§ 59-04 Determination of Credit.
RCNY § 59-04
a. Determination by Department. No later than January 31 immediately following the due date, the Department will: 1. approve a taxpayer's complete and timely application and determine the amount of the credit in accordance with this section; or 2. deny the application. b. Calculation of Credit.
1.Formula for the creation of child care. The amount of credit for a taxpayer that creates child care will be calculated pursuant to the following formula: the product of the amount determined under subparagraph (i) and the amount determined under subparagraph (ii).
(i)The amount determined under this subparagraph will be the sum of: (A) the product of four percent of the child care infant rate and the number of infant child care seats that are occupied, as determined under subparagraph (iii); and (B) the product of four percent of the child care toddler rate and the number of toddler child care seats that are occupied, as determined under subparagraph (iii).
(ii)The amount determined under this clause will be the lesser of: (A) the number of days the child care program is in operation during the service year; or (B) the product of 260 and a fraction, in which the numerator is the number of calendar weeks such program is in operation and the denominator is 52.
(iii)In determining the number of infant or toddler child care seats that are occupied, the following rules apply: (A) Except as provided in clause (B) of this subparagraph, the number of infant child care seats that are occupied and the number of toddler child care seats that are occupied are the numbers provided for each respective category in the certification form included in the taxpayer's application. (B) If the sum of the number of infant child care seats that are occupied and the number of toddler child care seats that are occupied exceeds the seat cap for a created program, the number of infant child care seats that are occupied will be reduced until such sum does not exceed the seat cap. If such sum still exceeds the seat cap after reducing the number of infant child care seats that are occupied to zero, the number of toddler child care seats that are occupied will be reduced until such sum does not exceed the seat cap.
2.Formula for the expansion of child care. The amount of credit for a taxpayer that expands child care will be calculated pursuant to the following formula: the product of the amount determined under subparagraph (i) and the amount determined under subparagraph (ii).
3.Examples. The principles and calculations set forth in this subdivision are illustrated in the examples set forth in 19 RCNY § 59-06. c. Maximum Amount of Available Credit. The total amount of credits to all taxpayers may not exceed $25 million in any year. d. Reduction of Credit.
