New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter II - ECONOMIC DEVELOPMENT ZONES
Part 16 - Zone Capital Credits
Section 16.2 - Qualified investments and contributions
Universal Citation: 5 NY Comp Codes Rules and Regs ยง 16.2
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The empire zone capital tax credit of 25 percent will be allowed, upon certification by the commissioner, for the following investments and contributions:
(1)
qualified investment made in, or contributions in the form of donations made
to, one or more empire zone capital corporations;
(2) qualified investments in certified zone
businesses that during the 12-month period immediately preceding the month in
which the investments were made employed full-time within the State an average
number of individuals (excluding general executive officers) of 250 or fewer,
computed pursuant to the empire zone wage tax credit provisions of section
210
of the Tax Law. However, investments made by or on behalf of an owner of the
business, including, but not limited to, a stockholder, partner, or sole
proprietor, or any related person, as defined in subdivision (b)(3)(C) of
section 465 of the Internal Revenue Code, are not qualified investments;
and
(3) contributions of money to
community development projects.
(b) Tax implications resulting from the sale, transfer or disposition of an interest arising from a qualified investment or contribution shall be pursuant to sections 210.20(d), 606(1), 1456(d) and 1511(h) of the State Tax Law.
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