S 8063: Provides for relocation and employment assistance credits in cities with a population of one million or more.

  
  STATE OF NEW YORK ________________________________________________________________________ 8063 2025-2026 Regular Sessions  IN SENATE May 15, 2025 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Cities 1 AN ACT to amend the general city law, chapter 772 of the laws of 1966, relating to enabling any city having a population of one million or more to raise tax revenue, and the administrative code of the city of New York, in relation to authorizing credits for relocation and employment assistance and making available relocation assistance cred- its per employees The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The opening paragraph of subdivision (b) of section 25-z of 2 the general city law, as amended by section 1 of part RR of chapter 56 3 of the laws of 2020, is amended to read as follows: 4 No eligible business shall be authorized to receive a credit under any 5 local law enacted pursuant to this article until the premises with 6 respect to which it is claiming the credit meet the requirements in the 7 definition of eligible premises and until it has obtained a certif- 8 ication of eligibility from the mayor of such city or an agency desig- 9 nated by such mayor, and an annual certification from such mayor or an 10 agency designated by such mayor as to the number of eligible aggregate 11 employment shares maintained by such eligible business that may qualify 12 for obtaining a tax credit for the eligible [business'] business's taxa- 13 ble year. Any written documentation submitted to such mayor or such 14 agency or agencies in order to obtain any such certification shall be 15 deemed a written instrument for purposes of section 175.00 of the penal 16 law. Such local law may provide for application fees to be determined by 17 such mayor or such agency or agencies. No such certification of eligi- 18 bility shall be issued under any local law enacted pursuant to this 19 article to an eligible business on or after July first, two thousand 20 [twenty-five] thirty unless: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13062-01-5 
 S. 8063 2 1 § 2. The general city law is amended by adding a new article 2-K to 2 read as follows: 3 ARTICLE 2-K 4 RELOCATION ASSISTANCE CREDIT PER EMPLOYEE 5 Section 25-ff. Definitions. 6 25-gg. Relocation assistance credit per employee. 7 § 25-ff. Definitions. When used in this article, the following terms 8 shall have the following meanings: 9 (a) "Aggregate employment shares" means the sum of all employment 10 shares maintained by an eligible business in a taxable year. 11 (b) "Eligible aggregate employment shares" means, in the case of an 12 eligible business, the amount, if any, of aggregate employment shares 13 maintained by an eligible business in eligible premises in the taxable 14 year in which such eligible business claims a credit pursuant to a local 15 law enacted in accordance with section twenty-five-gg of this article; 16 provided, however, that: 17 (1) such amount shall not exceed the lesser of: 18 (i) the number of aggregate employment shares maintained by such 19 eligible business in eligible premises in the taxable year during which 20 such eligible business relocates; 21 (ii) the maximum approved employment shares for such eligible busi- 22 ness; or 23 (iii) an amount equal to the product of multiplying the aggregate 24 employment shares and the linear scalar for such eligible business in 25 such tax year; and 26 (2) a full-time work week or part-time work week at eligible premises 27 prior to the date of relocation shall not be taken into account in 28 determining eligible aggregate employment shares. 29 (c) "Eligible business" means any person subject to a tax imposed 30 under a local law enacted pursuant to part two or three of section one, 31 or section two of chapter seven hundred seventy-two of the laws of nine- 32 teen hundred sixty-six that: 33 (1) has been conducting substantial business operations at one or more 34 business locations outside of New York state for the twenty-four consec- 35 utive months immediately preceding the taxable year during which such 36 eligible business relocates but has not maintained employment shares at 37 premises in New York state at any time during the period beginning Janu- 38 ary first, two thousand twenty-five and ending on the date such business 39 enters into a lease or a contract to purchase the premises that will 40 qualify as eligible premises pursuant to this article; and 41 (2) on or after July first, two thousand twenty-five relocates all or 42 part of such business operations. 