N.Y. TAX. LAW ยง 187-m : NY Code - Section 187-M: Empire zone wage tax credit for agricultural cooperatives

Search N.Y. TAX. LAW ยง 187-m : NY Code - Section 187-M: Empire zone wage tax credit for agricultural cooperatives

1.
  A taxpayer subject to the tax imposed by section one hundred eighty-five
  of this article shall be allowed a credit, to be computed as hereinafter
  provided, against the tax imposed by this article where the taxpayer has
  been  certified  pursuant to article eighteen-B of the general municipal
  law. The amount of such credit shall be  as  prescribed  by  subdivision
  four hereof.
    2.  For  the  purposes of this section, the following terms shall have
  the following meanings:
    (a) "Empire zone wages" means wages paid by the taxpayer for full-time
  employment, other than to general executive officers, during the taxable
  year in an area designated or previously designated as  an  empire  zone
  pursuant  to article eighteen-B of the general municipal law, where such
  employment is in a job created in the area (i) during the period of  its
  designation  as  an  empire  zone  or  (ii)  within  four  years  of the
  expiration  of  such  designation,  provided,  however,  that   if   the
  taxpayer's   certification  under  article  eighteen-B  of  the  general
  municipal law is revoked with respect to an empire zone, any wages  paid
  by the taxpayer, on or after the effective date of such decertification,
  for employment in such zone shall not constitute empire zone wages.
    (b)  "Targeted employee" means a New York resident who receives empire
  zone wages and who is (I) an eligible individual under the provisions of
  the targeted jobs tax credit (section fifty-one of the internal  revenue
  code),  (II) eligible for benefits under the provisions of the workforce
  investment act (P.L. 105-220, as amended), (III) a recipient  of  public
  assistance  benefits,  (IV) an individual whose income is below the most
  recently established poverty  rate  promulgated  by  the  United  States
  department  of  commerce, or a member of a family whose family income is
  below the most recently established  poverty  rate  promulgated  by  the
  appropriate  federal agency or (V) an honorably discharged member of any
  branch of the armed forces of the United States.
    An individual who satisfies the criteria  set  forth  in  subparagraph
  (I), (II), (IV) or (V) at the time of initial employment in the job with
  respect  to  which the credit is claimed, or who satisfies the criterion
  set forth in subparagraph (III) at such time or at any time  within  the
  previous  two  years,  shall  be  a  targeted  employee  so long as such
  individual continues to receive empire zone wages.
    (c)  "Average  number  of  individuals,  excluding  general  executive
  officers,  employed  full-time"  shall  be  computed by ascertaining the
  number of such individuals employed by the taxpayer on the  thirty-first
  day  of March, the thirtieth day of June, the thirtieth day of September
  and the thirty-first day of December during each taxable year  or  other
  applicable  period,  by  adding  together the number of such individuals
  ascertained on each of such dates and dividing the sum  so  obtained  by
  the  number  of  such  dates occurring within such taxable year or other
  applicable period.
    3. The credit provided for herein shall  be  allowed  only  where  the
  average  number  of  individuals,  excluding general executive officers,
  employed full-time by the taxpayer in (A) the state and (B)  the  empire
  zone  or  the area previously constituting such zone, during the taxable
  year exceeds the average number of such individuals  employed  full-time
  by  the taxpayer in (A) the state and (B) such zone or area subsequently
  or previously constituting such  zone,  respectively,  during  the  four
  years  immediately  preceding the first taxable year in which the credit
  is claimed with respect  to  such  zone.  Where  the  taxpayer  provided
  full-time employment within (A) the state or (B) such zone during only a
  portion  of  such  four-year period, then for purposes of this paragraph

