Sec. 5-10.9. Additional amount required to be added back due to certain decertifications

Tax Law, § 210(12-B)(f)(6)(b)

(a) Where a taxpayer has been decertified pursuant to clause (1), (2) or (5) of section 959(a) of the General Municipal Law, and is required by section 5-10.8 of this Subpart to add back the difference between the economic development zone investment tax credit taken and the economic development zone investment tax credit allowed for actual use, an additional amount may be required to be added back. Such amount is equal to the product of the amount of the economic development zone investment tax credit which was deducted from the taxpayer's tax otherwise due under article 9-A of the Tax Law for all prior taxable years (subject to the limit provided for in subdivision [b] of this section) and the underpayment rate of interest (without regard to compounding) pursuant to section 1096(e) of the Tax Law, in effect on the last day of the taxable year.

(b) The limit is equal to the amount of the economic development zone investment tax credit which was deducted from the taxpayer's tax otherwise due under article 9-A of the Tax Law for all prior taxable years minus the economic development zone investment tax credit allowed for actual use (but not below zero).