N.Y. Comp. Codes R. & Regs. Tit. 5 § 192.1 - Claiming credits
(a) A
participant must submit evidence of achieving the applicable job and investment
requirements to the department in order to receive benefits under the
program.
(b) For purposes of
satisfying requirements other than the additional requirements for Green CHIPS
projects listed under 191.4 of this Title, such evidence may include, but not
be limited to, submission of the NYS-45 form and, where applicable, submission
of receipts specifically documenting research and development expenditures
and/or qualified investments as such terms are defined in section
352 of
the Economic Development Law. This evidence will serve to demonstrate that the
participant has satisfied all applicable eligibility requirements other than
additional requirements for Green CHIPS projects and form the basis for the tax
credit components. For purposes of satisfying the additional eligibility
requirements for Green CHIPS projects, the participant must also satisfy the
reporting requirements outlined in Section
194.2 of this Title.
(c) If a participant fails to demonstrate
that it has satisfied the eligibility requirements set forth in section
191.2(h) of this
Title, the department shall not issue such participant a certificate of tax
credit. If a participant certified as a regionally significant project fails to
demonstrate that it has satisfied the eligibility requirements set forth in
section 191.2(h) of this
Title, the department shall not issue such participant a certificate of tax
credit. Provided, however, if the participant fails to fully satisfy the
applicable job creation projections in the preliminary schedule of benefits,
the commissioner shall reduce the tax credit to an amount in proportion to the
percentage of the job creation achieved. If the participant fails to create at
least 75 percent of the job creation projections, the commissioner shall not
issue such participant a certificate of tax credit.
(d) If a participant certified pursuant to
section 191.2(d) of this
Title fails to demonstrate that it has 25 full-time job equivalents or, if such
business is a business entity operating predominantly in manufacturing, five
full-time job equivalents or fails to demonstrate that is has a benefit-cost
ratio of at least 10 to one, the department shall not issue such participant a
tax credit.
(e) After reviewing
such evidence and finding it sufficient, the department shall calculate the
appropriate amount of tax credit and issue a certificate of tax credit for one
taxable year. The certificate shall specify the exact amount of each of the tax
credit components that a participant may claim pursuant to Part 193 of this
Title, and shall specify the taxable year in which such credit may be claimed.
The tax credit components may only be claimed on tax returns for the tax year
indicated on the certificate. If the participant is a business entity that
passes through the tax credit components to its owners (such as partners in a
partnership or members in a limited liability company), such owners can only
claim their share of the credit components on the tax return that corresponds
to the tax year indicated on the certificate issued to the participant. In
order to receive a certificate of tax credit for subsequent taxable years, the
participant must submit to the department a performance report demonstrating
that the participant continues to satisfy the eligibility criteria specified in
sections
353
and
354
(2) of the Economic Development Law. If such
eligibility criteria are met, a participant can receive tax credits based on
the interim job, investment or research and development milestones indicated in
the preliminary schedule of benefits in accordance with subdivision (c) of this
section.
(f) A participant's
increase in employment, qualified investment, or Federal research and
development tax credit attributable to research and development activities in
New York State above its projections listed in its application shall not result
in an increase in tax benefits under this regulation. However, if the
participant's expenditures are less than the estimated amounts, the credit
component shall be less than the estimate.
(g) No costs used by an entertainment company
as the basis for the allowance of a tax credit described in this Part shall be
used by such entertainment company to claim any other credit allowed pursuant
to the Tax Law.
Notes
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