Sec. 20-2.1. General

Tax Law, § 1456(d)

A taxpayer is allowed an economic development zone capital tax credit (EDZ-capital tax credit) with respect to the sum of the investments and contributions, provided in section 1456(d)(1) of the Tax Law, made during the taxable year and certified by the Commissioner of Economic Development. The provisions of Subpart 5-8 of this Title, dealing with the EDZ-capital tax credit against the tax imposed by article 9-A of the Tax Law, are applicable to the credit allowed by section 1456(d) of the Tax Law, except as may otherwise be required by such section. Included within those exceptions are provisions of section 1456(d)(2) of the Tax Law which require that the tax due for the taxable year not be reduced by the EDZ-capital tax credit and carryovers to less than the minimum tax fixed by section 1455(b) of the Tax Law, and that the EDZ-capital tax credit and carryovers deducted from the tax not exceed 50 percent of the tax imposed under section 1455 of the Tax Law. A taxpayer must submit a “Claim for Economic Development Zone Capital Tax Credit” (form DTF-602) when claiming the credit.