New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter XXVI - Life Sciences Research and Development
Part 280 - Restaurant Return-to-Work Tax Credit Program
Section 280.4 - Eligibility criteria
Universal Citation: 5 NY Comp Codes Rules and Regs ยง 280.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) To be eligible for a tax credit for the restaurant return-to-work credit or additional restaurant return-to-work credit, an applicant must:
(1) be a small business as defined in section
131 of the Economic Development Law and have fewer than 100 full-time job
equivalents in New York State as of April 1, 2021;
(2) operate an independently owned
establishment or establishments as defined in section
280.2(m) of this
Part;
(3) have experienced economic
harm as a result of the COVID-19 emergency as evidenced by a year-to-year
decrease of at least 40 percent in New York State between the second quarter of
2019 and the second quarter of 2020 or the third quarter of 2019 and the third
quarter of 2020 for one or both of:
(i) gross
receipts; or
(ii) average full-time
employment; and
(4) have
demonstrated a net employee increase as defined in this Part for the business
entity and for purposes of calculating the tax credit.
(b) A business entity must be in substantial compliance with all emergency orders or public health regulations currently required of such entity and local, and State tax laws. In addition, a business entity may not owe past due State taxes or local property taxes unless the business entity is making payments and complying with an approved binding payment agreement entered into with the taxing authority.
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