New York Laws
Sub Part A - Taxes Administered by Cities, Counties and School Districts
1201-A - Credits Against Taxes Administered by Cities of One Million or More.

(b) Empire state film production credit. Any city in this state having
a population of one million or more, acting through its local
legislative body, is hereby authorized to adopt and amend local laws to
allow a credit against the general corporation tax and the
unincorporated business tax imposed pursuant to the authority of chapter
seven hundred seventy-two of the laws of nineteen hundred sixty-six
which shall be substantially identical to the credit allowed under
section twenty-four of this chapter, except that (A) the percentage of
qualified production costs used to calculate such credit shall be five
percent, (B) whenever such section twenty-four references the state,
such words shall be read as referencing the city, (C) such credit shall
be allowed only to a taxpayer which is a qualified film production
company, and (D) the effective date of such credit shall be July first,
two thousand six. Such credit shall be applied in a manner consistent
with the credit allowed under subdivision twenty of section two hundred
ten-B of this chapter except as may be necessary to take into account
differences between the general corporation tax and the unincorporated
business tax.
(c) Empire state commercial production credit. Any city in this state
having a population of one million or more, acting through its local
legislative body, is hereby authorized to adopt and amend local laws to
allow a credit against the general corporation tax and the
unincorporated business tax imposed pursuant to the authority of chapter
seven hundred seventy-two of the laws of nineteen hundred sixty-six
which shall be substantially identical to the credit allowed under the
provisions of section twenty-eight of this chapter, except that (A) the
percentage of qualified production costs used to calculate such credit
shall be five percent, (B) whenever such section twenty-eight references
the state, such words shall be read as referencing the city, (C) such
credit shall be allowed only to a taxpayer that is a qualified
commercial production company, and (D) the effective date of such credit
shall be as provided in local laws. Such credit shall be applied in a
manner consistent with the credit allowed under subdivision twenty-three
of section two hundred ten-B of this chapter except as may be necessary
to take into account differences between the general corporation tax and
unincorporated business tax.
(d) Biotechnology credit. 1. Any city in this state having a
population of one million or more, acting through its local legislative
body, is hereby authorized to adopt and amend local laws to allow a
credit against the general corporation tax and the unincorporated
business tax imposed pursuant to the authority of chapter seven hundred
seventy-two of the laws of nineteen hundred sixty-six which shall be
substantially identical to the credit described in subdivision
twenty-one of section 11-654 of the administrative code of the city of
New York, against the business corporation tax imposed pursuant to

chapter sixty of the laws of two thousand fifteen, except that the
effective date of such credit against the general corporation tax and
the unincorporated business tax shall be as provided in such local laws.
2. The credit allowed by paragraph one of this subdivision shall be
applied in a manner consistent with the credit described in subdivision
twenty-one of section 11-654 of the administrative code of the city of
New York except as may be necessary to take into account differences
between such business corporation tax and such general corporation tax
and such unincorporated business tax.
3. The aggregate amount of tax credits allowed under this subdivision
in any calendar year shall be up to three million dollars. Such
aggregate amount of credits shall be allocated by the New York city
department of finance among eligible taxpayers on a pro rata basis.
Taxpayers eligible for such pro rata allocation shall be determined by
the New York city department of finance no later than February
twenty-eighth of the succeeding calendar year in which a credit provided
pursuant to this subdivision is applied.
4. The New York city department of finance shall establish by rule
procedures for the allocation of tax credits allowed by local laws
adopted pursuant to this subdivision. Such rules shall include
provisions describing the application process, the due dates for such
applications, the standards that shall be used to evaluate the
applications, the documentation that will be provided to taxpayers to
substantiate the amount of tax credits allocated to such taxpayers, and
such other provisions as deemed necessary and appropriate.
5. Any local law adopted pursuant to this subdivision may provide for
a credit as authorized by this subdivision for a maximum of three
consecutive calendar years, provided, however, that any such credit:
(A) may not apply to taxable years beginning before January first, two
thousand ten or beginning on or after January first, two thousand
nineteen; and
(B) may not apply to taxable years beginning before January first, two
thousand twenty-three or beginning on or after January first, two
thousand twenty-six.
6. Any city in this state having a population of one million or more,
acting through its local legislative body, is authorized to provide the
credit set forth in subdivision twenty-one of section 11-654 of the
administrative code of the city of New York, against the business
corporation tax imposed pursuant to chapter sixty of the laws of two
thousand fifteen, for a maximum of three consecutive calendar years,
provided, however, that such credit may not apply to taxable years
beginning before January first, two thousand twenty-three or beginning
on or after January first, two thousand twenty-six.

Structure New York Laws