New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter XVIII - Empire State Commercial Production Credit Program
Part 180 - Empire State Commercial Production Credit Program
Section 180.1 - Purpose and general description

Universal Citation: 5 NY Comp Codes Rules and Regs ยง 180.1

Current through Register Vol. 46, No. 12, March 20, 2024

(a) The purpose of these regulations is to set forth the application process for the Empire State Commercial Production Credit Program established by chapter 62 of the Laws of 2006 as amended. Pursuant to chapter 62 of the Laws of 2006, the commissioner has been granted the authority to promulgate regulations to establish procedures for the allocation of such credits, including, but not limited to, the application process, standards for application evaluations, the documentation that will be provided to taxpayers to substantiate to the New York State Department of Taxation and Finance the amount of credits allocated to such taxpayers and any other provisions deemed necessary and appropriate. The department shall administer the program, including the issuance of tax credit certificates.

(b) An individual who has been issued a certificate of tax credit or is a partner in a partnership, member in a limited liability company, or a shareholder of an S corporation which has been issued a certificate of tax credit shall be allowed to claim an Empire State commercial production tax credit pursuant to section 28, section 210-B(23) and section 606(jj) of the Tax Law.

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