§ 30-02 Authorization to Provide Relocation and Employment Assistance Credits and Base Rent Reductions.
RCNY § 30-02
(a)An eligible business which relocates shall be allowed a credit against the unincorporated business tax imposed by Chapter 5, the general corporation tax imposed under Subchapter 2 of Chapter 6, or the banking corporation tax imposed under Subchapter 3 of Chapter 6 of Title 11 of the Administrative Code as described in subdivision (i) of § 11-503, subdivision 17 of § 11-604 and § 11-643.7 of the Administrative Code. Any such eligible business which is subject to the commercial rent tax shall also receive a reduction in base rent subject to tax as described in subdivision f of § 11-704 of the Administrative Code.
(b)No eligible business shall be authorized to receive a credit against tax or a reduction in base rent pursuant to this section until it has received from the Department of Finance an initial certification of eligibility to receive benefits under this program and a certification of the number of aggregate employment shares maintained by such eligible business within the eligible area, outside the eligible area and at the particular premises to which it relocates in the base year. If an eligible business subsequently relocates to a separate particular premises, such eligible business must obtain an additional initial certification of eligibility for the subsequent relocation and a certification of the number of aggregate employment shares at the separate particular premises in the taxable year prior to the taxable year of relocation to such separate particular premises.
(c)Before receiving a credit against the general corporation tax, unincorporated business tax or the banking corporation tax in any taxable year, an eligible business must obtain an annual certification from the Department of Finance of the number of eligible aggregate employment shares maintained by such eligible business in the eligible area and in each particular premises to which it has relocated for the eligible business' taxable year.
(d)Before a reduction in base rent may be authorized in any tax year, the taxpayer must obtain an annual certification of the number of eligible aggregate employment shares maintained by such eligible business in the eligible area and in each particular premises to which it has relocated for the eligible business' commercial rent tax year. The taxpayer may claim an estimated reduction on its quarterly commercial rent tax returns pursuant to 19 RCNY § 30-08 prior to receiving such annual certification.
(e)With regard to the initial certifications specified in subdivision (b) of this section, an eligible business may contest a denial of eligibility or contest the number of aggregate employment shares certified by the Department of Finance by appealing in writing to the Commissioner of Finance within 90 days of such denial of eligibility or certification of shares.
(f)No initial certification with regard to particular premises shall be issued until such premises meet the requirements for qualification as eligible premises contained in the definition of eligible premises in 19 RCNY § 30-01. After such certification has been issued, a credit or base rent reduction may be taken retroactively to the year of relocation for any taxable year which has not been closed by a statute of limitations. No initial certification of eligibility shall be issued to an eligible business on or after July 1, 1999 unless such business meets the requirements of either paragraph one or two below: (1) (i) Prior to such date such business has purchased, leased or entered into a contract to purchase or lease particular premises or a parcel on which will be constructed such premises, or already owned such premises or parcel; (ii) prior to such date improvements have been commenced on such premises or parcel which improvements will meet the requirements of the definition of eligible premises relating to expenditures for improvements; (iii) prior to such date such business submits a preliminary application for a certificate of eligibility with respect to a proposed relocation to such premises; and (iv) such business relocates to such premises no later than 36 months or, in a case where the expenditures made for improvements specified in subparagraph (ii) of this paragraph are in excess of 50 million dollars, within 72 months from the date of submission of such preliminary application; or (2) (i) not later than June 30, 2002, such business has purchased, leased or entered into a contract to purchase or lease particular premises wholly contained in a building in which at least 40 percent or 200,000 square feet, whichever is less, of the nonresidential floor area of such building has been purchased or leased by a business or businesses that did not receive certifications of eligibility with respect to such floor area under these rules prior to July 1, 1999 but which meet or will meet the requirements of paragraph one of this subdivision with respect to such floor area and which are or will become certified to receive a credit under these rules with respect to such floor area; (ii) not later than June 30, 2002, such business submits a preliminary application for a certificate of eligibility with respect to a proposed relocation to such particular premises; and (iii) not later than June 30, 2002 such business relocates to such particular premises.
