Bill Text: NY S00564 | 2019-2020 | General Assembly | Introduced


Bill Title: Establishes the capital investment jobs retention program offering a tax credit program for businesses within New York state that opt to make large capital investments and maintain certain job levels.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS [S00564 Detail]

Download: New_York-2019-S00564-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                           564
                               2019-2020 Regular Sessions
                    IN SENATE
                                       (Prefiled)
                                     January 9, 2019
                                       ___________
        Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Commerce, Economic  Devel-
          opment and Small Business
        AN  ACT  to  amend  the  economic  development  law  and the tax law, in
          relation to establishing the capital investment jobs retention program
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The  economic  development law is amended by adding a new
     2  article 23 to read as follows:
     3                                 ARTICLE 23
     4                  CAPITAL INVESTMENT JOBS RETENTION PROGRAM
     5  Section 450. Short title.
     6          451. Definitions.
     7          452. Eligibility criteria.
     8          453. Application and approval process.
     9          454. Capital investment jobs retention program credit.
    10          455. Powers and duties of the commissioner.
    11          456. Maintenance of records.
    12          457. Reporting.
    13          458. Cap on tax credit.
    14          459. Penalties.
    15    § 450. Short title. This article shall be known and may  be  cited  as
    16  the "capital investment jobs retention program".
    17    § 451. Definitions. For the purposes of this article:
    18    1.  "Agriculture"  means  both agricultural production (establishments
    19  performing the complete farm or ranch operation, such as farm  owner-op-
    20  erators,  tenant  farm  operators,  and  sharecroppers) and agricultural
    21  support (establishments that perform one or more  activities  associated
    22  with farm operation, such as soil preparation, planting, harvesting, and
    23  management, on a contract or fee basis).
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02705-01-9

        S. 564                              2
     1    2. "Back office operations" means a business function that may include
     2  one  or  more of the following activities: customer service, information
     3  technology and data processing, human resources, accounting and  related
     4  administrative functions.
     5    3.  "Certificate  of  eligibility"  means  the  document issued by the
     6  department to an applicant that  has  completed  an  application  to  be
     7  admitted into the capital investment jobs retention program and has been
     8  accepted into the program by the department. Possession of a certificate
     9  of eligibility does not by itself guarantee the eligibility to claim the
    10  tax credit.
    11    4.  "Certificate of tax credit" means the document issued to a partic-
    12  ipant by the department, after the  department  has  verified  that  the
    13  participant has met all applicable eligibility criteria in this article.
    14  The  certificate shall be issued annually if such criteria are satisfied
    15  and shall specify the exact amount of each tax credit under this article
    16  that a participant may claim, pursuant to section  four  hundred  fifty-
    17  four  of  this article, and shall specify the taxable year in which such
    18  credit may be claimed.
    19    5. "Distribution center" means a large scale facility involving  proc-
    20  essing,  repackaging  and/or movement of finished or semi-finished goods
    21  to retail locations across a multi-state area.
    22    6. "Financial services data centers" or "financial  services  customer
    23  back  office  operations"  means  operations  that  manage  the  data or
    24  accounts of existing customers or provide product or service information
    25  and support to customers  of  financial  services  companies,  including
    26  banks,  other  lenders,  securities and commodities brokers and dealers,
    27  investment banks,  portfolio  managers,  trust  offices,  and  insurance
    28  companies.
    29    7.  "Impacted  jobs" means jobs existing at a business enterprise at a
    30  location or locations within the county declared  an  emergency  by  the
    31  governor  on  the  day  immediately preceding the day on which the event
    32  leading to the emergency declaration by the governor occurred.
    33    8. "Manufacturing" means the process of  working  raw  materials  into
    34  products  suitable for use or which gives new shapes, new quality or new
    35  combinations to matter which has already gone  through  some  artificial
    36  process  by  the  use  of machinery, tools, appliances, or other similar
    37  equipment. "Manufacturing" does not include an operation  that  involves
    38  only  the  assembly  of  components,  provided, however, the assembly of
    39  motor vehicles or other high value-added products  shall  be  considered
    40  manufacturing.
