New York Codes, Rules and Regulations
Chapter XXII - Start-Up NY Program
Part 220 - Suny Tax-free Areas To Revitalize And Transform Upstate New York (start-up Ny) Program
Section 220.19 - Penalties for fraud in the program

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

If the commissioner determines that any business located in a tax-free NY area and participating in the program has acted fraudulently in connection with its participation in such program, such business:

(a) shall be immediately terminated from the program;

(b) shall be subject to applicable criminal penalties, including but not limited to the felony crime of offering a false instrument for filing in the first degree pursuant to section 175.35 of the Penal Law; and

(c) shall be required in that year to add back to tax the total value of the tax benefits described in section 39 of the Tax Law that such business has received and that the employees of such business have received up to the date of such finding. The amount required to be added back shall be reported on such business's corporate franchise report if such business is taxed as a corporation or on the corporate franchise tax reports or personal income tax returns of the owners of such business if such business is taxed as a sole proprietorship, partnership or New York S corporation.

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