New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter XXI - Empire State Jobs Retention Program
Part 212 - Claiming Credits
Section 212.1 - Claiming credits

(a) A participant must submit evidence of retaining impacted jobs to the department in order to receive benefits under the program.

(b) Such evidence may include, but not be limited to, submission of the NYS-45 form. This evidence will serve to demonstrate that the participant has satisfied all applicable eligibility requirements and form the basis for the jobs retention tax credit.

(c) If a participant fails to demonstrate that it has satisfied the eligibility requirements set forth in section 211.2 of this Title, the department shall not issue such participant a certificate of tax credit.

(d) After reviewing such evidence and finding it sufficient, the department shall calculate the appropriate amount of tax credit and issue a certificate of tax credit for one taxable year. The certificate shall specify the exact amount of the job retention tax credit that a participant may claim under this program, and shall specify the taxable year in which such credit may be claimed. The tax credit can only be claimed on tax returns for the tax year indicated on the certificate. If the participant is a business entity that passes through the tax credit to its owners (such as partners in a partnership or members in a limited liability company), such owners can only claim their share of the tax credit on the tax return that corresponds to the tax year indicated on the certificate issued to the participant. In order to receive a certificate of tax credit for subsequent taxable years, the participant must submit to the department a performance report demonstrating that the participant continues to satisfy the eligibility criteria specified in section 211.2 of this Title.