S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8358--A
 
                             I N  S E N A T E
 
                               May 19, 2020
                                ___________
 
 Introduced  by Sens. BAILEY, BENJAMIN -- read twice and ordered printed,
   and when printed to be committed to the Committee on Labor --  commit-
   tee  discharged, bill amended, ordered reprinted as amended and recom-
   mitted to said committee
 
 AN ACT to amend the labor law and the tax law, in relation to establish-
   ing the COVID-19 recovery local employment tax credit program

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  labor law is amended by adding a new section 25-d to
 read as follows:
   § 25-D. POWER TO ADMINISTER THE COVID-19 RECOVERY LOCAL EMPLOYMENT TAX
 CREDIT PROGRAM. (A) THE COMMISSIONER  IS  AUTHORIZED  TO  ESTABLISH  AND
 ADMINISTER  THE COVID-19 RECOVERY LOCAL EMPLOYMENT TAX CREDIT PROGRAM TO
 PROVIDE TAX INCENTIVES TO EMPLOYERS FOR  EMPLOYING  LOCAL  EMPLOYEES  IN
 FULL-TIME  OR PART-TIME POSITIONS IN THE TWO YEARS FOLLOWING THE CONCLU-
 SION OF THE STATE DISASTER  EMERGENCY  DECLARED  PURSUANT  TO  EXECUTIVE
 ORDER  TWO HUNDRED TWO. THE COMMISSIONER IS AUTHORIZED TO ALLOCATE UP TO
 FORTY MILLION DOLLARS OF TAX CREDITS UNDER THIS PROGRAM.
   (B) DEFINITIONS. (1) THE TERM "QUALIFIED EMPLOYER" MEANS  AN  EMPLOYER
 THAT  HAS  BEEN  CERTIFIED  BY  THE  COMMISSIONER  TO PARTICIPATE IN THE
 COVID-19 RECOVERY LOCAL EMPLOYMENT TAX CREDIT PROGRAM AND  THAT  EMPLOYS
 ONE OR MORE QUALIFIED EMPLOYEES.
   (2) THE TERM "QUALIFIED EMPLOYEE" MEANS AN INDIVIDUAL:
   (I) RESIDES WITHIN FIFTY MILES FROM THE QUALIFIED EMPLOYER;
   (II)  WHO  RESIDES  IN  A CITY WITH A POPULATION OF EIGHTY THOUSAND OR
 MORE OR A TOWN WITH A POPULATION OF FIFTY-FIVE THOUSAND OR MORE;
   (III) WHO IS LOW-INCOME OR AT-RISK, AS SUCH TERMS ARE DEFINED  BY  THE
 COMMISSIONER;
   (IV)  WHO IS UNEMPLOYED PRIOR TO BEING HIRED BY THE QUALIFIED EMPLOYER
 AS A RESULT OF THE OUTBREAK OF NOVEL CORONAVIRUS, COVID-19; AND
   (V) WHO WILL BE WORKING FOR THE QUALIFIED EMPLOYER IN A  FULL-TIME  OR
 PART-TIME POSITION THAT PAYS WAGES THAT ARE EQUIVALENT TO THE WAGES PAID
 FOR SIMILAR JOBS, WITH APPROPRIATE ADJUSTMENTS FOR EXPERIENCE AND TRAIN-
 ING,  AND  FOR WHICH NO OTHER EMPLOYEE HAS BEEN TERMINATED, OR WHERE THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD16233-07-0

