§ 4-i. Lower Manhattan 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-ee 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 three thousand dollars by
the number of eligible aggregate employment shares maintained by the
taxpayer during the taxable year with respect to eligible premises to
which the taxpayer has relocated; 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
subdivision to any taxpayer that has elected pursuant to subdivision (d)
of section twenty-five-ee 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. For
purposes of this subdivision, the terms "eligible aggregate employment
shares," "eligible premises," "relocate," "retail activity" and "hotel
services" shall have the meanings ascribed by section twenty-five-dd of
the general city law.

(2) The credit allowed under this section with respect to eligible
aggregate employment shares maintained with respect to eligible premises
to which the taxpayer has relocated shall be allowed for the taxable
year of the relocation and for any of the twelve succeeding taxable
years during which eligible aggregate employment shares are maintained
with respect to eligible 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 eligible 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 eligible premises in
the taxable year of relocation and the denominator of which is the
number of days in such twelfth taxable year during which such eligible
aggregate employment shares are maintained with respect to such
premises.

(3) 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.

(4) The credits allowed under this section, against the tax imposed by
this chapter for the taxable year of the 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.

(5) The credit allowed under this section shall be deducted after the
credits allowed by section four-h of this part, but prior to the
deduction of any other credit allowed by this part.