    41    9. "Participant" means a business entity that:
    42    (a)  has  completed  an application prescribed by the department to be
    43  admitted into the program;
    44    (b) has been issued a certificate of eligibility by the department;
    45    (c) has demonstrated that it meets the eligibility criteria in section
    46  four hundred fifty-two and  subdivision  two  of  section  four  hundred
    47  fifty-three of this article; and
    48    (d) has been certified as a participant by the commissioner.
    49    10.  "Preliminary  schedule  of  benefits" means the maximum aggregate
    50  amount of the tax credit that a participant in  the  empire  state  jobs
    51  retention  program  is eligible to receive pursuant to this article. The
    52  schedule shall indicate the annual amount of the  credit  a  participant
    53  may claim in each of its ten years of eligibility. The preliminary sche-
    54  dule  of  benefits shall be issued by the department when the department
    55  approves the application for admission into the program. The commission-

        S. 564                              3
     1  er may amend that schedule, provided that the commissioner complies with
     2  the credit caps in section three hundred fifty-nine of this chapter.
     3    11.  "Project  site" means a single location from which operations are
     4  conducted and manufacturers may designate multiple locations  consisting
     5  of  one or more integrated buildings or structures within a fifteen-mile
     6  radius as one project site.
     7    12. "Related person" means a related person pursuant  to  subparagraph
     8  (c)  of paragraph three of subsection (b) of section four hundred sixty-
     9  five of the internal revenue code.
    10    13. "Scientific research and development"  means  conducting  research
    11  and  experimental  development  in  the  physical, engineering, and life
    12  sciences, including but not limited to agriculture,  electronics,  envi-
    13  ronmental,  biology,  botany, biotechnology, computers, chemistry, food,
    14  fisheries, forests, geology, health, mathematics,  medicine,  oceanogra-
    15  phy,  pharmacy,  physics, veterinary, and other allied subjects. For the
    16  purposes of this article, scientific research and development  does  not
    17  include medical or veterinary laboratory testing facilities.
    18    14.  "Software  development"  means  the  creation  of  coded computer
    19  instructions and includes new media as defined by  the  commissioner  in
    20  regulations.
    21    §  452.  Eligibility  criteria.  1. To be a participant in the capital
    22  investment jobs retention program, a business entity shall:
    23    (a) operate in New York state predominantly:
    24    (i) as a financial services data center or a financial  services  back
    25  office operation;
    26    (ii) in manufacturing;
    27    (iii) in software development and new media;
    28    (iv) in scientific research and development;
    29    (v) in agriculture;
    30    (vi)  in  the  creation  or expansion of back office operations in the
    31  state; or
    32    (vii) in a distribution center.
    33    (b) invest at least fifty million dollars in fixed assets for manufac-
    34  turing operations or twenty million  in  fixed  assets  for  significant
    35  corporate  administrative functions at the project site. Such investment
    36  shall be completed within the three consecutive calendar years preceding
    37  the taxable year in which such participant first claims the  tax  credit
    38  set  forth  in this article. In calculating such investment, the partic-
    39  ipant may not include:
    40    (i) payments made for the acquisition  of  personal  property  through
    41  operating leases,
    42    (ii)  payments  made to related members, including, but not limited to
    43  related entities, component members, or persons to or from whom there is
    44  attribution of stock ownership,
    45    (iii) elected consolidated taxpayers, or
    46    (iv) persons treated as single taxpayers known as combined taxpayers.
    47    (c) agree to maintain operations at the project site for at least  the
    48  greater of:
    49    (i) the term of the tax credit plus three years, or
    50    (ii) seven years.
