N.Y. Comp. Codes R. & Regs. tit. 5 § 16.3

Current through Register Vol. 46, No. 50, December 11, 2024

Section 16.3 - Availability, apportionment and amount

(a) The total amount of zone capital tax credits available to each zone shall be $2.5 million; provided, however, that no more than $500,000 in zone capital tax credits shall be available in any zone for qualified investments in certified zone businesses. The total amount of zone capital tax credits allowable to a taxpayer for all years, taken in the aggregate, may not exceed $300,000 with respect to the total of qualified investments and contributions, and may not exceed $100,000 with respect to the investments and contribution described in each of paragraphs (1)-(3) of section 14.2(a) of this Part. Carryover of economic development zone capital tax credits shall be pursuant to sections 210.20(b), 606(1), 1456(d) and 1511(h) of the State Tax Law.

(b) Apportionment of zone capital tax credits within a zone between capital investments in and contributions to zone capital corporations, direct equity investments in certified zone businesses and contributions to community development projects shall be determined and accounted for by the local economic development zone administrative board in consultation with the zone administrative entity. The local economic development zone administrative board shall notify the commissioner of the apportionment of zone capital tax credits within the zone on a form prescribed by the commissioner.

N.Y. Comp. Codes R. & Regs. Tit. 5 § 16.3