43 (d) "Eligible premises" means one or more non-residential premises 44 that consist of at least twenty thousand square feet that are: 45 (1) wholly contained in real property located in a city with a popu- 46 lation of one million or more; and 47 (2) for which final certificates of occupancy were issued prior to 48 January first, two thousand. 49 (e) "Employment share" means, for each employee, partner or sole 50 proprietor of an eligible business, the sum of: (1) the number of full- 51 time work weeks worked by such employee, partner or sole proprietor 52 during the eligible business's taxable year divided by the number of 53 weeks in the taxable year; and (2) the number of part-time work weeks 54 worked by such employee, partner or sole proprietor during the eligible 55 business's taxable year divided by an amount equal to twice the number 56 of weeks in the taxable year. Employment share shall not include full- 
 S. 8063 3 1 time or part-time work weeks attributable to employees, partners or sole 2 proprietors acquired by an eligible business as a result of a merger 3 with, acquisition of another person, or a transaction having a compara- 4 ble effect, that occurs after June thirtieth, two thousand twenty-five, 5 and before the end of the taxable year in which a credit is claimed by 6 such eligible business pursuant to a local law enacted in accordance 7 with section twenty-five-gg of this article, or to successors, if any, 8 to those employees, partners or sole proprietors. 9 (f) "Full-time work week" means a week during which at least thirty- 10 five hours of gainful work has been performed by an employee, partner or 11 sole proprietor. 12 (g) "Hotel services" means any services that consist predominately of 13 the lodging of guests at a building or a portion thereof that is regu- 14 larly used and kept open for such services. Hotel services shall include 15 the lodging of guests at an apartment hotel, a motel, boarding house or 16 club, whether or not meals are served. 17 (h) "Linear scalar" means, for an eligible business in a taxable year 18 in which a credit is claimed pursuant to a local law enacted in accord- 19 ance with section twenty-five-gg of this article, the quotient of divid- 20 ing the total square footage of an eligible premises by the product of 21 multiplying two hundred fifty by such business's aggregate employment 22 shares. 23 (i) "Maximum approved employment shares" means a limitation on the 24 aggregate employment shares that an eligible business may receive in any 25 taxable year determined by the mayor pursuant to a local law enacted in 26 accordance with section twenty-five-gg of this article based on documen- 27 tation submitted by such business demonstrating such business's inten- 28 tion to relocate. The maximum approved employment shares is the number 29 of aggregate employment shares such business intends to relocate as 30 indicated by the mayor on the applicable initial certification of eligi- 31 bility. 32 (j) "Mayor" means the mayor of a city having a population of one 33 million or more, or an agency of such city as designated by such mayor. 34 (k) "Part-time work week" means a week during which at least fifteen 35 but less than thirty-five hours of gainful work has been performed by an 36 employee, partner or sole proprietor. 37 (l) "Person" includes any individual, partnership, association, joint- 38 stock company, corporation, estate or trust, limited liability company, 39 and any combination of the foregoing. 40 (m) "Program total" means the sum of maximum approved aggregate 41 employment shares included in all initial certification of eligibility 42 issued by the mayor. 43 (n) "Relocate" means, with respect to an eligible business, to trans- 44 fer a pre-existing business operation to an eligible premises, or to 45 establish a new business operation at such premises, provided that an 46 eligible business shall not be deemed to have relocated unless at least 47 one employee, partner or sole proprietor of the eligible business is 48 transferred to such premises from a pre-existing business operation 49 conducted outside the state of New York. The date of relocation shall be 50 the first day on which the individual so transferred commences work at 51 such eligible premises. The taxable year of relocation shall be the 52 taxable year in which the date of relocation occurs. For purposes of 53 this article, an eligible business may relocate only once but may add or 54 substitute other eligible premises throughout such period. 55 (o) "Retail activity" means any activity which consists predominately 56 of: 
