Sec. 5-3.3. Limitation and carry-over of the employment incentive tax credit

Tax Law, § 210(12-A)(c)

(a) The employment incentive tax credit shall not reduce the tax below the minimum tax described in sections 3-5.1 and 3-5.2 of this Title or, for taxable years beginning after December 31, 1986, the higher of the amounts prescribed in paragraphs (c) and (d) of subdivision one of section 210 of the Tax Law.

(b) If the taxpayer has an excess employment incentive tax credit after reducing the tax due to the applicable amount described in subdivision (a) of this section, the excess credit may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years but may not be carried over to taxable years beginning on or after January 1, 1994.