§ 187-m. Empire zone wage tax credit for agricultural cooperatives. 1. A taxpayer subject to the tax imposed by section one hundred eighty-five of this article shall be allowed a credit, to be computed as hereinafter provided, against the tax imposed by this article where the taxpayer has been certified pursuant to article eighteen-B of the general municipal law. The amount of such credit shall be as prescribed by subdivision four hereof. 2. For the purposes of this section, the following terms shall have the following meanings: (a) "Empire zone wages" means wages paid by the taxpayer for full-time employment, other than to general executive officers, during the taxable year in an area designated or previously designated as an empire zone pursuant to article eighteen-B of the general municipal law, where such employment is in a job created in the area (i) during the period of its designation as an empire zone or (ii) within four years of the expiration of such designation, provided, however, that if the taxpayer's certification under article eighteen-B of the general municipal law is revoked with respect to an empire zone, any wages paid by the taxpayer, on or after the effective date of such decertification, for employment in such zone shall not constitute empire zone wages. (b) "Targeted employee" means a New York resident who receives empire zone wages and who is (I) an eligible individual under the provisions of the targeted jobs tax credit (section fifty-one of the internal revenue code), (II) eligible for benefits under the provisions of the workforce investment act (P.L. 105-220, as amended), (III) a recipient of public assistance benefits, (IV) an individual whose income is below the most recently established poverty rate promulgated by the United States department of commerce, or a member of a family whose family income is below the most recently established poverty rate promulgated by the appropriate federal agency or (V) an honorably discharged member of any branch of the armed forces of the United States. An individual who satisfies the criteria set forth in subparagraph (I), (II), (IV) or (V) at the time of initial employment in the job with respect to which the credit is claimed, or who satisfies the criterion set forth in subparagraph (III) at such time or at any time within the previous two years, shall be a targeted employee so long as such individual continues to receive empire zone wages. (c) "Average number of individuals, excluding general executive officers, employed full-time" shall be computed by ascertaining the number of such individuals employed by the taxpayer on the thirty-first day of March, the thirtieth day of June, the thirtieth day of September and the thirty-first day of December during each taxable year or other applicable period, by adding together the number of such individuals ascertained on each of such dates and dividing the sum so obtained by the number of such dates occurring within such taxable year or other applicable period. 3. The credit provided for herein shall be allowed only where the average number of individuals, excluding general executive officers, employed full-time by the taxpayer in (A) the state and (B) the empire zone or the area previously constituting such zone, during the taxable year exceeds the average number of such individuals employed full-time by the taxpayer in (A) the state and (B) such zone or area subsequently or previously constituting such zone, respectively, during the four years immediately preceding the first taxable year in which the credit is claimed with respect to such zone. Where the taxpayer provided full-time employment within (A) the state or (B) such zone during only a portion of such four-year period, then for purposes of this paragraphthe term "four years" shall be deemed to refer instead to such portion, if any. The credit shall be allowed only with respect to the first taxable year during which payments of empire zone wages are made and the conditions set forth in this subdivision are satisfied, and with respect to each of the four taxable years next following (but only, with respect to each of such years, if such conditions are satisfied), in accordance with subdivision four of this section. Subsequent certifications of the taxpayer pursuant to article eighteen-B of the general municipal law, at the same or a different location in the same empire zone or at a location in a different empire zone, shall not extend the five taxable year time limitation on the allowance of the credit set forth in the preceding sentence. Provided, further, however, that no credit shall be allowed with respect to any taxable year beginning more than four years following the taxable year in which designation as an empire zone expired. 