New York Laws
Article 1 - Short Title; Definitions; Miscellaneous
31 - Excelsior Jobs Program Credit.

(a) General. A taxpayer
subject to tax under article nine-A, twenty-two or thirty-three of this
chapter shall be allowed a credit against such tax, pursuant to the
provisions referenced in subdivision (g) of this section. The amount of
the credit, allowable for up to ten consecutive taxable years, is the
sum of the following four credit components:
(1) the excelsior jobs tax credit component;
(2) the excelsior investment tax credit component;
(2-a) the excelsior child care services tax credit component;
(3) the excelsior research and development tax credit component; and
(4) the excelsior real property tax credit component.
(b) To be eligible for the excelsior jobs program credit, the taxpayer
shall have been issued a "certificate of tax credit" by the department
of economic development pursuant to subdivision four of section three
hundred fifty-four of the economic development law, which certificate
shall set forth the amount of each credit component that may be claimed
for the taxable year. A taxpayer may claim such credit for ten
consecutive taxable years commencing in the first taxable year that the
taxpayer receives a certificate of tax credit or the first taxable year
listed on its preliminary schedule of benefits, whichever is later,
provided that no tax credits may be allowed for taxable years beginning
on or after January first, two thousand forty. The taxpayer shall be
allowed to claim only the amount listed on the certificate of tax credit
for that taxable year. Such certificate must be attached to the
taxpayer's return. No cost or expense paid or incurred by the taxpayer
shall be the basis for more than one component of this credit or any
other tax credit, except as provided in section three hundred fifty-five
of the economic development law.
(c) Election of credit. A taxpayer who or which is qualified to claim
the excelsior investment tax credit component and is also qualified to
claim the investment tax credit provided for under subdivision one of
section two hundred ten-B or subsection (a) of section six hundred six
of this chapter, may claim either the excelsior investment tax credit
component or the investment tax credit, but not both with regard to a
particular piece of property. In addition, a taxpayer who or which is
qualified to claim the excelsior investment tax credit component and is
also qualified to claim the brownfield tangible property credit
component under section twenty-one of this article, as added by chapter
one of the laws of two thousand three, may claim either the excelsior
investment tax credit component or such tangible property credit
component, but not both with regard to a particular piece of property.
The election to claim the excelsior investment tax credit component, the
investment tax credit or the brownfield tangible property credit
component, with regard to the same property, is irrevocable.
(d) Information sharing. Notwithstanding any provision of this
chapter, employees and officers of the department of economic
development and the department shall be allowed and are directed to
share and exchange:
(1) information derived from tax returns or reports that is relevant
to a taxpayer's eligibility to participate in the excelsior jobs
program;
(2) information regarding the component or components of the credit
applied for, allowed, or claimed pursuant to this section and taxpayers
who are applying for the credit or who are claiming the credit; and
(3) information contained in or derived from credit claim forms
submitted to the department and applications for admission into the
excelsior jobs program.

Other than the information required to be contained in the report
issued pursuant to subdivision (e) of this section, all information
exchanged between the department of economic development and the
department shall not be subject to disclosure or inspection under the
state's freedom of information law.
(e) Excelsior jobs program credit report. (1) The commissioner must
publish an excelsior jobs program tax credit report annually by June
thirtieth. The first report must be published by June thirtieth, two
thousand twelve.
(2) The credit report must contain the following information about the
excelsior jobs program tax credit claimed under this chapter during the
previous calendar year:
(i) the name of each taxpayer claiming a credit; provided however, if
the taxpayer claims a credit because the taxpayer is a member of a
limited liability company, a partner in a partnership or a shareholder
in a subchapter S corporation, the name of each limited liability
company, partnership or subchapter S corporation earning any of the
credit must be included in the report instead of information about the
taxpayer claiming the credit; and
(ii) the amount of each credit component earned by each taxpayer;
provided however, if the taxpayer claims a credit because the taxpayer
is a member of a limited liability company, a partner in a partnership
or a shareholder in a subchapter S corporation, the amount of credit
earned by each entity must be included in the report instead of
information about the taxpayer claiming the credit.
(3) The credit report may also contain any other information received
by the commissioner with regard to the excelsior jobs program credit
that the commissioner deems to be useful in evaluating the use of the
credit. The information included in the credit report will be based on
the information filed with the department during the previous calendar
year, to the extent that it is practicable to use that information.
(f) Credit recapture. If a certificate of eligibility or a certificate
of tax credit issued by the department of economic development under
article seventeen of the economic development law is revoked by such
department because the taxpayer does not meet the eligibility
requirement set forth in subdivision six of section three hundred
fifty-three of the economic development law, the amount of credit
described in this section and claimed by the taxpayer prior to that
revocation shall be added back to tax in the taxable year in which any
such revocation becomes final.
(f-1) Credit recapture for unrealized job creation. If, in any given
year, a taxpayer who has satisfied the eligibility criteria specified in
section three hundred fifty-three of the economic development law
realizes job creation less than the estimated amount, the credit
described in this section allowed in that year shall be reduced by the
proportion of actual job creation to the estimated amount, provided the
proportion is at least seventy-five percent of the jobs estimated.
(g) Cross-references. For application of the credit provided for in
this section, see the following provisions of this chapter:
(2) article 9-A: section 210-B: subdivision 31.
(3) article 22: section 606: subsection (qq).
(4) article 33: section 1511: subdivision (y).
* NB There are 2 § 31's

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