    51    (d) demonstrate to the commissioner that:
    52    (i) it is economically sound and possesses the financial capability to
    53  complete the required capital investment, and
    54    (ii)  the tax credit provided for in this article is a major factor in
    55  its determination to begin, continue and complete the capital investment
    56  project.

        S. 564                              4
     1    (e) provide the commissioner with a letter of support from  the  local
     2  community in which the project is located.
     3    2. When determining whether an applicant is operating predominantly in
     4  one  of  the  industries  listed in subdivision one of this section, the
     5  commissioner shall examine the nature of the business  activity  at  the
     6  location  for  the  proposed  project and will make eligibility determi-
     7  nations based on such activity.
     8    3. For the purposes of this article, in order to  participate  in  the
     9  capital  investment  jobs retention program, a business entity operating
    10  in one of the strategic industries listed in  subdivision  one  of  this
    11  section:
    12    (a) shall employ at least two hundred full-time equivalent jobs at the
    13  project site during the time for which the tax credit is granted, and
    14    (b) shall continue to employ at least two hundred full-time equivalent
    15  employees for the duration of the agreement entered into with the empire
    16  state  development  corporation;  provided,  however,  that the business
    17  entity shall not include full-time equivalent positions whose  existence
    18  are predicated upon the assistance offered by the tax credit.
    19    4. An intrastate relocation project, a not-for-profit business entity,
    20  a  business  entity  whose primary function is the provision of services
    21  including personal services, business  services,  or  the  provision  of
    22  utilities,  a  business  entity  engaged  predominantly in the retail or
    23  entertainment industry, or  a  company  engaged  in  the  generation  or
    24  distribution  of  electricity,  the  distribution of natural gas, or the
    25  production of steam associated with the generation  of  electricity  are
    26  not eligible to receive the tax credit described in this article.
    27    5.  A business entity must be in compliance with all worker protection
    28  and environmental laws and regulations. In addition, a  business  entity
    29  may  not  owe  past due state taxes. In addition, a business entity must
    30  not owe local property taxes for any year prior to the year in which  it
    31  applies to participate in the capital investment jobs retention program.
    32    §  453.  Application  and  approval  process. 1. A business enterprise
    33  shall submit a completed application as prescribed by the  commissioner.
    34  Such completed application shall be submitted to the commissioner within
    35  one hundred eighty days of the enactment of this article.
    36    2. As part of such application, each business enterprise shall:
    37    (a) agree to allow the department of taxation and finance to share its
    38  tax  information with the department. However, any information shared as
    39  a result of this agreement shall not  be  available  for  disclosure  or
    40  inspection under the state freedom of information law.
    41    (b)  agree  to  allow  the  department  of  labor to share its tax and
    42  employer information  with  the  department.  However,  any  information
    43  shared  as a result of this agreement shall not be available for disclo-
    44  sure or inspection under the state freedom of information law.
    45    (c) allow the department and its agents access to any  and  all  books
    46  and records the department may require to monitor compliance.
    47    (d)  agree to be permanently disqualified for empire zone tax benefits
    48  at any location or locations that qualify for  capital  investment  jobs
    49  retention  program benefits if admitted into the capital investment jobs
    50  retention program.
    51    (e) provide the following information to the department upon request:
    52    (i) a plan outlining the  schedule  for  meeting  the  jobs  retention
    53  requirements  as  set forth in subdivision three of section four hundred
    54  fifty-two of this article. Such plan must include details on jobs titles
    55  and expected salaries;

        S. 564                              5
     1    (ii) the prior three years of federal and state  income  or  franchise
     2  tax returns, unemployment insurance quarterly returns, real property tax
     3  bills and audited financial statements; and
     4    (iii)  the  employer identification or social security numbers for all
     5  related persons to the applicant, including those of any  members  of  a
     6  limited liability company or partners in a partnership.
     7    (f)  provide  a clear and detailed presentation of all related persons
     8  to the applicant to assure the department that jobs are not being shift-
     9  ed within the state.
