N.Y. Tax Law 41 – Limitations on tax credit eligibility
§ 41. Limitations on tax credit eligibility. Any taxpayer who stands convicted, or who is a shareholder of an S corporation or partner in a partnership which is convicted, of an offense defined in article two hundred or four hundred ninety-six or § 195.20 of the penal law shall not be eligible for any tax credit allowed under article nine, nine-A, thirty-two or thirty-three of this chapter or any business tax credit allowed under article twenty-two of this chapter. For purposes of this section, a business tax credit allowed under article twenty-two of this chapter is a tax credit allowed to taxpayers under article twenty-two which is substantially similar to a tax credit allowed to taxpayers under article nine-A of this chapter. In the event a person or firm, partnership or corporation is convicted of an offense defined in article two hundred or four hundred ninety-six or § 195.00 of the penal law, the office responsible for prosecuting such offense shall send notice of such conviction, together with the names of any firm, partnership or corporation of which the person is known to be a member, partner, officer or director, to the commissioner.
Terms Used In N.Y. Tax Law 41
- Conviction: A judgement of guilt against a criminal defendant.
- 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.