470 – Short Title.

§ 470. Short title. This article shall be known and may be cited as the “restaurant return-to-work tax credit program act”.

471 – Statement of Legislative Findings and Declaration.

§ 471. Statement of legislative findings and declaration. It is hereby found and declared that New York state needs, as a matter of public policy, to create financial incentives for restaurants that have suffered economic harm as a result of the COVID-19 pandemic to expeditiously rehire workers and increase total employment. The restaurant return-to-work tax […]

472 – Definitions.

§ 472. Definitions. For the purposes of this article: 1. “Average full-time employment” shall mean the average number of full-time equivalent positions employed by a business entity in an eligible industry during a given period. 2. “Average starting full-time employment” shall be calculated as the average number of full-time equivalent positions employed by a business […]

473 – Eligibility Criteria.

§ 473. Eligibility criteria. 1. To be eligible for a tax credit under the restaurant return-to-work tax credit program, a business entity must: (a) be a small business as defined in section one hundred thirty-one of this chapter and have fewer than one hundred full-time job equivalents in New York state as of April first, […]

474 – Application and Approval Process.

§ 474. Application and approval process. 1. A business entity must submit a complete application as prescribed by the commissioner for the restaurant return-to-work credit and the additional restaurant return-to-work credit. 2. The commissioner shall establish procedures and a timeframe for business entities to submit applications. As part of the application, each business entity must: […]

475 – Restaurant Return-to-Work Tax Credit.

§ 475. Restaurant return-to-work tax credit. 1. A business entity in the restaurant return-to-work tax credit program that meets the eligibility requirements of section four hundred seventy-three of this article may be eligible to claim a credit equal to five thousand dollars per each full-time equivalent net employee increase as defined in subdivision eight of […]

475-A – Additional Restaurant Return-to-Work Tax Credit.

§ 475-a. Additional restaurant return-to-work tax credit. 1. A business entity in the restaurant return-to-work tax credit program that applies for the additional restaurant return-to-work credit pursuant to section four hundred seventy-four of this article may be eligible to claim a credit equal to five thousand dollars per each full-time equivalent net employee increase above […]

476 – Powers and Duties of the Commissioner.

§ 476. Powers and duties of the commissioner. 1. The commissioner may promulgate regulations establishing an application process and eligibility criteria, that will be applied consistent with the purposes of this article, so as not to exceed the annual cap on tax credits set forth in section four hundred seventy-nine of this article which, notwithstanding […]

477 – Maintenance of Records.

§ 477. Maintenance of records. Each business entity participating in the program shall keep all relevant records for their duration of program participation for at least three years.

478 – Reporting.

§ 478. Reporting. Each business entity participating in this program must submit a performance report to the department at a time prescribed in regulations by the commissioner. The commissioner shall on or before April first, two thousand twenty-two and every quarter thereafter, until program funds are fully expended, submit a report to the governor, the […]

479 – Cap on Tax Credit.

§ 479. Cap on tax credit. The total amount of tax credits listed on certificates of tax credit issued by the commissioner pursuant to this article may not exceed thirty-five million dollars.