 S. 8358--A                          2
 
 EMPLOYER HAS NOT OTHERWISE REDUCED ITS WORKFORCE BY  INVOLUNTARY  TERMI-
 NATIONS  WITH  THE  INTENTION  OF  FILLING THE VACANCY BY CREATING A NEW
 HIRE.
   (C)  A  QUALIFIED  EMPLOYER SHALL BE ENTITLED TO A TAX CREDIT EQUAL TO
 (1) SEVEN HUNDRED FIFTY DOLLARS PER MONTH FOR UP TO SIX MONTHS FOR  EACH
 QUALIFIED  EMPLOYEE  THE  EMPLOYER  EMPLOYS  IN A FULL-TIME JOB OR THREE
 HUNDRED SEVENTY-FIVE DOLLARS PER MONTH FOR UP TO  SIX  MONTHS  FOR  EACH
 QUALIFIED  EMPLOYEE  THE EMPLOYER EMPLOYS IN A PART-TIME JOB OF AT LEAST
 TWENTY HOURS PER WEEK, (2) FIFTEEN HUNDRED DOLLARS  FOR  EACH  QUALIFIED
 EMPLOYEE  WHO  IS  EMPLOYED  FOR  AT LEAST AN ADDITIONAL SIX CONSECUTIVE
 MONTHS BY THE QUALIFIED EMPLOYER IN A FULL-TIME  JOB  OR  SEVEN  HUNDRED
 FIFTY  DOLLARS  FOR EACH QUALIFIED EMPLOYEE WHO IS EMPLOYED FOR AT LEAST
 AN ADDITIONAL SIX CONSECUTIVE MONTHS BY  THE  QUALIFIED  EMPLOYER  IN  A
 PART-TIME  JOB  OF AT LEAST TWENTY HOURS PER WEEK, AND (3) AN ADDITIONAL
 FIFTEEN HUNDRED DOLLARS FOR EACH QUALIFIED EMPLOYEE WHO IS EMPLOYED  FOR
 AT LEAST AN ADDITIONAL YEAR AFTER THE COMPLETION OF THE TIME PERIODS AND
 SATISFACTION  OF  THE  CONDITIONS SET FORTH IN PARAGRAPHS ONE AND TWO OF
 THIS SUBDIVISION BY THE QUALIFIED EMPLOYER IN A FULL-TIME JOB  OR  SEVEN
 HUNDRED FIFTY DOLLARS FOR EACH QUALIFIED EMPLOYEE WHO IS EMPLOYED FOR AT
 LEAST  AN  ADDITIONAL  YEAR AFTER THE COMPLETION OF THE TIME PERIODS AND
 SATISFACTION OF THE CONDITIONS SET FORTH IN PARAGRAPHS ONE  AND  TWO  OF
 THIS  SUBDIVISION  BY  THE  QUALIFIED  EMPLOYER IN A PART-TIME JOB OF AT
 LEAST TWENTY HOURS PER WEEK. THE TAX CREDITS SHALL  BE  CLAIMED  BY  THE
 QUALIFIED EMPLOYER AS SPECIFIED IN SUBDIVISION FIFTY-FIVE OF SECTION TWO
 HUNDRED TEN-B AND SUBSECTION (KKK) OF SECTION SIX HUNDRED SIX OF THE TAX
 LAW.
   (D) TO PARTICIPATE IN THE COVID-19 RECOVERY LOCAL EMPLOYMENT TAX CRED-
 IT PROGRAM, AN EMPLOYER MUST SUBMIT AN APPLICATION (IN A FORM PRESCRIBED
 BY  THE  COMMISSIONER)  TO  THE COMMISSIONER AFTER JANUARY FIRST, OF THE
