(b) The credit in year one shall be equal to fifty percent of the
eligible real property taxes on the real property comprising the
regionally significant project or located in the investment zone. In the
remaining years the credit shall be computed according to the following
schedule:
Year two: forty-five percent of eligible real property taxes on the
real property comprising the regionally significant project or located
in the investment zone;
Year three: forty percent of eligible real property taxes on the real
property comprising the regionally significant project or located in the
investment zone;
Year four: thirty-five percent of eligible real property taxes on real
property comprising the regionally significant project or located in the
investment zone;
Year five: thirty percent of eligible real property taxes on the real
property comprising the regionally significant project or located in the
investment zone;
Year six: twenty-five percent of eligible real property taxes on the
real property comprising the regionally significant project or located
in the investment zone;
Year seven: twenty percent of eligible real property taxes on the real
property comprising the regionally significant project or located in the
investment zone;
Year eight: fifteen percent of eligible real property taxes on the
real property comprising the regionally significant project or located
in the investment zone;
Year nine: ten percent of eligible real property taxes on the real
property comprising the regionally significant project or located in the
investment zone; and
Year ten: five percent of eligible real property taxes on the real
property comprising the regionally significant project or located in the
investment zone.
(c) For purposes of this credit, the term "eligible real property
taxes" shall have the same meaning as in subdivision (e) of section
fifteen of the tax law, provided that such subdivision (e) shall be read
as if it specifically referenced the excelsior jobs program and
participants in that program.
(d) In calculating the excelsior real property tax credit and
determining the maximum aggregate amount of such credit component in the
preliminary schedule of benefits, the commissioner shall include any
improvements projected to be made by the taxpayer to the property
comprising the regionally significant project or located in the
investment zone as listed in its application for participation in the
excelsior jobs program.
5. Refundability of credits. The tax credit components established in
this section shall be refundable as provided in the tax law. If a
participant fails to satisfy the eligibility criteria in any one year,
it will lose the ability to claim credit for that year. The event of
such failure shall not extend the original ten-year eligibility period.
6. Claim of tax credit. The business enterprise shall be allowed to
claim the credit as prescribed in section thirty-one of the tax law. No
costs used by an entertainment company as the basis for the allowance of
a tax credit described in this section shall be used by such
entertainment company to claim any other credit allowed pursuant to the
tax law. No costs or expenditures for child care services used by a
participant to claim the credit as prescribed in section forty-four of
the tax law shall be used for the allowance of a tax credit described in
this section.
7. For availability of special excelsior jobs program rates governing
the provision of gas or electric service, see subdivision twelve-d of
section sixty-six of the public service law. Such special excelsior jobs
program rates may remain available to participants as defined in this
article for a period of up to ten years commencing in the first taxable
year that the participant receives a certificate of tax credit, or the
first taxable year listed on its preliminary schedule of benefits,
whichever is later. Notwithstanding any other provision of this section,
such special excelsior job program rates shall remain available to a
Green CHIPS project which enters into a phase two of such project for
the entirety of both of its schedules of benefits. Provided however, if
a participant is removed from the excelsior jobs program pursuant to
this article, the excelsior jobs program rates may be denied.