§ 48-03 Allocation of Credit.
RCNY § 48-03
(a)Maximum aggregate amount of credits. The aggregate amount of biotechnology credits allowed for all applicants in any calendar year shall not exceed $3 million.
(b)Allocated credit. In the event that for any calendar year, the Department approves credit applications which in the aggregate total more than $3 million in credits, the Department shall allocate the amount of the credits for such calendar year among eligible applicants on a pro rata basis. The allocated credit to each applicant shall be determined by multiplying the amount of the original credit that was approved by the Department for such applicant by a fraction, the numerator of which is $3 million, and the denominator of which is the aggregate amount of the credits approved by the Department for all applicants for the calendar year.
(c)Notice of allocated credit. The Department shall mail a notice substantiating the amount of the allocated credit to all applicants who qualified to receive an allocated credit.
(d)The amount of the credit determined in the manner described in subdivision (b) of this section shall be the final amount of the credit for such calendar year. An applicant may not carry over to a subsequent tax year the difference between the allocated credit and the original amount of approved credit.
