State Codes and Statutes

Statutes > New-york > Gct > Article-2-j > 25-ee 

§ 25-ee. Authorization to provide relocation and employment assistance  credits  in  Lower  Manhattan.  (a)  Any city having a population of one  million or more is hereby authorized and empowered to adopt and amend  a  local  law  allowing  an  eligible business that relocates as defined in  subdivision (j) of section twenty-five-dd of this article or  a  special  eligible  business  that  relocates  as  defined  in  subdivision (m) of  section twenty-five-dd of this article to receive a credit against a tax  imposed under a local law enacted pursuant  to  part  two  or  three  of  section  one  or section two of chapter seven hundred seventy-two of the  laws of nineteen hundred sixty-six or a gross receipts tax imposed under  a local law enacted  pursuant  to  subdivision  (a)  of  section  twelve  hundred  one  of  the  tax  law.  The  amount  of  such  credit shall be  determined by multiplying  three  thousand  dollars  by  the  number  of  eligible  aggregate  employment shares maintained by the taxpayer during  the taxable year with respect to eligible premises to which the taxpayer  has relocated, and may be taken, pursuant to the provisions  of  section  four-i  of  part two of section one, or paragraph two of subdivision (k)  of section one hundred one of  section  two  of  chapter  seven  hundred  seventy-two  of  the  laws of nineteen hundred sixty-six, or pursuant to  the provisions of a local law enacted pursuant  to  subdivision  (a)  of  section  twelve  hundred  one  of  the  tax  law,  for  up  to  thirteen  consecutive taxable years beginning with the taxable year in  which  the  eligible  business  relocates  as  defined in subdivision (j) of section  twenty-five-dd of this article; provided that no such  credit  shall  be  allowed for the relocation of any retail activity or hotel services.    (b)  No  eligible  business  or  special  eligible  business  shall be  authorized to receive a credit against tax under any local  law  enacted  pursuant  to this article until the premises with respect to which it is  claiming the credit meet the requirements in the definition of  eligible  premises  and  until it has obtained a certification of eligibility from  the mayor of such city or any agency designated by such  mayor,  and  an  annual  certification  from  such  mayor or an agency designated by such  mayor  as  to  the  number  of  eligible  aggregate  employment   shares  maintained  by  such eligible business or such special eligible business  that may qualify for obtaining a tax credit for the  eligible  business'  taxable  year.  No  special  eligible  business  shall  be authorized to  receive a credit against tax under the provisions of this article unless  the number of relocated employee  base  shares  calculated  pursuant  to  subdivision (o) of section twenty-five-dd of this article is equal to or  greater than the lesser of twenty-five percent of the number of New York  city  base shares calculated pursuant to subdivision (p) of such section  and two hundred  fifty  employment  shares.  Any  written  documentation  submitted  to  such  mayor or such agency or agencies in order to obtain  any such certification shall be deemed a written instrument for purposes  of section 175.00 of the penal law.  Such  local  law  may  provide  for  application  fees  to  be  determined  by  such  mayor or such agency or  agencies. No certification of eligibility  shall  be  issued  under  any  local law enacted pursuant to this article to an eligible business on or  after July first, two thousand thirteen unless:    (1)  prior to such date such business has purchased, leased or entered  into a contract to purchase or lease  premises  in  the  eligible  Lower  Manhattan area or a parcel on which will be constructed such premises;    (2)  prior  to  such  date  improvements  have  been commenced on such  premises or parcel, which improvements will  meet  the  requirements  of  subdivision  (e)  of  section twenty-five-dd of this article relating to  expenditures for improvements;(3) prior to such date such business submits a preliminary application  for a certification of eligibility to  such  mayor  or  such  agency  or  agencies with respect to a proposed relocation to such premises; and    (4)   such   business  relocates  to  such  premises  as  provided  in  subdivision (j) of section twenty-five-dd of this article not later than  thirty-six months or, in a case in which the expenditures made  for  the  improvements  specified  in  paragraph  two  of  this subdivision are in  excess of fifty million dollars within seventy-two months from the  date  of submission of such preliminary application.    (c)  Such  mayor  or  any  agency or agencies designated by such mayor  shall be authorized to promulgate rules and  regulations  to  administer  and assure compliance with the provisions of this article, including but  not  limited to rules and regulations to provide for alternative methods  to measure employment shares in instances where an eligible business  is  not  required  by law to maintain weekly records of full-time work weeks  and part-time work weeks of employees, partners or sole  proprietors  as  defined in subdivision (g) of section twenty-five-dd of this article.    (d) An eligible business, or a special eligible business, other than a  utility  company  subject to the supervision of the department of public  service shall not be authorized  to  receive  a  credit  against  a  tax  imposed  pursuant  to  the provisions of a local law enacted pursuant to  subdivision (a) of section twelve hundred one of the tax law unless such  eligible business or special eligible business elects to take the credit  authorized by this section against the tax imposed by such local law  on  its  application  filed with such mayor or the agency designated by such  mayor  pursuant  to  subdivision  (b)  of  this  section.  The  election  authorized  by  this subdivision may not be withdrawn after the issuance  of such certification of eligibility. No taxpayer  that  has  previously  received  a  certification of eligibility to receive such credit against  any tax imposed under a local law enacted pursuant to part two or  three  of  section  one  or section two of chapter seven hundred seventy-two of  the laws of nineteen hundred sixty-six may make the election  authorized  by  this  subdivision.  No  taxpayer that makes the election provided in  this subdivision shall be authorized to take such credit against any tax  imposed under a local law enacted pursuant  to  part  two  or  three  of  section  one  or section two of chapter seven hundred seventy-two of the  laws of nineteen hundred sixty-six.