    10    (g) certify, under penalty of  perjury,  that  it  is  in  substantial
    11  compliance  with all environmental, worker protection, and local, state,
    12  and federal tax laws.
    13    3. After reviewing a business enterprise's completed  application  and
    14  determining  that  the  business enterprise will meet the conditions set
    15  forth in subdivision three of section four  hundred  fifty-two  of  this
    16  article,  the  department  may  admit the applicant into the program and
    17  provide the applicant with a certificate of eligibility and  a  prelimi-
    18  nary  schedule  of benefits by year based on the applicant's projections
    19  as set forth in its application.  This preliminary schedule of  benefits
    20  delineates the maximum possible benefits an applicant may receive.
    21    4. In order to become a participant in the program, an applicant shall
    22  submit  evidence that it satisfies the eligibility criteria specified in
    23  section four hundred fifty-two of this article and  subdivision  two  of
    24  this  section  in  such  form  as  the commissioner may prescribe. After
    25  reviewing such evidence and finding it sufficient, the department  shall
    26  certify  the  applicant as a participant and issue to that participant a
    27  certificate of tax credit for one taxable year. To receive a certificate
    28  of tax credit for subsequent taxable years, the participant must  submit
    29  to  the  department  a performance report demonstrating that the partic-
    30  ipant continues to satisfy the eligibility criteria specified in section
    31  four hundred fifty-two of this  article  and  subdivision  two  of  this
    32  section.
    33    5.  A participant may claim tax benefits commencing in the first taxa-
    34  ble year that the business enterprise  receives  a  certificate  of  tax
    35  credit  or  the first taxable year listed on its preliminary schedule of
    36  benefits, whichever is later. A participant may claim such benefits  for
    37  the  next  nine consecutive taxable years, provided that the participant
    38  demonstrates to the department that it continues to satisfy  the  eligi-
    39  bility  criteria  specified  in  section  four hundred fifty-two of this
    40  article and subdivision two of this section in  each  of  those  taxable
    41  years.
    42    §  454. Capital investment jobs retention program credit. 1. A partic-
    43  ipant in the capital investment jobs retention program shall be eligible
    44  to claim a credit for the impacted jobs. The amount of such credit shall
    45  be equal to seventy-five percent of the  New  York  state  income  taxes
    46  withheld from eligible full-time employees.
    47    2.  The  tax credit established in this section shall be refundable as
    48  provided in the tax law. If a participant fails to satisfy the eligibil-
    49  ity criteria in any one year, it will lose the ability to  claim  credit
    50  for  that  year. The event of such failure shall not extend the original
    51  ten-year eligibility period.
    52    3. (a) The business enterprise shall be allowed to claim the credit as
    53  prescribed in section forty-four of the tax law;  provided,  however,  a
    54  business  enterprise  shall  not be allowed to claim the credit prior to
    55  tax year two thousand twenty-one.

        S. 564                              6
     1    (b) Any individual that is a member or employee of a  participant  may
     2  claim the pro rata share of the credit earned by such participant.
     3    4.  A  participant  may be eligible for benefits under this article as
     4  well as article seventeen of this chapter, provided the participant  can
     5  only  receive  benefits  pursuant  to  subdivision  two of section three
     6  hundred fifty-five of this chapter for costs in excess of  costs  recov-
     7  ered by insurance.
     8    §  455.  Powers  and  duties  of the commissioner. 1. The commissioner
     9  shall promulgate regulations establishing  an  application  process  and
    10  eligibility  criteria, that will be applied consistent with the purposes
    11  of this article, so as not to exceed the annual cap on tax  credits  set
    12  forth  in  section  three  hundred  fifty-nine  of  this  chapter which,
    13  notwithstanding any provisions to the contrary in the state  administra-
    14  tive  procedure  act,  may  be adopted on an emergency basis. Such regu-
    15  lations shall include, but not be limited to, criteria  for  determining
    16  whether a business entity is economically sound and possesses the finan-
    17  cial  capability to complete the required capital investment and whether
    18  the tax credit provided for in this article is a  major  factor  in  the
    19  determination  of  such  business entity to begin, continue and complete
    20  the capital investment project.
