New York Laws
Article 1 - Short Title; Definitions; Miscellaneous
36 - Empire State Jobs Retention Program Credit.

(b) Eligibility. To be eligible for the empire state jobs retention
credit, the taxpayer shall have been issued a certificate of tax credit
by the department of economic development pursuant to subdivision four
of section four hundred twenty-four of the economic development law,
which certificate shall set forth the amount of the credit that may be
claimed for the taxable year. A taxpayer may claim such credit for up to
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.
However, a taxpayer shall not be allowed to claim the credit prior to
the tax year commencing on or after January first, two thousand twelve
and before January first, two thousand thirteen. The taxpayer shall be
allowed to claim only the amount listed on the certificate of tax credit
for that taxable year. Such certificate, if required by the
commissioner, shall be attached to the taxpayer's return. No cost or
expense paid or incurred by the taxpayer which is included as part of
the calculation of this credit shall be the basis of any other tax
credit.
(c) Information sharing. (1) 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:
(A) information derived from tax returns or reports that is relevant
to a taxpayer's eligibility to participate in the empire state jobs
retention program;
(B) information regarding 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
(C) information contained in or derived from credit claim forms
submitted to the department and applications for admission into the
empire state jobs retention program.
Except as provided in paragraph two of this subdivision, 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.
(2) Notwithstanding any provision of this chapter, the commissioner or
the commissioner's designee is authorized to release the name of each
taxpayer claiming the credit and the amount of the credit earned by each
taxpayer. 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, only the name of a
limited liability company, partnership or subchapter S corporation
participating in the empire state jobs retention program and the amount
of credit earned by that entity may be released.
(d) Credit recapture. If a certificate of eligibility or a certificate
of tax credit issued by the department of economic development under
article twenty of the economic development law is revoked by such
department, 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.
(e) Cross-references. For application of the credit provided for in
this section, see the following provisions of this chapter:
(1) article 9-A: section 210-B, subdivision 37;
(2) article 22: section 606, subsection (tt);
(3) article 33, section 1511, subdivision (bb).

Structure New York Laws