State Codes and Statutes

Statutes > New-york > Gct > Article-2-j > 25-ee 

§ 25-ee. Authorization to provide relocation and employment assistance  credits  in  Lower  Manhattan.  (a)  Any city having a population of one  million or more is hereby authorized and empowered to adopt and amend  a  local  law  allowing  an  eligible business that relocates as defined in  subdivision (j) of section twenty-five-dd of this article or  a  special  eligible  business  that  relocates  as  defined  in  subdivision (m) of  section twenty-five-dd of this article to receive a credit against a tax  imposed under a local law enacted pursuant  to  part  two  or  three  of  section  one  or section two of chapter seven hundred seventy-two of the  laws of nineteen hundred sixty-six or a gross receipts tax imposed under  a local law enacted  pursuant  to  subdivision  (a)  of  section  twelve  hundred  one  of  the  tax  law.  The  amount  of  such  credit shall be  determined by multiplying  three  thousand  dollars  by  the  number  of  eligible  aggregate  employment shares maintained by the taxpayer during  the taxable year with respect to eligible premises to which the taxpayer  has relocated, and may be taken, pursuant to the provisions  of  section  four-i  of  part two of section one, or paragraph two of subdivision (k)  of section one hundred one of  section  two  of  chapter  seven  hundred  seventy-two  of  the  laws of nineteen hundred sixty-six, or pursuant to  the provisions of a local law enacted pursuant  to  subdivision  (a)  of  section  twelve  hundred  one  of  the  tax  law,  for  up  to  thirteen  consecutive taxable years beginning with the taxable year in  which  the  eligible  business  relocates  as  defined in subdivision (j) of section  twenty-five-dd of this article; provided that no such  credit  shall  be  allowed for the relocation of any retail activity or hotel services.    (b)  No  eligible  business  or  special  eligible  business  shall be  authorized to receive a credit against tax under any local  law  enacted  pursuant  to this article until the premises with respect to which it is  claiming the credit meet the requirements in the definition of  eligible  premises  and  until it has obtained a certification of eligibility from  the mayor of such city or any agency designated by such  mayor,  and  an  annual  certification  from  such  mayor or an agency designated by such  mayor  as  to  the  number  of  eligible  aggregate  employment   shares  maintained  by  such eligible business or such special eligible business  that may qualify for obtaining a tax credit for the  eligible  business'  taxable  year.  No  special  eligible  business  shall  be authorized to  receive a credit against tax under the provisions of this article unless  the number of relocated employee  base  shares  calculated  pursuant  to  subdivision (o) of section twenty-five-dd of this article is equal to or  greater than the lesser of twenty-five percent of the number of New York  city  base shares calculated pursuant to subdivision (p) of such section  and two hundred  fifty  employment  shares.  Any  written  documentation  submitted  to  such  mayor or such agency or agencies in order to obtain  any such certification shall be deemed a written instrument for purposes  of section 175.00 of the penal law.  Such  local  law  may  provide  for  application  fees  to  be  determined  by  such  mayor or such agency or  agencies. No certification of eligibility  shall  be  issued  under  any  local law enacted pursuant to this article to an eligible business on or  after July first, two thousand thirteen unless:    (1)  prior to such date such business has purchased, leased or entered  into a contract to purchase or lease  premises  in  the  eligible  Lower  Manhattan area or a parcel on which will be constructed such premises;    (2)  prior  to  such  date  improvements  have  been commenced on such  premises or parcel, which improvements will  meet  the  requirements  of  subdivision  (e)  of  section twenty-five-dd of this article relating to  expenditures for improvements;(3) prior to such date such business submits a preliminary application  for a certification of eligibility to  such  mayor  or  such  agency  or  agencies with respect to a proposed relocation to such premises; and    (4)   such   business  relocates  to  such  premises  as  provided  in  subdivision (j) of section twenty-five-dd of this article not later than  thirty-six months or, in a case in which the expenditures made  for  the  improvements  specified  in  paragraph  two  of  this subdivision are in  excess of fifty million dollars within seventy-two months from the  date  of submission of such preliminary application.    (c)  Such  mayor  or  any  agency or agencies designated by such mayor  shall be authorized to promulgate rules and  regulations  to  administer  and assure compliance with the provisions of this article, including but  not  limited to rules and regulations to provide for alternative methods  to measure employment shares in instances where an eligible business  is  not  required  by law to maintain weekly records of full-time work weeks  and part-time work weeks of employees, partners or sole  proprietors  as  defined in subdivision (g) of section twenty-five-dd of this article.    (d) An eligible business, or a special eligible business, other than a  utility  company  subject to the supervision of the department of public  service shall not be authorized  to  receive  a  credit  against  a  tax  imposed  pursuant  to  the provisions of a local law enacted pursuant to  subdivision (a) of section twelve hundred one of the tax law unless such  eligible business or special eligible business elects to take the credit  authorized by this section against the tax imposed by such local law  on  its  application  filed with such mayor or the agency designated by such  mayor  pursuant  to  subdivision  (b)  of  this  section.  The  election  authorized  by  this subdivision may not be withdrawn after the issuance  of such certification of eligibility. No taxpayer  that  has  previously  received  a  certification of eligibility to receive such credit against  any tax imposed under a local law enacted pursuant to part two or  three  of  section  one  or section two of chapter seven hundred seventy-two of  the laws of nineteen hundred sixty-six may make the election  authorized  by  this  subdivision.  No  taxpayer that makes the election provided in  this subdivision shall be authorized to take such credit against any tax  imposed under a local law enacted pursuant  to  part  two  or  three  of  section  one  or section two of chapter seven hundred seventy-two of the  laws of nineteen hundred sixty-six.

