31 - Excelsior jobs program credit.

* § 31. Excelsior jobs program credit. (a) General. A taxpayer subject  to  tax  under article nine-A, twenty-two, thirty-two or thirty-three of  this chapter shall be allowed a credit against such tax, pursuant to the  provisions referenced in subdivision (g) of this section. The amount  of  the  credit,  allowable for up to five consecutive taxable years, is the  sum of the following four credit components:    (1) the excelsior jobs tax credit;    (2) the excelsior investment tax credit;    (3) the excelsior research and development tax credit; and    (4) the excelsior real property tax credit.    (b) To be eligible for the excelsior jobs program credit, the taxpayer  shall have been issued a "certificate of tax credit" by  the  department  of  economic  development  pursuant to subdivision four of section three  hundred fifty-four of the economic development  law,  which  certificate  shall  set forth the amount of each credit component that may be claimed  for the taxable  year.  A  taxpayer  may  claim  such  credit  for  five  consecutive  taxable years commencing in the first taxable year that the  taxpayer receives a certificate of tax credit or the first taxable  year  listed  on its preliminary schedule of benefits, whichever is later. The  taxpayer shall be allowed  to  claim  only  the  amount  listed  on  the  certificate of tax credit for that taxable year. Such certificate should  be  attached  to  the  taxpayer's  return.  No  cost  or expense paid or  incurred by the taxpayer shall be the basis for more than one  component  of this credit or any other tax credit.    (c)  Election of credit. A taxpayer who or which is qualified to claim  the excelsior investment tax credit component and is also  qualified  to  claim the investment tax credit provided for under subdivision twelve of  section  two  hundred ten, subsection (a) of section six hundred six, or  subsection (i) of section fourteen hundred fifty-six  of  this  chapter,  may  claim  either  the excelsior investment tax credit component or the  investment tax credit, but not both with regard to a particular piece of  property. In addition, a taxpayer who or which is qualified to claim the  excelsior investment tax credit component and is also qualified to claim  the  brownfield  tangible  property  credit  component   under   section  twenty-one  of  this article, as added by chapter one of the laws of two  thousand three, may claim either the  excelsior  investment  tax  credit  component  or such tangible property credit component, but not both with  regard to a particular piece of property.  The  election  to  claim  the  excelsior  investment tax credit component, the investment tax credit or  the brownfield tangible property credit component, with  regard  to  the  same property, is irrevocable.    (d)   Information  sharing.  Notwithstanding  any  provision  of  this  chapter,  employees  and  officers  of  the   department   of   economic  development  and  the  department  shall  be allowed and are directed to  share and exchange:    (1) information derived from tax returns or reports that  is  relevant  to  a  taxpayer's  eligibility  to  participate  in  the  excelsior jobs  program;    (2) information regarding the component or components  of  the  credit  applied  for, allowed, or claimed pursuant to this section and taxpayers  who are applying for the credit or who are claiming the credit; and    (3) information contained  in  or  derived  from  credit  claim  forms  submitted  to  the  department  and  applications for admission into the  excelsior jobs program.    Other than the information required to  be  contained  in  the  report  issued  pursuant  to  subdivision  (e)  of this section, all information  exchanged  between  the  department  of  economic  development  and  thedepartment  shall  not  be subject to disclosure or inspection under the  state's freedom of information law.    (e)  Excelsior  jobs  program credit report. (1) The commissioner must  publish an excelsior jobs program tax credit  report  annually  by  June  thirtieth.  The  first  report  must be published by June thirtieth, two  thousand twelve.    (2) The credit report must contain the following information about the  excelsior jobs program tax credit claimed under this chapter during  the  previous calendar year:    (i)  the name of each taxpayer claiming a credit; provided however, if  the taxpayer claims a credit because the  taxpayer  is  a  member  of  a  limited  liability  company, a partner in a partnership or a shareholder  in a subchapter S  corporation,  the  name  of  each  limited  liability  company,  partnership  or  subchapter  S  corporation earning any of the  credit must be included in the report instead of information  about  the  taxpayer claiming the credit; and    (ii)  the  amount  of  each  credit component earned by each taxpayer;  provided however, if the taxpayer claims a credit because  the  taxpayer  is  a  member of a limited liability company, a partner in a partnership  or a shareholder in a subchapter S corporation,  the  amount  of  credit  earned  by  each  entity  must  be  included  in  the  report instead of  information about the taxpayer claiming the credit.    (3) The credit report may also contain any other information  received  by  the  commissioner  with  regard to the excelsior jobs program credit  that the commissioner deems to be useful in evaluating the  use  of  the  credit.   The information included in the credit report will be based on  the information filed with the department during the  previous  calendar  year, to the extent that it is practicable to use that information.    (f) Credit recapture. If a certificate of eligibility or a certificate  of  tax  credit  issued  by the department of economic development under  article seventeen of the economic development law  is  revoked  by  such  department,  the  amount of credit described in this section and claimed  by the taxpayer prior to that revocation shall be added back  to  income  in the taxable year in which any such revocation becomes final.    (g)  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: subdivision 41.    (2) article 22: section 606: subsection (qq).    (3) article 32: section 1456: subsection (u).    (4) article 33: section 1511: subdivision (y).    * NB There are 2 § 31's