4. The amount of the credit shall equal the sum of (a) the product of three thousand dollars and the average number of individuals (excluding general executive officers) employed full-time by the taxpayer, computed pursuant to the provisions of paragraph (c) of subdivision two of this section, who (I) received empire zone wages for more than half of the taxable year, (II) received, with respect to more than half of the period of employment by the taxpayer during the taxable year, an hourly wage which was at least one hundred thirty-five percent of the minimum wage specified in section six hundred fifty-two of the labor law, and (III) are targeted employees; and (b) the product of fifteen hundred dollars and the average number of individuals (excluding general executive officers and individuals described in paragraph (a) of this subdivision) employed full-time by the taxpayer, computed pursuant to the provisions of paragraph (c) of subdivision two of this section, who received empire zone wages for more than half of the taxable year. Provided, further, however, that the credit provided for herein with respect to the taxable year, and carryovers of such credit to the taxable year, deducted from the tax otherwise due, may not, in the aggregate, exceed fifty percent of the tax imposed under section one hundred eighty-five of this article computed without regard to any credit provided for by this article. (c) For purposes of calculating the amount of the credit, individuals employed within an empire zone within the immediately preceding sixty months by a related person, as such term is defined in subparagraph (c) of paragraph three of subsection (b) of section four hundred sixty-five of the internal revenue code, shall not be included in the average number of individuals described in paragraph (a) or paragraph (b) of this subdivision, unless such related person was never allowed a credit under this section with respect to such employees. For the purposes of this paragraph, a "related person" shall include an entity which would have qualified as a "related person" to the taxpayer if it had not been dissolved, liquidated, merged with another entity or otherwise ceased to exist or operate. (d) If a taxpayer is certified in an empire zone designated under subdivision (a) or (d) of section nine hundred fifty-eight of the general municipal law, the amounts specified in paragraphs (a) and (b) of this subdivision shall be increased by five hundred dollars for each qualifying individual under such paragraphs who received, during the taxable year, wages in excess of forty thousand dollars.5. The credit and carryovers of such credit allowed under this section for any taxable year shall not, in the aggregate, reduce the tax due for such year to less than the minimum tax prescribed in subdivision two of section one hundred eighty-five of this article. However, if the amount of credit or carryovers of such credit, or both, allowable under this section for any taxable year reduces the tax to such minimum tax, or if any part of the credit or carryovers of such credit is disallowed by reason of the final sentence of paragraph (b) of subdivision four hereof, any amount of credit or carryovers of such credit thus not deductible in such taxable year may be carried over to the following year or years and may be deducted from the tax for such year or years. In lieu of such carryover, any such taxpayer which qualifies as a new business under paragraph (ii) of subdivision four of section one hundred eighty-seven-k of this article may elect, on its report for its taxable year with respect to which such credit is allowed, to treat fifty percent of the amount of such carryover as an overpayment of tax to be credited or refunded in accordance with the provisions of section one thousand eighty-six of this chapter. Provided, however, the provisions of subsection (c) of section one thousand eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.
§ 187-m. Empire zone wage tax credit for agricultural cooperatives. 1. A taxpayer subject to the tax imposed by section one hundred eighty-five of this article shall be allowed a credit, to be computed as hereinafter provided, against the tax imposed by this article where the taxpayer has been certified pursuant to article eighteen-B of the general municipal law. The amount of such credit shall be as prescribed by subdivision four hereof. 2. For the purposes of this section, the following terms shall have the following meanings: (a) "Empire zone wages" means wages paid by the taxpayer for full-time employment, other than to general executive officers, during the taxable year in an area designated or previously designated as an empire zone pursuant to article eighteen-B of the general municipal law, where such employment is in a job created in the area (i) during the period of its designation as an empire zone or (ii) within four years of the expiration of such designation, provided, however, that if the taxpayer's certification under article eighteen-B of the general municipal law is revoked with respect to an empire zone, any wages paid by the taxpayer, on or after the effective date of such decertification, for employment in such zone shall not constitute empire zone wages. (b) "Targeted employee" means a New York resident who receives empire zone wages and who is (I) an eligible individual under the provisions of the targeted jobs tax credit (section fifty-one of the internal revenue code), (II) eligible for benefits under the provisions of the workforce investment act (P.L. 105-220, as amended), (III) a recipient of public assistance benefits, (IV) an individual whose income is below the most recently established poverty