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State Codes and Statutes

Statutes > New-york > Gct > Article-2-j > 25-ee 

§ 25-ee. Authorization to provide relocation and employment assistance  credits  in  Lower  Manhattan.  (a)  Any city having a population of one  million or more is hereby authorized and empowered to adopt and amend  a  local  law  allowing  an  eligible business that relocates as defined in  subdivision (j) of section twenty-five-dd of this article or  a  special  eligible  business  that  relocates  as  defined  in  subdivision (m) of  section twenty-five-dd of this article to receive a credit against a tax  imposed under a local law enacted pursuant  to  part  two  or  three  of  section  one  or section two of chapter seven hundred seventy-two of the  laws of nineteen hundred sixty-six or a gross receipts tax imposed under  a local law enacted  pursuant  to  subdivision  (a)  of  section  twelve  hundred  one  of  the  tax  law.  The  amount  of  such  credit shall be  determined by multiplying  three  thousand  dollars  by  the  number  of  eligible  aggregate  employment shares maintained by the taxpayer during  the taxable year with respect to eligible premises to which the taxpayer  has relocated, and may be taken, pursuant to the provisions  of  section  four-i  of  part two of section one, or paragraph two of subdivision (k)  of section one hundred one of  section  two  of  chapter  seven  hundred  seventy-two  of  the  laws of nineteen hundred sixty-six, or pursuant to  the provisions of a local law enacted pursuant  to  subdivision  (a)  of  section  twelve  hundred  one  of  the  tax  law,  for  up  to  thirteen  consecutive taxable years beginning with the taxable year in  which  the  eligible  business  relocates  as  defined in subdivision (j) of section  twenty-five-dd of this article; provided that no such  credit  shall  be  allowed for the relocation of any retail activity or hotel services.    (b)  No  eligible  business  or  special  eligible  business  shall be  authorized to receive a credit against tax under any local  law  enacted  pursuant  to this article until the premises with respect to which it is  claiming the credit meet the requirements in the definition of  eligible  premises  and  until it has obtained a certification of eligibility from  the mayor of such city or any agency designated by such  mayor,  and  an  annual  certification  from  such  mayor or an agency designated by such  mayor  as  to  the  number  of  eligible  aggregate  employment   shares  maintained  by  such eligible business or such special eligible business  that may qualify for obtaining a tax credit for the  eligible  business'  taxable  year.  No  special  eligible  business  shall  be authorized to  receive a credit against tax under the provisions of this article unless  the number of relocated employee  base  shares  calculated  pursuant  to  subdivision (o) of section twenty-five-dd of this article is equal to or  greater than the lesser of twenty-five percent of the number of New York  city  base shares calculated pursuant to subdivision (p) of such section  and two hundred  fifty  employment  shares.  Any  written  documentation  submitted  to  such  mayor or such agency or agencies in order to obtain  any such certification shall be deemed a written instrument for purposes  of section 175.00 of the penal law.  