 TAXABLE YEAR FOLLOWING THE CONCLUSION OF THE  STATE  DISASTER  EMERGENCY
 DECLARED  PURSUANT  TO EXECUTIVE ORDER TWO HUNDRED TWO BUT NO LATER THAN
 JUNE FIRST, OF SUCH YEAR. THE  QUALIFIED  EMPLOYEES  SHALL  START  THEIR
 EMPLOYMENT  ON  OR  AFTER  JANUARY FIRST, OF SUCH YEAR BUT NO LATER THAN
 JULY FIRST, OF SUCH YEAR. THE COMMISSIONER  SHALL  ESTABLISH  GUIDELINES
 AND  CRITERIA  THAT SPECIFY REQUIREMENTS FOR EMPLOYERS TO PARTICIPATE IN
 THE PROGRAM INCLUDING CRITERIA FOR CERTIFYING QUALIFIED  EMPLOYEES.  ANY
 REGULATIONS  THAT  THE  COMMISSIONER  DETERMINES  ARE  NECESSARY  MAY BE
 ADOPTED ON AN EMERGENCY BASIS NOTWITHSTANDING ANYTHING TO  THE  CONTRARY
 IN  SECTION  TWO  HUNDRED TWO OF THE STATE ADMINISTRATIVE PROCEDURE ACT.
 SUCH REQUIREMENTS MAY INCLUDE THE TYPES OF INDUSTRIES THAT THE EMPLOYERS
 ARE ENGAGED IN. THE COMMISSIONER MAY GIVE PREFERENCE TO  EMPLOYERS  THAT
 ARE  ENGAGED  IN DEMAND OCCUPATIONS OR INDUSTRIES, OR IN REGIONAL GROWTH
 SECTORS, INCLUDING THOSE IDENTIFIED BY THE REGIONAL ECONOMIC DEVELOPMENT
 COUNCILS, SUCH AS CLEAN ENERGY, HEALTHCARE, ADVANCED  MANUFACTURING  AND
 CONSERVATION.  IN  ADDITION,  THE  COMMISSIONER SHALL GIVE PREFERENCE TO
 EMPLOYERS WHO OFFER ADVANCEMENT AND EMPLOYEE  BENEFIT  PACKAGES  TO  THE
 QUALIFIED INDIVIDUALS. AS PART OF SUCH APPLICATION, AN EMPLOYER SHALL:
   (1) AGREE TO ALLOW THE DEPARTMENT OF TAXATION AND FINANCE TO SHARE ITS
 TAX  INFORMATION  WITH THE COMMISSIONER. HOWEVER, ANY INFORMATION SHARED
 AS A RESULT OF THIS AGREEMENT SHALL NOT BE AVAILABLE FOR  DISCLOSURE  OR
 INSPECTION UNDER THE STATE FREEDOM OF INFORMATION LAW, AND
   (2) ALLOW THE COMMISSIONER AND HIS OR HER AGENTS AND THE DEPARTMENT OF
 TAXATION  AND  FINANCE  AND  ITS  AGENTS ACCESS TO ANY AND ALL BOOKS AND
 RECORDS OF EMPLOYERS THE COMMISSIONER MAY REQUIRE TO MONITOR COMPLIANCE.
   (E) IF, AFTER REVIEWING THE APPLICATION SUBMITTED BY AN EMPLOYER,  THE
 COMMISSIONER DETERMINES THAT SUCH EMPLOYER IS ELIGIBLE TO PARTICIPATE IN