rate promulgated by the United States department of commerce, or a member of a family whose family income is below the most recently established poverty rate promulgated by the appropriate federal agency or (V) an honorably discharged member of any branch of the armed forces of the United States. An individual who satisfies the criteria set forth in subparagraph (I), (II), (IV) or (V) at the time of initial employment in the job with respect to which the credit is claimed, or who satisfies the criterion set forth in subparagraph (III) at such time or at any time within the previous two years, shall be a targeted employee so long as such individual continues to receive empire zone wages. (c) "Average number of individuals, excluding general executive officers, employed full-time" shall be computed by ascertaining the number of such individuals employed by the taxpayer on the thirty-first day of March, the thirtieth day of June, the thirtieth day of September and the thirty-first day of December during each taxable year or other applicable period, by adding together the number of such individuals ascertained on each of such dates and dividing the sum so obtained by the number of such dates occurring within such taxable year or other applicable period. 3. The credit provided for herein shall be allowed only where the average number of individuals, excluding general executive officers, employed full-time by the taxpayer in (A) the state and (B) the empire zone or the area previously constituting such zone, during the taxable year exceeds the average number of such individuals employed full-time by the taxpayer in (A) the state and (B) such zone or area subsequently or previously constituting such zone, respectively, during the four years immediately preceding the first taxable year in which the credit is claimed with respect to such zone. Where the taxpayer provided full-time employment within (A) the state or (B) such zone during only a portion of such four-year period, then for purposes of this paragraphthe term "four years" shall be deemed to refer instead to such portion, if any. The credit shall be allowed only with respect to the first taxable year during which payments of empire zone wages are made and the conditions set forth in this subdivision are satisfied, and with respect to each of the four taxable years next following (but only, with respect to each of such years, if such conditions are satisfied), in accordance with subdivision four of this section. Subsequent certifications of the taxpayer pursuant to article eighteen-B of the general municipal law, at the same or a different location in the same empire zone or at a location in a different empire zone, shall not extend the five taxable year time limitation on the allowance of the credit set forth in the preceding sentence. Provided, further, however, that no credit shall be allowed with respect to any taxable year beginning more than four years following the taxable year in which designation as an empire zone expired. 4. The amount of the credit shall equal the sum of (a) the product of three thousand dollars and the average number of individuals (excluding general executive officers) employed full-time by the taxpayer, computed pursuant to the provisions of paragraph (c) of subdivision two of this section, who (I) received empire zone wages for more than half of the taxable year, (II) received, with respect to more than half of the period of employment by the taxpayer during the taxable year, an hourly wage which was at least one hundred thirty-five percent of the minimum wage specified in section six hundred fifty-two of the labor law, and (III) are targeted employees; and (b) the product of fifteen hundred dollars and the average number of individuals (excluding general executive officers and individuals described in paragraph (a) of this subdivision) employed full-time by the taxpayer, computed pursuant to the provisions of paragraph (c) of subdivision two of this section, who received empire zone wages for more than half of the taxable year. Provided, further, however, that the credit provided for herein with respect to the taxable year, and carryovers of such credit to the taxable year, deducted from the tax otherwise due, may not, in the aggregate, exceed fifty percent of the tax imposed under section one hundred eighty-five of this article computed without regard to any credit provided for by this article. (c) For purposes of calculating the amount of the credit, individuals employed within an empire zone within the immediately preceding sixty months by a related person, as such term is defined in subparagraph (c) of paragraph three of subsection (b) of section four hundred sixty-five of the internal revenue code, shall not be included in the average number of individuals described in paragraph (a) or paragraph (b) of this subdivision, unless such related person was never allowed a credit under this section with respect to such employees. For the purposes of this paragraph, a "related person" shall include an entity which would have qualified as a "related person" to the taxpayer if it had not been dissolved, liquidated, merged with another entity or otherwise ceased to exist or operate. (d) If