  the term "four years" shall be deemed to refer instead to such  portion,
  if any.
    The  credit  shall  be  allowed only with respect to the first taxable
  year during which payments  of  empire  zone  wages  are  made  and  the
  conditions set forth in this subdivision are satisfied, and with respect
  to each of the four taxable years next following (but only, with respect
  to  each of such years, if such conditions are satisfied), in accordance
  with subdivision four of this section. Subsequent certifications of  the
  taxpayer pursuant to article eighteen-B of the general municipal law, at
  the  same  or  a  different  location  in  the  same empire zone or at a
  location in a different empire zone, shall not extend the  five  taxable
  year  time  limitation  on  the allowance of the credit set forth in the
  preceding sentence. Provided, further, however, that no credit shall  be
  allowed  with respect to any taxable year beginning more than four years
  following the taxable year  in  which  designation  as  an  empire  zone
  expired.
    4.  The amount of the credit shall equal the sum of (a) the product of
  three thousand dollars and the average number of individuals  (excluding
  general executive officers) employed full-time by the taxpayer, computed
  pursuant  to  the provisions of paragraph (c) of subdivision two of this
  section, who
    (I) received empire zone wages for more than half of the taxable year,
    (II) received, with respect  to  more  than  half  of  the  period  of
  employment by the taxpayer during the taxable year, an hourly wage which
  was  at  least  one  hundred  thirty-five  percent  of  the minimum wage
  specified in section six hundred fifty-two of the labor law, and
    (III) are targeted employees; and
    (b) the product of fifteen hundred dollars and the average  number  of
  individuals   (excluding  general  executive  officers  and  individuals
  described in paragraph (a) of this subdivision)  employed  full-time  by
  the  taxpayer,  computed  pursuant to the provisions of paragraph (c) of
  subdivision two of this section, who received empire zone wages for more
  than half of the taxable year.
    Provided, further, however, that the credit provided for  herein  with
  respect  to  the  taxable  year,  and  carryovers  of such credit to the
  taxable year, deducted from the tax  otherwise  due,  may  not,  in  the
  aggregate,  exceed  fifty  percent  of the tax imposed under section one
  hundred eighty-five of this  article  computed  without  regard  to  any
  credit provided for by this article.
    (c)  For purposes of calculating the amount of the credit, individuals
  employed within an empire zone within the  immediately  preceding  sixty
  months  by a related person, as such term is defined in subparagraph (c)
  of paragraph three of subsection (b) of section four hundred  sixty-five
  of  the  internal  revenue  code,  shall  not be included in the average
  number of individuals described in paragraph (a)  or  paragraph  (b)  of
  this  subdivision, unless such related person was never allowed a credit
  under this section with respect to such employees. For the  purposes  of
  this  paragraph,  a "related person" shall include an entity which would
  have qualified as a "related person" to the taxpayer if it had not  been
  dissolved, liquidated, merged with another entity or otherwise ceased to
  exist or operate.
    (d)  If  a  taxpayer  is  certified in an empire zone designated under
  subdivision (a) or (d)  of  section  nine  hundred  fifty-eight  of  the
  general  municipal  law, the amounts specified in paragraphs (a) and (b)
  of this subdivision shall be increased by five hundred dollars for  each
  qualifying  individual  under  such  paragraphs who received, during the
  taxable year, wages in excess of forty thousand dollars.

    5. The credit and carryovers of such credit allowed under this section
  for any taxable year shall not, in the aggregate, reduce the tax due for
  such year to less than the minimum tax prescribed in subdivision two  of
  section  one hundred eighty-five of this article. However, if the amount
  of  credit  or  carryovers of such credit, or both, allowable under this
  section for any taxable year reduces the tax to such minimum tax, or  if
  any  part  of  the  credit or carryovers of such credit is disallowed by
  reason of the final  sentence  of  paragraph  (b)  of  subdivision  four
  hereof,  any  amount  of  credit  or  carryovers of such credit thus not
  deductible in such taxable year may be carried  over  to  the  following
  year  or  years and may be deducted from the tax for such year or years.
  In lieu of such carryover, any such taxpayer which qualifies  as  a  new
  business under paragraph (ii) of subdivision four of section one hundred
  eighty-seven-k  of this article may elect, on its report for its taxable
  year with respect to which  such  credit  is  allowed,  to  treat  fifty
  percent  of  the amount of such carryover as an overpayment of tax to be
  credited or refunded in accordance with the provisions  of  section  one
  thousand  eighty-six  of this chapter. Provided, however, the provisions
  of subsection (c) of section one thousand eighty-eight of  this  chapter
  notwithstanding, no interest shall be paid thereon.