 S. 8358--A                          3
 
 THE PROGRAM ESTABLISHED UNDER THIS SECTION, THE COMMISSIONER SHALL ISSUE
 THE  EMPLOYER  A PRELIMINARY CERTIFICATE OF ELIGIBILITY THAT ESTABLISHES
 THE EMPLOYER AS A QUALIFIED EMPLOYER.  THE  PRELIMINARY  CERTIFICATE  OF
 ELIGIBILITY  SHALL  SPECIFY  THE  MAXIMUM  AMOUNT OF TAX CREDIT THAT THE
 EMPLOYER MAY BE ALLOWED TO CLAIM AND THE PROGRAM YEAR UNDER WHICH IT MAY
 BE CLAIMED.  THE MAXIMUM AMOUNT OF TAX CREDIT THE EMPLOYER IS ALLOWED TO
 CLAIM SHALL BE  COMPUTED  AS  PRESCRIBED  IN  SUBDIVISION  (C)  OF  THIS
 SECTION.
   (F)(1) TO RECEIVE AN ANNUAL FINAL CERTIFICATE OF TAX CREDIT, THE QUAL-
 IFIED  EMPLOYER SHALL ANNUALLY SUBMIT, ON OR BEFORE JANUARY THIRTY-FIRST
 OF THE CALENDAR YEAR SUBSEQUENT TO THE  PAYMENT  OF  WAGES  PAID  TO  AN
 ELIGIBLE EMPLOYEE, A REPORT TO THE COMMISSIONER, IN A FORM PRESCRIBED BY
 THE  COMMISSIONER.  THE  REPORT  MUST  DEMONSTRATE THAT THE EMPLOYER HAS
 SATISFIED ALL ELIGIBILITY REQUIREMENTS AND PROVIDED ALL THE  INFORMATION
 NECESSARY  FOR  THE  COMMISSIONER  TO COMPUTE AN ACTUAL AMOUNT OF CREDIT
 ALLOWED.
   (2) AFTER REVIEWING THE REPORT AND FINDING IT SUFFICIENT, THE  COMMIS-
 SIONER  SHALL  ISSUE  AN  ANNUAL  FINAL  CERTIFICATE OF TAX CREDIT. SUCH
 CERTIFICATE SHALL INCLUDE, IN ADDITION  TO  ANY  OTHER  INFORMATION  THE
 COMMISSIONER DETERMINES IS NECESSARY, THE FOLLOWING INFORMATION:
   (I)  THE  NAME  AND  EMPLOYER  IDENTIFICATION  NUMBER OF THE QUALIFIED
 EMPLOYER;
   (II) THE PROGRAM YEAR FOR THE CORRESPONDING CREDIT AWARD;
   (III) THE ACTUAL AMOUNT OF CREDIT TO WHICH THE QUALIFIED  EMPLOYER  IS
 ENTITLED  FOR  THAT CALENDAR YEAR OR THE FISCAL YEAR IN WHICH THE ANNUAL
 FINAL CERTIFICATE IS ISSUED,  WHICH  ACTUAL  AMOUNT  CANNOT  EXCEED  THE
 AMOUNT  OF  CREDIT LISTED ON THE PRELIMINARY CERTIFICATE BUT MAY BE LESS
 THAN SUCH AMOUNT; AND
   (IV) A UNIQUE CERTIFICATE NUMBER IDENTIFYING THE ANNUAL FINAL  CERTIF-