a taxpayer is certified in an empire zone designated under subdivision (a) or (d) of section nine hundred fifty-eight of the general municipal law, the amounts specified in paragraphs (a) and (b) of this subdivision shall be increased by five hundred dollars for each qualifying individual under such paragraphs who received, during the taxable year, wages in excess of forty thousand dollars.5. The credit and carryovers of such credit allowed under this section for any taxable year shall not, in the aggregate, reduce the tax due for such year to less than the minimum tax prescribed in subdivision two of section one hundred eighty-five of this article. However, if the amount of credit or carryovers of such credit, or both, allowable under this section for any taxable year reduces the tax to such minimum tax, or if any part of the credit or carryovers of such credit is disallowed by reason of the final sentence of paragraph (b) of subdivision four hereof, any amount of credit or carryovers of such credit thus not deductible in such taxable year may be carried over to the following year or years and may be deducted from the tax for such year or years. In lieu of such carryover, any such taxpayer which qualifies as a new business under paragraph (ii) of subdivision four of section one hundred eighty-seven-k of this article may elect, on its report for its taxable year with respect to which such credit is allowed, to treat fifty percent of the amount of such carryover as an overpayment of tax to be credited or refunded in accordance with the provisions of section one thousand eighty-six of this chapter. Provided, however, the provisions of subsection (c) of section one thousand eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.
§ 187-m. Empire zone wage tax credit for agricultural cooperatives. 1. A taxpayer subject to the tax imposed by section one hundred eighty-five of this article shall be allowed a credit, to be computed as hereinafter provided, against the tax imposed by this article where the taxpayer has been certified pursuant to article eighteen-B of the general municipal law. The amount of such credit shall be as prescribed by subdivision four hereof. 2. For the purposes of this section, the following terms shall have the following meanings: (a) "Empire zone wages" means wages paid by the taxpayer for full-time employment, other than to general executive officers, during the taxable year in an area designated or previously designated as an empire zone pursuant to article eighteen-B of the general municipal law, where such employment is in a job created in the area (i) during the period of its designation as an empire zone or (ii) within four years of the expiration of such designation, provided, however, that if the taxpayer's certification under article eighteen-B of the general municipal law is revoked with respect to an empire zone, any wages paid by the taxpayer, on or after the effective date of such decertification, for employment in such zone shall not constitute empire zone wages. (b) "Targeted employee" means a New York resident who receives empire zone wages and who is (I) an eligible individual under the provisions of the targeted jobs tax credit (section fifty-one of the internal revenue code), (II) eligible for benefits under the provisions of the workforce investment act (P.L. 105-220, as amended), (III) a recipient of public assistance benefits, (IV) an individual whose income is below the most recently established poverty rate promulgated by the United States department of commerce, or a member of a family whose family income is below the most recently established poverty rate promulgated by the appropriate federal agency or (V) an honorably discharged member of any branch of the armed forces of the United States. An individual who satisfies the criteria set forth in subparagraph (I), (II), (IV) or (V) at the time of initial employment in the job with respect to which the credit is claimed, or who satisfies the criterion set forth in subparagraph (III) at such time or at any time within the previous two years, shall be a targeted employee so long as such individual continues to receive empire zone wages. (c) "Average number of individuals, excluding general executive officers, employed full-time" shall be computed by ascertaining the number of such individuals employed by the taxpayer on the thirty-first day of March, the thirtieth day of June, the thirtieth day of September and the thirty-first day of December during each taxable year or other applicable period, by adding together the number of such individuals ascertained on each of such dates and dividing the sum so obtained by the number of such dates occurring within such taxable year or other applicable period. 