, 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.
(e) Cross-references. For application of the credit provided for in this section, see the following provisions of this chapter:
(1) article 9-A: section 210-B, subdivision 37;
(2) article 22: section 606, subsection (tt);
(3) article 33, section 1511, subdivision (bb).
Last modified: February 3, 2019