 ICATE OF TAX CREDIT.
   (G)  IN  DETERMINING  THE  AMOUNT OF CREDIT FOR PURPOSES OF THE ANNUAL
 FINAL CERTIFICATE OF TAX CREDIT, THE PORTION OF THE CREDIT DESCRIBED  IN
 PARAGRAPH  ONE  OF  SUBDIVISION (C) OF THIS SECTION SHALL BE ALLOWED FOR
 THE CALENDAR YEAR IN WHICH THE WAGES ARE PAID TO THE QUALIFIED EMPLOYEE,
 THE PORTION OF THE CREDIT DESCRIBED IN PARAGRAPH TWO OF SUBDIVISION  (C)
 OF  THIS  SECTION  SHALL  BE  ALLOWED FOR THE CALENDAR YEAR IN WHICH THE
 ADDITIONAL SIX CONSECUTIVE MONTH PERIOD ENDS, AND  THE  PORTION  OF  THE
 CREDIT  DESCRIBED  IN PARAGRAPH THREE OF SUBDIVISION (C) OF THIS SECTION
 SHALL BE ALLOWED FOR THE CALENDAR YEAR IN WHICH THE ADDITIONAL  YEAR  OF
 CONSECUTIVE EMPLOYMENT ENDS AFTER THE COMPLETION OF THE TIME PERIODS AND
 SATISFACTION  OF  THE  CONDITIONS SET FORTH IN PARAGRAPHS ONE AND TWO OF
 SUBDIVISION (C) OF THIS SECTION. IF  THE  QUALIFIED  EMPLOYER'S  TAXABLE
 YEAR  IS  A  CALENDAR  YEAR, THE EMPLOYER SHALL BE ENTITLED TO CLAIM THE
 CREDIT AS CALCULATED ON THE ANNUAL FINAL CERTIFICATE OF  TAX  CREDIT  ON
 THE  CALENDAR  YEAR RETURN FOR WHICH THE ANNUAL FINAL CERTIFICATE OF TAX
 CREDIT WAS ISSUED. IF THE QUALIFIED EMPLOYER'S TAXABLE YEAR IS A  FISCAL
 YEAR,  THE  EMPLOYER SHALL BE ENTITLED TO CLAIM THE CREDIT AS CALCULATED
 ON THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT  ON  THE  RETURN  FOR  THE
 FISCAL  YEAR THAT ENCOMPASSES THE DATE ON WHICH THE ANNUAL FINAL CERTIF-
 ICATE OF TAX CREDIT IS ISSUED.
   (H) THE COMMISSIONER SHALL  ESTABLISH  GUIDELINES  AND  CRITERIA  THAT
 SPECIFY REQUIREMENTS FOR EMPLOYERS TO PARTICIPATE IN THE PROGRAM INCLUD-
 ING CRITERIA FOR CERTIFYING QUALIFIED EMPLOYEES, AND ISSUING THE PRELIM-
 INARY  CERTIFICATE  OF  ELIGIBILITY  AND ANNUAL FINAL CERTIFICATE OF TAX
 CREDIT. SUCH REQUIREMENTS MAY INCLUDE THE TYPES OF INDUSTRIES  THAT  THE
 EMPLOYERS  ARE  ENGAGED  IN.  THE  COMMISSIONER  MAY  GIVE PREFERENCE TO

