§ 4-c. Credit relating to certain expenses involved in the cost of
relocating industrial and commercial employment opportunities. (1) In
addition to any other credit allowed by this section, a taxpayer shall
be allowed a credit against the tax imposed by this part to be credited
or refunded, without interest, in the manner hereinafter provided in
this section. The amount of such credit shall be:

(A) A maximum of three hundred dollars for each commercial employment
opportunity and a maximum of five hundred dollars for each industrial
employment opportunity relocated to the city from an area outside the
state. Such credit shall be allowed to a taxpayer which relocates a
minimum of ten employment opportunities. The credit shall be allowed
against employment opportunity relocation costs incurred by the
taxpayer. Such credit shall be allowed only to the extent that the
taxpayer has not claimed a deduction for allowable employment
opportunity relocation costs. The credit allowed hereunder may be taken
by the taxpayer in whole or in part in the year in which the employment
opportunity is relocated by such taxpayer or either of the two years
succeeding such event.

The director of finance is empowered to promulgate rules and
regulations and to prescribe the form of application to be used by a
taxpayer seeking the credit provided hereunder.

(B) Definitions: When used in this section, "Employment Opportunity"
means the creation of a full time position of gainful employment for an
industrial or commercial employee and the actual hiring of such employee
for the said position.

"Industrial Employee" means one engaged in the manufacture or
assembling of tangible goods or the processing of raw materials.

"Commercial Employee" means one engaged in the buying, selling or
otherwise providing of goods or services other than on a retail basis.

"Retail" means the selling or otherwise disposing or furnishing of
tangible goods or services directly to the ultimate user or consumer.

"Full Time Position" means the hiring of an industrial or commercial
employee in a position of gainful employment where the number of hours
worked by such employee is not less than thirty hours during any given
work week.

"Employment Opportunity Relocation Costs" means the costs incurred by
the taxpayer in moving furniture, files, papers and office equipment
into the city from a location outside the state; the costs incurred by
the taxpayer in the moving and installation of machinery and equipment
into the city from a location outside the state; the costs of
installation of telephones and other communications equipment required
as a result of the relocation to the city from a location outside the
state; the cost incurred in the purchase of office furniture and
fixtures required as a result of the relocation to the city from a
location outside the state; and the cost of renovation of the premises
to be occupied as a result of the relocation provided, however, that
such renovation costs shall be allowable only to the extent that they do
not exceed seventy-five cents per square foot of the total area utilized
by the taxpayer in the occupied premises.

(2) The credit allowed under this section for any taxable year shall
be deemed to be an overpayment of tax by the taxpayer to be credited or
refunded, without interest, in accordance with the provisions of section
seventy-seven of this title.

(3) Where the taxpayer receives a refund or credit of any tax imposed
under section eleven hundred seven of the tax law for which the taxpayer
had claimed a credit under the provisions of this section in a prior
taxable year, the amount of such tax refund or credit shall be added to
the tax imposed by section three, and such amount shall be subtracted in
computing entire net income for the taxable year.