    21    2. The commissioner shall, in  consultation  with  the  department  of
    22  taxation  and finance, develop a certificate of tax credit that shall be
    23  issued by the commissioner to participants. Participants may be required
    24  by the commissioner of taxation and finance to include  the  certificate
    25  of  tax  credit  with their tax return to receive any tax benefits under
    26  this article.
    27    3. The commissioner shall solely  determine  the  eligibility  of  any
    28  applicant  applying  for  entry  into  the  program and shall remove any
    29  participant from the program for failing to meet any of the requirements
    30  set forth in subdivision two of section four hundred fifty-three of this
    31  article, or for failing to meet the job retention requirements set forth
    32  in subdivision three of section four hundred fifty-two of this  article,
    33  or  for  failing to meet the requirements of subdivision five of section
    34  four hundred fifty-two of this article.
    35    § 456. Maintenance of records. Each participant shall keep  all  rele-
    36  vant  records  for  the duration of its program participation plus three
    37  years.
    38    § 457. Reporting. 1. (a) In order to receive a tax credit  certificate
    39  and  to  maintain  eligibility for this tax credit program, the taxpayer
    40  must submit an annual report to the department of taxation  and  finance
    41  by  March  first of the year following any year for which the tax credit
    42  is claimed, the first report of which is due March  first  of  the  year
    43  following the calendar year in which the investment is completed and the
    44  tax credit begins.
    45    (b)  Such report shall contain the number of eligible full-time equiv-
    46  alent employees and the amount of income tax withheld from those employ-
    47  ees, and the amounts paid towards the completion of the capital  invest-
    48  ment. Once this is verified by the commissioner of taxation and finance,
    49  the commissioner will issue a tax credit certificate to the taxpayer.
    50    (c)  The  participant must then submit the tax credit certificate with
    51  the applicable state tax return. If the tax credit is greater  than  the
    52  state  tax  liability,  the  unused portion may be carried forward up to
    53  three years.
    54    (d) Failure to submit a complete and timely annual report will  result
    55  in  the  assessment  of  a five hundred dollar late fee for each ensuing
    56  calendar month the report remains incomplete or unfiled.

        S. 564                              7
     1    (e) Once the active term of the tax credit ends, a  post-term  period,
     2  length  to  be  determined  by the empire state development corporation,
     3  will require annual reporting requirements to certify  that  substantial
     4  operations remain at the project site.
     5    2. Each participant must submit a performance report annually, in such
     6  form  as  the commissioner may require, within thirty days of the end of
     7  their taxable year.
     8    3. The commissioner shall prepare  on  a  quarterly  basis  a  program
     9  report for posting on the department's website. The first report will be
    10  due  June  thirtieth,  two  thousand  twenty-two, and every three months
    11  thereafter.   Such report shall include, but  not  be  limited  to,  the
    12  following:  number of applicants; number of participants approved; names
    13  of  participants;  total amount of benefits certified; benefits received
    14  per participant; total number of retained jobs; and such other  informa-
    15  tion as the commissioner determines.
    16    § 458. Cap on tax credit. 1. The total amount of tax credits listed on
    17  certificates  of  tax  credit issued by the commissioner for any taxable
    18  year may not exceed the following amounts:
    19    (a) For 2021, eighteen million dollars.
    20    (b) For 2022, twenty-three million dollars.
    21    (c) For 2023, twenty-eight million dollars.
    22    (d) For 2024, thirty-three million dollars.
    23    2. For each individual project, the empire  state  development  corpo-
    24  ration  shall approve a schedule for the maximum amount of credits to be
    25  issued in a calendar year.