 S. 8358--A                          4
 
 EMPLOYERS THAT ARE ENGAGED IN DEMAND OCCUPATIONS OR  INDUSTRIES,  OR  IN
 REGIONAL  GROWTH  SECTORS, INCLUDING BUT NOT LIMITED TO THOSE IDENTIFIED
 BY THE REGIONAL ECONOMIC DEVELOPMENT COUNCILS,  SUCH  AS  CLEAN  ENERGY,
 HEALTHCARE,  ADVANCED  MANUFACTURING  AND CONSERVATION. IN ADDITION, THE
 COMMISSIONER SHALL GIVE PREFERENCE TO EMPLOYERS  WHO  OFFER  ADVANCEMENT
 AND EMPLOYEE BENEFIT PACKAGES TO THE QUALIFIED INDIVIDUALS.
   (I) THE COMMISSIONER SHALL ANNUALLY PUBLISH A REPORT. SUCH REPORT MUST
 CONTAIN  THE  NAMES  AND  ADDRESSES OF ANY EMPLOYER ISSUED A PRELIMINARY
 CERTIFICATE OF ELIGIBILITY UNDER THIS SECTION, THE  AMOUNT  OF  COVID-19
 RECOVERY  LOCAL  EMPLOYMENT  PROGRAM TAX CREDIT ALLOWED TO THE QUALIFIED
 EMPLOYER AS SPECIFIED ON AN ANNUAL FINAL CERTIFICATE OF TAX  CREDIT  AND
 ANY OTHER INFORMATION AS DETERMINED BY THE COMMISSIONER.
   §  2. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 55 to read as follows:
   55. COVID-19 RECOVERY LOCAL  EMPLOYMENT  PROGRAM  TAX  CREDIT.  (A)  A
 TAXPAYER THAT HAS BEEN CERTIFIED BY THE COMMISSIONER OF LABOR AS A QUAL-
 IFIED  EMPLOYER  PURSUANT  TO SECTION TWENTY-FIVE-D OF THE LABOR LAW AND
 RECEIVED AN ANNUAL FINAL CERTIFICATE OF TAX CREDIT FROM SUCH COMMISSION-
 ER SHALL BE ALLOWED A CREDIT AGAINST THE TAX  IMPOSED  BY  THIS  ARTICLE
 EQUAL TO THE AMOUNT LISTED ON THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT
 ISSUED BY THE COMMISSIONER OF LABOR PURSUANT TO SECTION TWENTY-FIVE-D OF
 THE  LABOR  LAW.  IF THE QUALIFIED EMPLOYER'S TAXABLE YEAR IS A CALENDAR
 YEAR, THE EMPLOYER SHALL BE ENTITLED TO CLAIM THE CREDIT  AS  CALCULATED
 ON  THE  ANNUAL  FINAL  CERTIFICATE  OF  TAX CREDIT ON THE CALENDAR YEAR
 RETURN FOR WHICH THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT WAS  ISSUED.
 IF  THE QUALIFIED EMPLOYER'S TAXABLE YEAR IS A FISCAL YEAR, THE EMPLOYER
 SHALL BE ENTITLED TO CLAIM THE CREDIT AS CALCULATED ON THE ANNUAL  FINAL
 CERTIFICATE  OF TAX CREDIT ON THE RETURN FOR THE FISCAL YEAR THAT ENCOM-
 PASSES THE DATE ON WHICH THE ANNUAL FINAL CERTIFICATE OF TAX  CREDIT  IS
 ISSUED.  FOR  THE  PURPOSES  OF  THIS  SUBDIVISION,  THE TERM "QUALIFIED
 EMPLOYEE" SHALL HAVE THE SAME MEANING AS SET FORTH IN SUBDIVISION (B) OF
 SECTION TWENTY-FIVE-D OF THE LABOR LAW.
   (B) THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR MAY
 NOT REDUCE THE TAX DUE FOR THAT YEAR TO LESS THAN THE AMOUNT  PRESCRIBED
 IN  PARAGRAPH  (D) OF SUBDIVISION ONE OF SECTION TWO HUNDRED TEN OF THIS
 ARTICLE. HOWEVER, IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS  SUBDI-
 VISION  FOR  ANY  TAXABLE  YEAR REDUCES THE TAX TO THAT AMOUNT OR IF THE
 TAXPAYER OTHERWISE PAYS TAX BASED ON THE FIXED  DOLLAR  MINIMUM  AMOUNT,
 ANY AMOUNT OF CREDIT NOT DEDUCTIBLE IN THAT TAXABLE YEAR WILL BE TREATED
 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, NO INTEREST WILL BE PAID THEREON.
   (C)  THE  TAXPAYER  SHALL  BE REQUIRED TO ATTACH TO ITS TAX RETURN ITS
 ANNUAL FINAL CERTIFICATE OF TAX CREDIT ISSUED  BY  THE  COMMISSIONER  OF
 LABOR  PURSUANT  TO  SECTION TWENTY-FIVE-D OF THE LABOR LAW. IN NO EVENT
 SHALL THE TAXPAYER BE ALLOWED A CREDIT GREATER THAN THE  AMOUNT  OF  THE
 CREDIT  LISTED  ON  THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT. NOTWITH-
 STANDING ANY PROVISION OF THIS CHAPTER TO THE CONTRARY, THE COMMISSIONER
 AND THE COMMISSIONER'S DESIGNEES MAY RELEASE THE NAMES AND ADDRESSES  OF
 ANY TAXPAYER CLAIMING THIS CREDIT AND THE AMOUNT OF THE CREDIT EARNED BY
 THE  TAXPAYER.  PROVIDED,  HOWEVER,  IF  A  TAXPAYER  CLAIMS THIS CREDIT
 BECAUSE IT IS A MEMBER OF A LIMITED LIABILITY COMPANY OR A PARTNER IN  A
 PARTNERSHIP,  ONLY THE AMOUNT OF CREDIT EARNED BY THE ENTITY AND NOT THE
 AMOUNT OF CREDIT CLAIMED BY THE TAXPAYER MAY BE RELEASED.
   § 3. Section 606 of the tax law is amended by adding a new  subsection
 (kkk) to read as follows:

