N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 5-3.1
Current through Register Vol. 46, No. 50, December 11, 2024
(Tax Law, sections 26, 210-B(21))
(a) A corporation that is a qualified building owner, as defined under section 26(b)(1), and that has been issued a certificate of tax credit by the New York State Office of Homeland Security, is allowed to claim a credit against the tax imposed by article 9-A. The amount of the credit allowed is $3,000 for each qualified security officer, as defined under section 26(b)(4), who is directly or indirectly employed to provide protection to the corporation's building or buildings for a full year. However, the amount of the credit may be reduced due to the limitation placed on the total amount of all tax credits issued by the New York State Office of Homeland Security in any calendar year. In the case of a qualified security officer who is employed for less than a full year, the amount of the credit is prorated to reflect the length of such employment as provided in this section.(b) The security training tax credit shall not reduce the tax to less than the fixed dollar minimum tax. If the corporation has excess security tax training credit after reducing the tax to the fixed dollar minimum tax or the corporation otherwise pays the tax on the fixed dollar minimum, the security training tax credit shall be treated as an overpayment of tax to be credited or refunded.(c) A corporation must submit a Claim for Security Officer Training Credit on Form CT-631 when claiming the credit.N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 5-3.1
Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023