Sec. 5-8.3. Limitations and carryover of the economic development zone capital tax credit

Tax Law, § 210(20)(a), (b)

(a) The amount of the economic development zone capital tax credit and carryovers of such credit to the taxable year may not in the aggregate exceed 50 percent of the tax imposed under section 209 of the Tax Law computed without regard to any credit provided for pursuant to section 210 of the Tax Law.

(b) The economic development zone capital tax credit, or credits with respect to more than one taxable year, determined in accordance with this Subpart shall not exceed $300,000 per taxpayer for all tax years taken, in the aggregate, and shall not exceed $100,000 with respect to the types of investments and contributions described in section 5-8.2(a)(1), (2) or (3) of this Subpart.

(c) The economic development zone capital tax credit and carryover of such credit allowed for any taxable year, in the aggregate, shall not reduce the tax due to less than the higher of the amounts prescribed in section 210(1)(c) and (d) of the Tax Law.

(d) If all of the economic development zone capital tax credit or carryovers of such credit or both are not used in any one taxable year, due to the limitations provided in subdivisions (a) and (c) of this section, the unused portion may be carried forward to the following year or years and may be deducted from the tax for such year or years.