§ 30-06 Banking Corporation Tax Credit.
RCNY § 30-06
(a)The amount of the banking corporation tax credit authorized by 19 RCNY § 30-02 is determined by multiplying $500 by the number of eligible aggregate employment shares maintained during the taxable year by the taxpayer with respect to particular 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.
(b)The credit allowed under this section with respect to eligible aggregate employment shares maintained with respect to particular premises to which the taxpayer has relocated shall be allowed for the first taxable year during which such eligible aggregate employment shares are maintained with respect to such premises and for any of the eleven succeeding taxable years during which the eligible aggregate employment shares are maintained with respect to such premises. 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. For any taxable year in which there are carryover credits, the credit for the taxable year shall be taken first, followed by the carryover credits, in order starting with the earliest applicable year.
(c)The credit allowable under this section shall be deducted prior to the deduction of any other credit allowed by Part 4 of Subchapter 3 of Chapter 6 of Title 11 of the Administrative Code.
(d)The amount equal to 25% of the preceding year's tax, to be paid pursuant to subdivision (a) of § 11-645 of the Administrative Code, shall be computed without regard to the credit provided for in this section.
