An individual who satisfies the criteria set forth in clause (i), (ii), (iv) or (v) at the time of initial employment in the job with respect to which the credit is claimed, or who satisfies the criterion set forth in clause (iii) at such time or at any time within the previous two years, shall be a targeted employee so long as such individual continues to receive empire zone wages.
The credit shall be allowed only with respect to the first taxable year during which payments of empire zone wages are made and the conditions set forth in this paragraph are satisfied, and with respect to each of the four taxable years next following (but only, with respect to each of such years, if such conditions are satisfied), in accordance with paragraph four of this subdivision. Subsequent certifications of the taxpayer pursuant to article eighteen-B of the general municipal law, at the same or a different location in the same empire zone or zone equivalent area or at a location in a different empire zone or zone equivalent area, shall not extend the five taxable year time limitation on the allowance of the credit set forth in the preceding sentence. Provided, further, however, that no credit shall be allowed with respect to any taxable year beginning more than four years following the taxable year in which designation as an empire zone expired or more than ten years after the designation as a zone equivalent area.
Provided, further, however, that the credit provided for herein with respect to the taxable year, and carryovers of such credit to the taxable year, deducted from the tax otherwise due, may not, in the aggregate, exceed fifty percent of (i) in the case of taxpayers subject to tax under subdivision (b) of sectionof this article, the lesser of (I) the limitation on tax computed pursuant to subdivision (a) of section fifteen hundred five, or (II) the greater of the sum of the taxes imposed under sections fifteen hundred one and fifteen hundred ten or the amount of tax computed pursuant to subdivision (b) of section fifteen hundred five, or (ii) for all other insurance corporations, the tax imposed under section of this article, computed without regard to any credit provided for under this article.
N.Y. Tax Law § 1511