N.Y. Tax Law 17 – Empire zones tax benefits report
§ 17. Empire zones tax benefits report. (a) The department of taxation and finance must publish an empire zones tax benefits report annually by June thirtieth. The first report must be published by June thirtieth, two thousand eleven.
Terms Used In N.Y. Tax Law 17
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(b) (1) The empire zones tax benefits report must contain the following information about the empire zone tax credits claimed under articles nine, nine-A, twenty-two and thirty-three of this chapter during the previous calendar year:
(A) the name of each taxpayer claiming a credit; and
(B) the amount of each credit earned by each taxpayer.
(2) If the taxpayer claims a empire zone tax credit because the taxpayer is a member of a limited liability company, a partner in a partnership or a shareholder in a subchapter S corporation, the name of each limited liability company, partnership or subchapter S corporation earning any of those credits and the amount of credit earned by each entity must be included in the report instead of information about the taxpayer claiming the credit.
(c) The empire zones tax benefits report must also contain the following information about the sales and use tax refunds and credits claimed under subdivision (d) of section eleven hundred nineteen of this chapter during the previous calendar year:
(A) the name of each taxpayer claiming a credit or refund; and
(B) the total amount of credits or refunds allowed to each taxpayer.
(d) The information included in the empire zones tax benefits report will be based on the information filed with the department during the previous calendar year, to the extent that it is practicable to use that information.