Such  local  law  may  provide  for  application  fees  to  be  determined  by  such  mayor or such agency or  agencies. No certification of eligibility  shall  be  issued  under  any  local law enacted pursuant to this article to an eligible business on or  after July first, two thousand thirteen unless:    (1)  prior to such date such business has purchased, leased or entered  into a contract to purchase or lease  premises  in  the  eligible  Lower  Manhattan area or a parcel on which will be constructed such premises;    (2)  prior  to  such  date  improvements  have  been commenced on such  premises or parcel, which improvements will  meet  the  requirements  of  subdivision  (e)  of  section twenty-five-dd of this article relating to  expenditures for improvements;(3) prior to such date such business submits a preliminary application  for a certification of eligibility to  such  mayor  or  such  agency  or  agencies with respect to a proposed relocation to such premises; and    (4)   such   business  relocates  to  such  premises  as  provided  in  subdivision (j) of section twenty-five-dd of this article not later than  thirty-six months or, in a case in which the expenditures made  for  the  improvements  specified  in  paragraph  two  of  this subdivision are in  excess of fifty million dollars within seventy-two months from the  date  of submission of such preliminary application.    (c)  Such  mayor  or  any  agency or agencies designated by such mayor  shall be authorized to promulgate rules and  regulations  to  administer  and assure compliance with the provisions of this article, including but  not  limited to rules and regulations to provide for alternative methods  to measure employment shares in instances where an eligible business  is  not  required  by law to maintain weekly records of full-time work weeks  and part-time work weeks of employees, partners or sole  proprietors  as  defined in subdivision (g) of section twenty-five-dd of this article.    (d) An eligible business, or a special eligible business, other than a  utility  company  subject to the supervision of the department of public  service shall not be authorized  to  receive  a  credit  against  a  tax  imposed  pursuant  to  the provisions of a local law enacted pursuant to  subdivision (a) of section twelve hundred one of the tax law unless such  eligible business or special eligible business elects to take the credit  authorized by this section against the tax imposed by such local law  on  its  application  filed with such mayor or the agency designated by such  mayor  pursuant  to  subdivision  (b)  of  this  section.  The  election  authorized  by  this subdivision may not be withdrawn after the issuance  of such certification of eligibility. No taxpayer  that  has  previously  received  a  certification of eligibility to receive such credit against  any tax imposed under a local law enacted pursuant to part two or  three  of  section  one  or section two of chapter seven hundred seventy-two of  the laws of nineteen hundred sixty-six may make the election  authorized  by  this  subdivision.  No  taxpayer that makes the election provided in  this subdivision shall be authorized to take such credit against any tax  imposed under a local law enacted pursuant  to  part  two  or  three  of  section  one  or section two of chapter seven hundred seventy-two of the  laws of nineteen hundred sixty-six.

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