    26    § 459. Penalties. 1. If a participant fails to maintain the job levels
    27  required in subdivision three of section four hundred fifty-two of  this
    28  article,  or in any other way fails to comply with the terms, the empire
    29  state development corporation may terminate or reduce the  benefits,  or
    30  may ask for a one hundred percent refund of assistance received.
    31    2.  If the participant fails to comply with terms during the post-term
    32  reporting period, the empire state development corporation may require a
    33  refund of up to seventy-five percent of assistance received.
    34    § 2. The tax law is amended by adding a new  section  44  to  read  as
    35  follows:
    36    §  44. Capital investment jobs retention program credit. (a) Allowance
    37  of credit. A taxpayer subject to tax under article nine-A, twenty-two or
    38  thirty-three of this chapter shall be allowed a credit against such tax,
    39  pursuant to  the  provisions  referenced  in  subdivision  (e)  of  this
    40  section.  The  amount  of  the credit, allowable for ten consecutive tax
    41  years, is equal to  the  amount  determined  pursuant  to  section  four
    42  hundred fifty-four of the economic development law.
    43    (b)  Eligibility.  To  be  eligible  for  the  capital investment jobs
    44  retention credit, the taxpayer shall have been issued a  certificate  of
    45  tax  credit by the department of economic development pursuant to subdi-
    46  vision four of section four hundred fifty-three of the economic develop-
    47  ment law, which certificate shall set forth the  amount  of  the  credit
    48  that  may  be  claimed  for  the taxable year. A taxpayer may claim such
    49  credit for up to ten consecutive taxable years commencing in  the  first
    50  taxable  year  that the taxpayer receives a certificate of tax credit or
    51  the first taxable year listed on its preliminary schedule  of  benefits,
    52  whichever is later.
    53    However,  a taxpayer shall not be allowed to claim the credit prior to
    54  the tax year commencing on or after January first, two thousand  twenty-
    55  one  and  before  January  first,  two thousand twenty-two. The taxpayer
    56  shall be allowed to claim only the amount listed on the  certificate  of

        S. 564                              8
     1  tax  credit  for that taxable year. Such certificate, if required by the
     2  commissioner, shall be attached to the taxpayer's  return.  No  cost  or
     3  expense  paid  or  incurred by the taxpayer which is included as part of
     4  the calculation of this credit shall be the basis of any other tax cred-
     5  it.
     6    (c)  Information  sharing.  (1)  Notwithstanding any provision of this
     7  chapter, employees and officers of the department of  economic  develop-
     8  ment  and  the department shall be allowed and are directed to share and
     9  exchange:
    10    (A) information derived from tax returns or reports that  is  relevant
    11  to  a  taxpayer's  eligibility  to participate in the capital investment
    12  jobs retention program;
    13    (B) information regarding the credit applied for, allowed  or  claimed
    14  pursuant  to  this section and taxpayers who are applying for the credit
    15  or who are claiming the credit; and
    16    (C) information contained  in  or  derived  from  credit  claim  forms
    17  submitted  to  the  department  and  applications for admission into the
    18  capital investment jobs retention program.
    19    Except as provided in paragraph two of this subdivision, all  informa-
    20  tion  exchanged  between  the department of economic development and the
    21  department shall not be subject to disclosure or  inspection  under  the
    22  state's freedom of information law.
    23    (2) Notwithstanding any provision of this chapter, the commissioner or
    24  the  commissioner's  designee  is authorized to release the name of each
    25  taxpayer claiming the credit and the amount of the credit earned by each
    26  taxpayer. However, if the taxpayer claims a credit because the  taxpayer
    27  is  a  member of a limited liability company, a partner in a partnership
    28  or a shareholder in a subchapter S  corporation,  only  the  name  of  a
    29  limited  liability  company,  partnership  or  subchapter  S corporation
    30  participating in the capital investment jobs retention program  and  the
    31  amount of credit earned by that entity may be released.