 S. 8063 4 1 (1) the sale, other than through the mail or by the telephone or by 2 means of the internet, of tangible personal property to a person, for 3 any purpose unrelated to the trade or business of such person; 4 (2) the selling of a service to an individual which generally involves 5 the physical, mental or spiritual care of such individual; 6 (3) the physical care of the personal property of any person unrelated 7 to the trade or business of such person; or 8 (4) the provision of a retail banking service. 9 § 25-gg. Relocation assistance credit per employee. (a) Any city 10 having a population of one million or more is hereby authorized and 11 empowered to adopt and amend a local law allowing an eligible business 12 that relocates to receive a credit against a tax imposed under a local 13 law enacted pursuant to part two or three of section one or section two 14 of chapter seven hundred seventy-two of the laws of nineteen hundred 15 sixty-six. The amount of such credit shall be determined by multiplying 16 five thousand dollars by the number of eligible aggregate employment 17 shares maintained by the taxpayer during the taxable year with respect 18 to eligible premises to which the taxpayer has relocated, and may be 19 taken, pursuant to the provisions of section four-j of part two of 20 section one, or subdivision (l) of section one hundred one of section 21 two of chapter seven hundred seventy-two of the laws of nineteen hundred 22 sixty-six, for up to eleven consecutive taxable years beginning with the 23 taxable year in which the eligible business relocates, provided that no 24 such credit shall be allowed for the relocation of any retail activity 25 or hotel services. 26 (b) No eligible business shall be authorized to receive a credit 27 against tax under any local law enacted pursuant to this article unless 28 the premises with respect to which it is claiming the credit are eligi- 29 ble premises and until it has obtained an initial certification of 30 eligibility from the mayor of such city and an annual certification from 31 such mayor as to the number of eligible aggregate employment shares 32 maintained by such eligible business that may qualify for obtaining a 33 tax credit for the eligible business's taxable year. Each initial 34 certification of eligibility shall include the maximum approved employ- 35 ment shares for the eligible business, which shall not exceed five 36 hundred employment shares. Any written documentation submitted to such 37 mayor in order to obtain any such certification shall be deemed a writ- 38 ten instrument for purposes of section 175.00 of the penal law. Such 39 local law may provide for an application fee for such certification to 40 be determined by such mayor. No initial certification of eligibility 41 shall be issued under any local law enacted pursuant to this article to 42 an eligible business on or after July first, two thousand twenty-eight 43 unless: 44 (1) prior to such date, such business has purchased, leased or entered 45 into a contract to purchase or lease eligible premises; 46 (2) prior to such date, such business submits a preliminary applica- 47 tion for an initial certification of eligibility to such mayor with 48 respect to a proposed relocation to such premises; 49 (3) such business enters into a lease or contract to purchase an 50 eligible premises between the date that such business submits such 51 preliminary application and three months thereafter; and 52 (4) such business relocates to such premises not later than thirty-six 53 months from the date of submission of such preliminary application. 54 (c) Notwithstanding any provision of law to the contrary, such mayor 55 shall not issue an initial certification of eligibility that would cause 56 the program total to exceed three thousand maximum approved employment 
 S. 8063 5 1 shares. Such mayor shall approve applications on a first-come, first- 2 serve basis among eligible businesses in accordance with rules promul- 3 gated pursuant to a local law authorized by subdivision (d) of this 4 section. Such mayor shall include on such mayor's website an indication 5 regarding whether the program total has reached three thousand maximum 6 approved employment shares. 7 (d) Such mayor shall be authorized to promulgate rules and regulations 8 to administer and ensure compliance with the provisions of this article, 9 including but not limited to rules and regulations to provide for alter- 10 native methods to measure employment shares in instances where an eligi- 11 ble business is not required by law to maintain weekly records of full- 12 time work weeks and part-time work weeks of employees, partners or sole 13 proprietors. 14 (e) For the duration of the benefit period, the recipient of a credit 15 pursuant to a local law enacted in accordance with this article shall 16 file an application for an annual certification each year demonstrating 17 such recipient's eligibility for such credit and the average wage and 18 benefits offered to the applicable relocated employees used in determin- 19 ing eligible aggregate employment shares. Such mayor shall have the 20 authority to require that statements filed under this subdivision be 21 filed electronically and that such statements be certified. 