§ 48-01 Purpose and Scope of Rules.
RCNY § 48-01
The purpose of these rules is to set forth the application and credit allocation process for the New York City biotechnology credit to be applied against New York City unincorporated business tax and general corporation tax. The Tax Law authorizes the New York City Department of Finance to promulgate rules to establish procedures for the allocation of such credits including, but not limited to, the application process, due dates for applications, the standards to be used for evaluating applications, documentation that will be provided to taxpayers to substantiate the amount of tax credits allocated to such taxpayers and any other provisions deemed necessary and appropriate. Although much of the law that established the New York City biotechnology credit is substantially identical to the law that established the New York State Qualified Emerging Technologies Facilities, Operations and Training Credit, these rules only apply to determination and implementation of the New York City credit. For purposes of this chapter, "credit" shall mean the New York City biotechnology credit.
