Sec. 5-10.1. General

Tax Law, § 210(12-B)(a)

(a) A taxpayer that has been certified or that has applied for certification (see: subdivision [b] of this section) pursuant to article 18-B of the General Municipal Law is allowed to claim an economic development zone investment tax credit against the tax imposed by article 9-A of the Tax Law with respect to qualified tangible personal property and other qualified tangible property, including buildings and structural components of buildings, which is located within an economic development zone designated as such pursuant to article 18-B of the General Municipal Law, provided the acquisition, construction, reconstruction or erection of such property occurred or was commenced on or after the date of such designation and prior to the expiration thereof. The economic development zone investment tax credit is computed pursuant to section 5-10.5 of this Subpart.

(b) In order to claim a credit, a taxpayer must be certified pursuant to article 18-B of the General Municipal Law during the taxable year, or have applied for such certification on or before the last day of the taxable year, in which the property for which the economic development zone investment tax credit is claimed becomes qualified property (see section 5-10.2 of this Subpart). For purposes of this subdivision, a taxpayer is certified where such taxpayer has received certification or recertification pursuant to article 18-B of the General Municipal Law and such certification or recertification has not been revoked.

(c) A taxpayer entitled to claim the economic development zone investment tax credit must claim such credit in the taxable year the property becomes qualified property pursuant to section 5-10.2 of this Subpart. A taxpayer must submit a copy of its certificate of eligibility together with a “Claim for Economic Development Zone Investment Tax Credit” (form DTF-603) when claiming the credit. If the certificate of eligibility has not yet been received, a copy of the application for such certificate must be submitted.

(d) Where a taxpayer's certification pursuant to article 18-B of the General Municipal Law has been revoked subsequent to claiming an economic development zone investment tax credit with respect to qualified property, such credit must be recomputed in accordance with section 5-10.8 of this Subpart.

(e) For a special provision with respect to the assessment of tax due to a taxpayer's decertification pursuant to article 18-B of the General Municipal Law, see section 38.1 of this Title.

(f) If a taxpayer has claimed an economic development zone investment tax credit contingent upon the approval of the application for certification pursuant to article 18-B of the General Municipal Law and such application is subsequently denied, the taxpayer must file an amended report with the Commissioner of Taxation and Finance to reflect the disallowance of the economic development zone investment tax credit. However, such taxpayer may be entitled to claim an investment tax credit pursuant to Subpart 5-2 of this Part on such amended report.