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New York Basic Business Taxes 2011

New York's economic development, finance, and tax organizations provide a range of incentive programs to initiate new business and commercial investment. Specific programs include corporate income tax, investment tax credits, and the Excelsior Jobs Program.

March 2011
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Investment Tax Credit for Qualified Film Production Facilities - The ITC is available for property principally used as a qualified film production facility (i.e., a film production facility in the State which contains at least one sound stage with a minimum of 7,000 square feet of contiguous production space) among that eligible for the investment tax credit (ITC), where the taxpayer (owner of the facility) is providing three or more services to any qualified film production company (an entity principally engaged in the production of a qualified film and which controls the qualified film during production) using the facility, including such services as: studio lighting grid; lighting and grip equipment; multi-line phone service; broadband information technology access; industrial scale electrical capacity; food services; security services; and heating, ventilation and air conditioning.

Credit for Rehabilitation of Historic Properties - A credit is allowed for the rehabilitation of depreciable historic properties located in New York State. Note: to be eligible for the credit, the rehabilitation project must be in a distressed area.
• The amount of the credit is equal to 100 percent (30 percent, effective 1/1/2015) of the federal credit under IRC section 47(c)(3).
• A certified historic structure is defined as a building and its structural components which are listed in the National Register of Historic Places or located in a registered historic district and certified to be of historic significance to the district.
• Credit is capped at $5 million ($100,000, effective 1/1/2015); any State credit must be recaptured if the federal credit upon which it is based is subject to recapture.
• Unused credits can be carried forward indefinitely.
• In the case of partnerships or S-corporations, the maximum credit is determined at the entity (rather than taxpayer) level. The credit may be used to reduce tax to the higher of the alternative minimum income tax or fixed dollar minimum tax; unused credits can be carried forward.

Long-term care insurance credit:
A credit is allowed for long-term care insurance premiums paid during the taxable year equal to 20 percent of the premium paid for long-term care insurance. The credit may not reduce the tax below the AMT or fixed dollar minimum. Unused credits can be carried forward indefinitely.

Automated external defibrillator credit:
A credit may be taken for the purchase of automated external defibrillators, such as those used for first-aid treatment of heart attacks. The credit is equal to the cost of each defibrillator purchased, but may not exceed $500 per unit. Credit cannot reduce tax below the AMT or fixed dollar minimum. Unused credits cannot be carried forward.

Security Training Tax Credit:
This is a refundable tax credit, administered by the State Office of Homeland Security in conjunction with the Tax Department, for qualified building owners. Taxpayers must apply to the State Office of Homeland Security for an allocation of credit and credit certification in order to claim this credit. The credit is equal to the sum of the number of qualified security officers providing protection to a building(s) owned by the taxpayer multiplied by $3,000.

New York State Contact:
Warner Johnston
Empire State Development
633 Third Avenue, 37th Floor
New York, NY 10017
(800) STATE-NY
(212) 803-3740

Incentive and tax information is provided to Area Development by each state's economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.