§ 44. Employer-provided child care credit. (a) General. A taxpayer
subject to tax under article nine-A, twenty-two, or thirty-three of this
chapter shall be allowed a credit against such tax in an amount equal to
two hundred percent of the portion of the credit that is allowed to the
taxpayer under section 45F of the internal revenue code that is
attributable to (i) qualified child care expenditures paid or incurred
with respect to a qualified child care facility with a situs in the
state, and to (ii) qualified child care resource and referral
expenditures paid or incurred with respect to the taxpayer's employees
working in the state. The credit allowable under this subdivision for
any taxable year shall not exceed five hundred thousand dollars. If the
entity operating the qualified child care facility is a partnership or a
New York S corporation, then such cap shall be applied at the entity
level, so the aggregate credit allowed to all the partners or
shareholders of such entity in a taxable year does not exceed five
hundred thousand dollars.

(b) Credit recapture. If there is a cessation of operation or change
in ownership, as defined by section 45F of the internal revenue code
relating to a qualified child care facility with a situs in the state,
the taxpayer shall add back the applicable recapture percentage of the
credit allowed under this section in accordance with the recapture
provisions of section 45F of the internal revenue code, but the
recapture amount shall be limited to the credit allowed under this
section.

(c) Reporting requirements. A taxpayer that has claimed a credit under
this section shall notify the commissioner of any cessation of
operation, change in ownership, or agreement to assume recapture
liability as such terms are defined by section 45F of the internal
revenue code, in the form and manner prescribed by the commissioner.

(d) Definitions. The terms "qualified child care expenditures",
"qualified child care facility", "qualified child care resource and
referral expenditure", "cessation of operation", "change of ownership",
and "applicable recapture percentage" shall have the same meanings as in
section 45F of the internal revenue code.

(e) Cross-references. For application of the credit provided for in
this section, see the following provisions of this chapter:

(1) article 9-A: section 210-B, subdivision 53;

(2) article 22: section 606(i), subsections (i) and (jjj);

(3) article 33: section 1511, subdivision (dd).