§ 4-h. Relocation and employment assistance credit. (1) In addition
to any other credit allowed by this part, a taxpayer that has obtained
the certifications in accordance with subdivision (b) of section
twenty-five-z of the general city law shall be allowed a credit against
the tax imposed by this part. The amount of the credit shall be the
amount determined by multiplying five hundred dollars or, in the case of
a taxpayer that has obtained pursuant to subdivision (b) of such section
twenty-five-z a certification of eligibility dated on or after July
first, nineteen hundred ninety-five, one thousand dollars or, in the
case of an eligible business that has obtained pursuant to subdivision
(b) of such section twenty-five-z a certification of eligibility dated
on or after July first, two thousand, for a relocation to eligible
premises located within a revitalization area defined in subdivision (n)
of section twenty-five-y of the general city law, three thousand
dollars, by the number of eligible aggregate employment shares
maintained by the taxpayer during the taxable year with respect to
particular premises to which the taxpayer has relocated; provided,
however, with respect to a relocation for which no application for a
certificate of eligibility is submitted prior to July first, two
thousand three, to eligible premises that are not within a
revitalization area, if the date of such relocation as determined
pursuant to subdivision (j) of section twenty-five-y of the general city
law is before July first, nineteen hundred ninety-five, the amount to be
multiplied by the number of eligible aggregate employment shares shall
be five hundred dollars, and with respect to a relocation for which no
application for a certificate of eligibility is submitted prior to July
first, two thousand three, to eligible premises that are within a
revitalization area, if the date of such relocation as determined
pursuant to subdivision (j) of such section is before July first,
nineteen hundred ninety-five, the amount to be multiplied by the number
of eligible aggregate employment shares shall be five hundred dollars,
and if the date of such relocation as determined pursuant to subdivision
(j) of such section is on or after July first, nineteen hundred
ninety-five, and before July first, two thousand, one thousand dollars;
provided, however, that no credit shall be allowed for the relocation of
any retail activity or hotel services; provided, further, that no credit
shall be allowed under this section to any taxpayer that has elected
pursuant to subdivision (d) of section twenty-five-z of the general city
law to take such credit against a gross receipts tax imposed under a
local law enacted pursuant to subdivision (a) of section twelve hundred
one of the tax law; and provided that in the case of an eligible
business that has obtained pursuant to subdivision (b) of such section
twenty-five-z certifications of eligibility for more than one
relocation, the portion of the total amount of eligible aggregate
employment shares to be multiplied by the dollar amount specified in
this subdivision for each such certification of a relocation shall be
the number of total attributed eligible aggregate employment shares
determined with respect to such relocation pursuant to subdivision (o)
of section twenty-five-y of the general city law. For purposes of this
section, the terms "eligible aggregate employment shares", "relocate",
"retail activity" and "hotel services" shall have the meanings ascribed
by section twenty-five-y of the general city law.

(2) The credit allowed under this section with respect to eligible
aggregate employment shares maintained with respect to particular
premises to which the taxpayer has relocated shall be allowed for the
first taxable year during which such eligible aggregate employment
shares are maintained with respect to such premises and for any of the
twelve succeeding taxable years during which eligible aggregate
employment shares are maintained with respect to such premises; provided
that the credit allowed for the twelfth succeeding taxable year shall be
calculated by multiplying the number of eligible aggregate employment
shares maintained with respect to such premises in the twelfth
succeeding taxable year by the lesser of one and a fraction, the
numerator of which is such number of days in the taxable year of
relocation less the number of days the eligible business maintained
employment shares in the eligible premises in the taxable year of
relocation and the denominator of which is the number of days in such
twelfth succeeding taxable year during which such eligible aggregate
employment shares are maintained with respect to such premises. Except
as provided in subdivision four of this section, if the amount of the
credit allowable under this section for any taxable year exceeds the tax
imposed for such year, the excess may be carried over, in order, to the
five immediately succeeding taxable years and, to the extent not
previously deductible, may be deducted from the taxpayer's tax for such
years.

(3) The credit allowable under this section shall be deducted prior to
the deduction of any other credit allowed by this part.

(4) In the case of a taxpayer that has obtained a certification of
eligibility pursuant to subdivision (b) of section twenty-five-z of the
general city law dated on or after July first, two thousand for a
relocation to eligible premises located within the revitalization area
defined in subdivision (n) of section twenty-five-y of the general city
law, the credits allowed under this section, or in the case of a
taxpayer that has relocated more than once, the portion of such credits
attributed to such certification of eligibility pursuant to subdivision
one of this section, against the tax imposed by this chapter for the
taxable year of such relocation and for the four taxable years
immediately succeeding the taxable year of such relocation, shall be
deemed to be overpayments of tax by the taxpayer to be credited or
refunded, without interest, in accordance with the provisions of section
seventy-seven of this title. For such taxable years, such credits or
portions thereof may not be carried over to any succeeding taxable year;
provided, however, that this subdivision shall not apply to any
relocation for which an application for a certification of eligibility
was not submitted prior to July first, two thousand three, unless the
date of such relocation is on or after July first, two thousand.