    32    (d) Credit recapture. If a certificate of eligibility or a certificate
    33  of  tax  credit  issued  by the department of economic development under
    34  article twenty-three of the economic development law is revoked by  such
    35  department,  the  amount of credit described in this section and claimed
    36  by the taxpayer prior to that revocation shall be added back to  tax  in
    37  the taxable year in which any such revocation becomes final.
    38    (e)  Cross-references.  For  application of the credit provided for in
    39  this section, see the following provisions of this chapter:
    40    (1) article 9-A: section 210-B, subdivision 53;
    41    (2) article 22: section 606, subsection (jjj);
    42    (3) article 33, section 1511, subdivision (dd).
    43    § 3. Section 210-B of the tax law is amended by adding a new  subdivi-
    44  sion 53 to read as follows:
    45    53. Capital investment jobs retention program credit. (a) Allowance of
    46  credit.  A taxpayer will be allowed a credit, to be computed as provided
    47  in section forty-four of this chapter, against the taxes imposed by this
    48  article.
    49    (b) Application of credit. The credit allowed under  this  subdivision
    50  for  any  taxable year will not reduce the tax due for such year to less
    51  than the minimum tax fixed by this article. However, if  the  amount  of
    52  credit  allowed  under this subdivision for any taxable year reduces the
    53  tax to such amount, any amount of credit thus  not  deductible  in  such
    54  taxable  year will be treated as an overpayment of tax to be credited or
    55  refunded in accordance with  the  provisions  of  section  one  thousand
    56  eighty-six  of  this  chapter.    Provided,  however,  the provisions of

        S. 564                              9
     1  subsection (c) of section one  thousand  eighty-eight  of  this  chapter
     2  notwithstanding, no interest will be paid thereon.
     3    §  4. Section 606 of the tax law is amended by adding a new subsection
     4  (jjj) to read as follows:
     5    (jjj) Capital investment jobs program retention credit. (1)  Allowance
     6  of  credit.  A  taxpayer  shall  be  allowed a credit, to be computed as
     7  provided in section forty-four of this chapter, against the tax  imposed
     8  by this article.
     9    (2)  Application  of credit. If the amount of the credit allowed under
    10  this subsection for any taxable year exceeds the taxpayer's tax for such
    11  year, the excess will be treated as an overpayment of tax to be credited
    12  or refunded in accordance with the provisions  of  section  six  hundred
    13  eighty-six  of this article, provided, however, that no interest will be
    14  paid thereon.
    15    § 5. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    16  of  the  tax  law  is  amended  by adding a new clause (xliv) to read as
    17  follows:
    18  (xliv) Capital investment            Amount of credit under subdivision
    19  jobs retention program credit        fifty-three of section two hundred
    20                                       ten-B
    21    § 6. Section 1511 of the tax law is amended by adding a  new  subdivi-
    22  sion (dd) to read as follows:
    23    (dd)  Capital  investment jobs retention program credit. (1) Allowance
    24  of credit. A taxpayer shall be allowed  a  credit,  to  be  computed  as
    25  provided  in  section  forty-four  of  this  chapter,  against the taxes
    26  imposed by this article.
    27    (2) Application of credit. The credit allowed under  this  subdivision
    28  for  any  taxable year will not reduce the tax due for such year to less
    29  than the minimum tax fixed by this article. However, if  the  amount  of
    30  credit  allowed  under this subdivision for any taxable year reduces the
    31  tax to such amount, any amount of credit thus  not  deductible  in  such
    32  taxable  year will be treated as an overpayment of tax to be credited or
    33  refunded in accordance with  the  provisions  of  section  one  thousand
    34  eighty-six  of  this  chapter.  Provided,  however,  the  provisions  of
    35  subsection (c) of section one  thousand  eighty-eight  of  this  chapter
    36  notwithstanding, no interest will be paid thereon.
    37    §  7.  This  act  shall take effect immediately; provided however that
    38  sections two, three, four, five and six of this act shall apply to taxa-
    39  ble years beginning on and after January 1, 2021.
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