 S. 8358--A                          5
 
   (KKK)  COVID-19  RECOVERY  LOCAL  EMPLOYMENT PROGRAM TAX CREDIT. (1) A
 TAXPAYER THAT HAS BEEN CERTIFIED BY THE COMMISSIONER OF LABOR AS A QUAL-
 IFIED EMPLOYER PURSUANT TO SECTION TWENTY-FIVE-D OF THE  LABOR  LAW  AND
 RECEIVED AN ANNUAL FINAL CERTIFICATE OF TAX CREDIT FROM SUCH COMMISSION-
 ER  SHALL  BE  ALLOWED  A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE
 EQUAL TO THE AMOUNT LISTED ON THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT
 ISSUED BY THE COMMISSIONER OF LABOR PURSUANT TO SECTION TWENTY-FIVE-D OF
 THE LABOR LAW. A TAXPAYER THAT IS A PARTNER IN A PARTNERSHIP, MEMBER  OF
 A  LIMITED LIABILITY COMPANY OR SHAREHOLDER IN AN S CORPORATION THAT HAS
 RECEIVED ITS ANNUAL FINAL CERTIFICATE OF TAX CREDIT FROM THE COMMISSION-
 ER OF LABOR AS A QUALIFIED EMPLOYER PURSUANT TO SECTION TWENTY-FIVE-D OF
 THE LABOR LAW SHALL BE ALLOWED ITS PRO RATA SHARE OF THE  CREDIT  EARNED
 BY  THE  PARTNERSHIP, LIMITED LIABILITY COMPANY OR S CORPORATION. IF THE
 QUALIFIED EMPLOYER'S TAXABLE YEAR IS A CALENDAR YEAR, THE EMPLOYER SHALL
 BE ENTITLED TO CLAIM THE  CREDIT  AS  CALCULATED  ON  THE  ANNUAL  FINAL
 CERTIFICATE  OF  TAX  CREDIT  ON  THE CALENDAR YEAR RETURN FOR WHICH THE
 ANNUAL FINAL CERTIFICATE OF TAX CREDIT  WAS  ISSUED.  IF  THE  QUALIFIED
 EMPLOYER'S TAXABLE YEAR IS A FISCAL YEAR, THE EMPLOYER SHALL BE ENTITLED
 TO CLAIM THE CREDIT AS CALCULATED ON THE ANNUAL FINAL CERTIFICATE OF TAX
 CREDIT  ON  THE  RETURN FOR THE FISCAL YEAR THAT ENCOMPASSES THE DATE ON
 WHICH THE ANNUAL FINAL CERTIFICATE OF TAX  CREDIT  IS  ISSUED.  FOR  THE
 PURPOSES  OF  THIS  SUBSECTION, THE TERM "QUALIFIED EMPLOYEE" SHALL HAVE
 THE  SAME  MEANING  AS  SET  FORTH  IN  SUBDIVISION   (B)   OF   SECTION
 TWENTY-FIVE-D OF THE LABOR LAW.
   (2)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION EXCEEDS
 THE TAXPAYER'S TAX FOR THE TAXABLE YEAR, ANY AMOUNT OF CREDIT NOT DEDUC-
 TIBLE IN THAT TAXABLE YEAR WILL BE TREATED AS AN OVERPAYMENT OF  TAX  TO
 BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
 HUNDRED EIGHTY-SIX OF THIS ARTICLE.  PROVIDED, HOWEVER, NO INTEREST WILL
 BE PAID THEREON.
   (3)  THE  TAXPAYER  SHALL  BE REQUIRED TO ATTACH TO ITS TAX RETURN ITS
 ANNUAL FINAL CERTIFICATE OF TAX CREDIT ISSUED  BY  THE  COMMISSIONER  OF
 LABOR  PURSUANT  TO  SECTION TWENTY-FIVE-D OF THE LABOR LAW. IN NO EVENT
 SHALL THE TAXPAYER BE ALLOWED A CREDIT GREATER THAN THE  AMOUNT  OF  THE
 CREDIT  LISTED  ON  THE ANNUAL FINAL CERTIFICATE OF TAX CREDIT. NOTWITH-
 STANDING ANY PROVISION OF THIS CHAPTER TO THE CONTRARY, THE COMMISSIONER
 AND THE COMMISSIONER'S DESIGNEES MAY RELEASE THE NAMES AND ADDRESSES  OF
 ANY TAXPAYER CLAIMING THIS CREDIT AND THE AMOUNT OF THE CREDIT EARNED BY
 THE  TAXPAYER.  PROVIDED,  HOWEVER,  IF  A  TAXPAYER  CLAIMS THIS CREDIT
 BECAUSE IT IS A MEMBER OF A LIMITED LIABILITY COMPANY, A  PARTNER  IN  A
 PARTNERSHIP,  OR  A  SHAREHOLDER IN A SUBCHAPTER S CORPORATION, ONLY THE
 AMOUNT OF CREDIT EARNED BY THE ENTITY  AND  NOT  THE  AMOUNT  OF  CREDIT
 CLAIMED BY THE TAXPAYER MAY BE RELEASED.
   §  4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding a  new  clause  (xlvi)  to  read  as
 follows:
 (XLVI) COVID-19 RECOVERY LOCAL       AMOUNT OF CREDIT UNDER
 EMPLOYMENT PROGRAM                   SUBDIVISION FIFTY-FIVE OF
 TAX CREDIT                           SECTION TWO HUNDRED TEN-B
   § 5. This act shall take effect immediately.