3. The credit provided for herein shall be allowed only where the average number of individuals, excluding general executive officers, employed full-time by the taxpayer in (A) the state and (B) the empire zone or the area previously constituting such zone, during the taxable year exceeds the average number of such individuals employed full-time by the taxpayer in (A) the state and (B) such zone or area subsequently or previously constituting such zone, respectively, during the four years immediately preceding the first taxable year in which the credit is claimed with respect to such zone. Where the taxpayer provided full-time employment within (A) the state or (B) such zone during only a portion of such four-year period, then for purposes of this paragraphthe term "four years" shall be deemed to refer instead to such portion, if any. The credit shall be allowed only with respect to the first taxable year during which payments of empire zone wages are made and the conditions set forth in this subdivision are satisfied, and with respect to each of the four taxable years next following (but only, with respect to each of such years, if such conditions are satisfied), in accordance with subdivision four of this section. Subsequent certifications of the taxpayer pursuant to article eighteen-B of the general municipal law, at the same or a different location in the same empire zone or at a location in a different empire zone, shall not extend the five taxable year time limitation on the allowance of the credit set forth in the preceding sentence. Provided, further, however, that no credit shall be allowed with respect to any taxable year beginning more than four years following the taxable year in which designation as an empire zone expired. 4. The amount of the credit shall equal the sum of (a) the product of three thousand dollars and the average number of individuals (excluding general executive officers) employed full-time by the taxpayer, computed pursuant to the provisions of paragraph (c) of subdivision two of this section, who (I) received empire zone wages for more than half of the taxable year, (II) received, with respect to more than half of the period of employment by the taxpayer during the taxable year, an hourly wage which was at least one hundred thirty-five percent of the minimum wage specified in section six hundred fifty-two of the labor law, and (III) are targeted employees; and (b) the product of fifteen hundred dollars and the average number of individuals (excluding general executive officers and individuals described in paragraph (a) of this subdivision) employed full-time by the taxpayer, computed pursuant to the provisions of paragraph (c) of subdivision two of this section, who received empire zone wages for more than half of the taxable year. Provided, further, however, that the credit provided for herein with respect to the taxable year, and carryovers of such credit to the taxable year, deducted from the tax otherwise due, may not, in the aggregate, exceed fifty percent of the tax imposed under section one hundred eighty-five of this article computed without regard to any credit provided for by this article. (c) For purposes of calculating the amount of the credit, individuals employed within an empire zone within the immediately preceding sixty months by a related person, as such term is defined in subparagraph (c) of paragraph three of subsection (b) of section four hundred sixty-five of the internal revenue code, shall not be included in the average number of individuals described in paragraph (a) or paragraph (b) of this subdivision, unless such related person was never allowed a credit under this section with respect to such employees. For the purposes of this paragraph, a "related person" shall include an entity which would have qualified as a "related person" to the taxpayer if it had not been dissolved, liquidated, merged with another entity or otherwise ceased to exist or operate. (d) If a taxpayer is certified in an empire zone designated under subdivision (a) or (d) of section nine hundred fifty-eight of the general municipal law, the amounts specified in paragraphs (a) and (b) of this subdivision shall be increased by five hundred dollars for each qualifying individual under such paragraphs who received, during the taxable year, wages in excess of forty thousand dollars.5. The credit and carryovers of such credit allowed under this section for any taxable year shall not, in the aggregate, reduce the tax due for such year to less than the minimum tax prescribed in subdivision two of section one hundred eighty-five of this article. However, if the amount of credit or carryovers of such credit, or both, allowable under this section for any taxable year reduces the tax to such minimum tax, or if any part of the credit or carryovers of such credit is disallowed by reason of the final sentence of paragraph (b) of subdivision four hereof, any amount of credit or carryovers of such credit thus not deductible in such taxable year may be carried over to the following year or years and may be deducted from the tax for such year or years. In lieu of such carryover, any such taxpayer which qualifies as a new business under paragraph (ii) of subdivision four of section one hundred eighty-seven-k of this article may elect, on its report for its taxable year with respect to which such credit is allowed, to treat fifty percent of the amount of such carryover as an overpayment of tax to be credited or refunded in accordance with the provisions of section one thousand eighty-six of this chapter. Provided, however, the provisions of subsection (c) of section one thousand eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.
