Sec. 32-1.1. General

Tax Law, § 1511(h)

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 1511(h)(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 1511(h) of the Tax Law, except as may otherwise be required by such section. Included within those exceptions are provisions of section 1511(h)(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 1502(a)(4) of the Tax Law, and that the EDZ-capital tax credit and carryovers deducted from the tax not exceed 50 percent of the sum of the taxes imposed under sections 1501 and 1510 of the Tax Law, or the limitation on tax computed by section 1505 of the Tax Law, whichever is less. A taxpayer must submit a “Claim for Economic Development Zone Capital Tax Credit” (form DTF-602) when claiming the credit.