N.Y. Comp. Codes R. & Regs. tit. 5 § 280.8

Current through Register Vol. 46, No. 53, December 31, 2024

Section 280.8 - Advance tax credit payment option

(a) Taxpayers who choose to use August 31, 2021 as the last date to calculate their average ending full-time employment and have received their certificate of tax credit by November 15, 2021, will have the option to request an advance payment of the amount of tax credit they are allowed under this program. A taxpayer must submit such request to the Department of Taxation and Finance in the manner prescribed by the commissioner after it has been issued a certificate of tax credit by the Department of Economic Development pursuant to subdivision 2 of section 474 of the Economic Development Law (or such certificate has been issued to a partnership, limited liability company or subchapter S corporation in which it is a partner, member or shareholder, respectively), but such request must be submitted no later than November 15, 2021.

(b) For those taxpayers who have requested an advance payment and for whom the Commissioner of Taxation and Finance has determined eligible for this credit, the Commissioner of Taxation and Finance shall advance a payment of the tax credit allowed to the taxpayer. However, in the case of a taxpayer subject to article 9-a of the Tax Law, such payment shall be equal to the amount of credit allowed to the taxpayer less $25. Such $25 shall represent a partial payment of tax owed by the taxpayer under article 9-a, including any fixed dollar minimum owed under paragraph (d) of subdivision 1 of section 210 of the Tax Law. When a taxpayer files its return for the taxable year, such taxpayer shall properly reconcile the advance payment and any partial payment of fixed dollar minimum tax, if applicable, on the taxpayer's return.

N.Y. Comp. Codes R. & Regs. Tit. 5 § 280.8

Adopted New York State Register December 22, 2021/Volume XLIII, Issue 51, eff. 12/22/2021