§ 25-ee. Authorization to provide relocation and employment assistancecredits in Lower Manhattan. (a) Any city having a population of onemillion or more is hereby authorized and empowered to adopt and amend alocal law allowing an eligible business that relocates as defined insubdivision (j) of section twenty-five-dd of this article or a specialeligible business that relocates as defined in subdivision (m) ofsection twenty-five-dd of this article to receive a credit against a taximposed under a local law enacted pursuant to part two or three ofsection one or section two of chapter seven hundred seventy-two of thelaws of nineteen hundred sixty-six or a gross receipts tax imposed undera local law enacted pursuant to subdivision (a) of section twelvehundred one of the tax law. The amount of such credit shall bedetermined by multiplying three thousand dollars by the number ofeligible aggregate employment shares maintained by the taxpayer duringthe taxable year with respect to eligible premises to which the taxpayerhas relocated, and may be taken, pursuant to the provisions of sectionfour-i of part two of section one, or paragraph two of subdivision (k)of section one hundred one of section two of chapter seven hundredseventy-two of the laws of nineteen hundred sixty-six, or pursuant tothe provisions of a local law enacted pursuant to subdivision (a) ofsection twelve hundred one of the tax law, for up to thirteenconsecutive taxable years beginning with the taxable year in which theeligible business relocates as defined in subdivision (j) of sectiontwenty-five-dd of this article; provided that no such credit shall beallowed for the relocation of any retail activity or hotel services.(b) No eligible business or special eligible business shall beauthorized to receive a credit against tax under any local law enactedpursuant to this article until the premises with respect to which it isclaiming the credit meet the requirements in the definition of eligiblepremises and until it has obtained a certification of eligibility fromthe mayor of such city or any agency designated by such mayor, and anannual certification from such mayor or an agency designated by suchmayor as to the number of eligible aggregate employment sharesmaintained by such eligible business or such special eligible businessthat may qualify for obtaining a tax credit for the eligible business'taxable year. No special eligible business shall be authorized toreceive a credit against tax under the provisions of this article unlessthe number of relocated employee base shares calculated pursuant tosubdivision (o) of section twenty-five-dd of this article is equal to orgreater than the lesser of twenty-five percent of the number of New Yorkcity base shares calculated pursuant to subdivision (p) of such sectionand two hundred fifty employment shares. Any written documentationsubmitted to such mayor or such agency or agencies in order to obtainany such certification shall be deemed a written instrument for purposesof section 175.00 of the penal law. Such local law may provide forapplication fees to be determined by such mayor or such agency oragencies. No certification of eligibility shall be issued under anylocal law enacted pursuant to this article to an eligible business on orafter July first, two thousand twenty-five unless:
(1) prior to such date such business has purchased, leased or enteredinto a contract to purchase or lease premises in the eligible LowerManhattan area or a parcel on which will be constructed such premises;
See AlsoBest Immigration Lawyers New York City, NY Of 2024Market Maintenance – Part-time - general labor - job employment - craigslistNYC hidden dining gems: Leon’s Bagels keeps it classicDonald Trump found guilty in historic New York hush money case(2) prior to such date improvements have been commenced on suchpremises or parcel, which improvements will meet the requirements ofsubdivision (e) of section twenty-five-dd of this article relating toexpenditures for improvements;
(3) prior to such date such business submits a preliminary applicationfor a certification of eligibility to such mayor or such agency oragencies with respect to a proposed relocation to such premises; and
(4) such business relocates to such premises as provided insubdivision (j) of section twenty-five-dd of this article not later thanthirty-six months or, in a case in which the expenditures made for theimprovements specified in paragraph two of this subdivision are inexcess of fifty million dollars within seventy-two months from the dateof submission of such preliminary application.
(c) Such mayor or any agency or agencies designated by such mayorshall be authorized to promulgate rules and regulations to administerand assure compliance with the provisions of this article, including butnot limited to rules and regulations to provide for alternative methodsto measure employment shares in instances where an eligible business isnot required by law to maintain weekly records of full-time work weeksand part-time work weeks of employees, partners or sole proprietors asdefined in subdivision (g) of section twenty-five-dd of this article.
(d) An eligible business, or a special eligible business, other than autility company subject to the supervision of the department of publicservice shall not be authorized to receive a credit against a taximposed pursuant to the provisions of a local law enacted pursuant tosubdivision (a) of section twelve hundred one of the tax law unless sucheligible business or special eligible business elects to take the creditauthorized by this section against the tax imposed by such local law onits application filed with such mayor or the agency designated by suchmayor pursuant to subdivision (b) of this section. The electionauthorized by this subdivision may not be withdrawn after the issuanceof such certification of eligibility. No taxpayer that has previouslyreceived a certification of eligibility to receive such credit againstany tax imposed under a local law enacted pursuant to part two or threeof section one or section two of chapter seven hundred seventy-two ofthe laws of nineteen hundred sixty-six may make the election authorizedby this subdivision. No taxpayer that makes the election provided inthis subdivision shall be authorized to take such credit against any taximposed under a local law enacted pursuant to part two or three ofsection one or section two of chapter seven hundred seventy-two of thelaws of nineteen hundred sixty-six.
(e) For the duration of the benefit period, the recipient of benefitsshall file annually, along with the aforementioned original and annualcertificates of eligibility, the average wage and benefits offered tothe applicable relocated employees used in determining eligibleaggregate employment shares, pursuant to subdivision (i) of sectiontwenty-five-y of this chapter. The department shall have the authorityto require that statements filed under this subdivision be certified.
