S 1143 —

Compared against the New York Consolidated Laws as published AI-generated reading aid — verify against the official bill.

This bill amends 1 section(s) of the New York Consolidated Laws: Section 44 of the tax law.

• Section 44 of the tax law

  two hundred percent of the portion of the credit that is allowed to the taxpayer under section 45F of the internal revenue code and to , as defined by section 45F of the internal revenue code section 45F of the internal revenue code, but the recapture amount shall be limited to the credit allowed under this section as such terms are defined by section 45F of the internal revenue code (d) The terms "qualified child care expenditures", "qualified child care facility", "qualified child care resource and referral expenditure", "cessation of operation", "change of ownership", and "applicable recapture percentage" shall have the same meanings as in section 45F of the internal revenue code. (e) → the sum of fifty percent of the qualified child care expenditures and twenty percent of the qualified child care resource and referral expenditures for the taxpayer for such taxable year, , (iii) qualified in-home care expenditures paid or incurred with respect to the taxpayer's employees working in the state, and (iv) qualified backup care expenditures paid or incurred with respect to the taxpayer's employees working in the state italics (i) , this subdivision (ii) If, as of the close of any taxable year, there is a recapture event with respect to any qualified child care facility of the taxpayer, then the tax of the taxpayer under this chapter for such taxable year shall be increased by an amount equal to the product of: (A) the applicable recapture percentage; and (B) the aggregate decrease in the credits allowed under section 38 of the internal revenue code for all prior taxable years which would have resulted if the qualified child care expenditures of the taxpayer with respect to such facility had been zero. (iii) (A) For the purposes of this subdivision, the applicable recap- ture percentage shall be determined from the following table: If the recapture The applicable recapture event occurs in: percentage is: Years one--three one hundred Year four eighty-five Year five seventy Year six fifty-five Year seven forty Year eight twenty-five Years nine--ten ten Year eleven or zero. thereafter (B) For the purposes of subparagraph (A) of this paragraph, year one shall begin on the first day of the taxable year in which the qualified child care facility is placed in service by the taxpayer. (iv) (A) The tax for the taxable year shall be increased under para- graph (ii) of this subdivision only with respect to credits allowed by reason of this section which were used to reduce tax liability. (B) Any increase in tax under this subdivision shall not be treated as a tax imposed by this chapter for purposes of determining the amount of any credit under this chapter. (C) The increase in tax under this subdivision shall not apply to a cessation of operation of the facility as a qualified child care facili- ty by reason of a casualty loss to the extent such loss is restored by reconstruction or replacement within a reasonable period established by the commissioner. Special rules. For the purposes of this section: (i) All persons which are treated as a single employer under subsections (a) and (b) of section 52 of the internal revenue code shall be treated as a single taxpayer. (ii) Under regulations prescribed by the commissioner, rules similar to the rules of subsection (d) of section 52 of the internal revenue code shall apply. (iii) In the case of partnerships, the credit shall be allocated among partners under regulations prescribed by the commissioner. (d) No double benefit. (i) For purposes of this chapter: (A) If a credit is determined under this section with respect to any property by reason of qualified child care expenditures, the basis of such property shall be reduced by the amount of the credit so deter- mined. (B) If, during any taxable year, there is a recapture amount deter- mined with respect to any property the basis of which was reduced under subparagraph (A) of this paragraph, the basis of such property (imme- diately before the event resulting in such recapture) shall be increased by an amount equal to such recapture amount. For purposes of this subparagraph, the term "recapture amount" shall mean any increase in tax determined under subdivision (b) of this section. (ii) No deduction or credit shall be allowed under any other provision of this chapter with respect to the amount of the credit determined under this section. (e) (f) For the purposes of this section, the following terms shall have the following meanings: (i) (A) "Qualified child care expenditure" means any amount paid or incurred: (1) to acquire, construct, rehabilitate, or expand property: (I) which is to be used as part of a qualified child care facil

  amended

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