22 (f) The business services agency of a city that adopts a local law 23 pursuant to this article may require in a contract with a not-for-profit 24 corporation that provides economic development services for such city 25 that such corporation will provide administrative support to such mayor 26 and assist such mayor's review of any initial certification of eligibil- 27 ity or annual certification, and provide recommendations regarding the 28 approval of any credit pursuant to a local law enacted in accordance 29 with this article. 30 § 3. Part II of section 1 of chapter 772 of the laws of 1966, relating 31 to enabling any city having a population of one million or more to raise 32 tax revenue, is amended by adding a new section 4-j to read as follows: 33 § 4-j. Relocation assistance credit per employee. (1) In addition to 34 any other credit allowed by this part other than a credit allowed by 35 section four-h of this part, a taxpayer that has obtained the certif- 36 ications in accordance with subdivision (b) of section twenty-five-gg of 37 the general city law shall be allowed a credit against the tax imposed 38 by this part. The amount of the credit shall be the amount determined 39 by multiplying five thousand dollars by the number of eligible aggregate 40 employment shares maintained by the taxpayer during the taxable year 41 with respect to eligible premises to which the taxpayer has relocated; 42 provided, however, that no credit shall be allowed for the relocation of 43 any retail activity or hotel services. For purposes of this section, the 44 terms "eligible aggregate employment shares", "eligible premises", 45 "relocate", "retail activity" and "hotel services" shall have the mean- 46 ings ascribed by section twenty-five-ff of the general city law. 47 (2) The credit allowed under this section with respect to eligible 48 aggregate employment shares maintained with respect to eligible premises 49 to which the taxpayer has relocated shall be allowed for the taxable 50 year of the relocation and for any of the ten succeeding taxable years 51 during which eligible aggregate employment shares are maintained with 52 respect to eligible premises; provided that the credit allowed for the 53 tenth succeeding taxable year shall be calculated by multiplying the 54 number of eligible aggregate employment shares maintained with respect 55 to eligible premises in the tenth succeeding taxable year by the lesser 56 of one and a fraction the numerator of which is such number of days in 
 S. 8063 6 1 the taxable year of relocation less the number of days the eligible 2 business maintained employment shares in eligible premises in the taxa- 3 ble year of relocation and the denominator of which is the number of 4 days in such tenth taxable year during which such eligible aggregate 5 employment shares are maintained with respect to such premises. 6 (3) Except as provided in subdivision four of this section, if the 7 amount of the credit allowable under this section for any taxable year 8 exceeds the tax imposed for such year, the excess may be carried over, 9 in order, to the five immediately succeeding taxable years and, to the 10 extent not previously deductible, may be deducted from the taxpayer's 11 tax for such years. 12 (4) The credits allowed under this section, against the tax imposed by 13 this chapter for the taxable year of the relocation and for the four 14 taxable years immediately succeeding the taxable year of such relo- 15 cation, shall be deemed to be overpayments of tax by the taxpayer to be 16 credited or refunded, without interest, in accordance with the 17 provisions of section seventy-seven of this title. For such taxable 18 years, such credits or portions thereof may not be carried over to any 19 succeeding taxable year. 20 (5) The credit allowed under this section shall be deducted prior to 21 the deduction of any other credit allowed by this part. 22 § 4. Section 101 of section 2 of chapter 772 of the laws of 1966, 23 relating to enabling any city having a population of one million or more 24 to raise tax revenue, is amended by adding a new subdivision (l) to read 25 as follows: 26 (l) Relocation assistance credit per employee. (1) In addition to any 27 other credit allowed by this part other than a credit allowed by subdi- 28 vision (j) of this section, a taxpayer that has obtained the certif- 29 ications in accordance with subdivision (b) of section twenty-five-gg of 30 the general city law shall be allowed a credit against the tax imposed 31 by this part. The amount of the credit shall be the amount determined by 32 multiplying five thousand dollars by the number of eligible aggregate 33 employment shares maintained by the taxpayer during the taxable year 34 with respect to eligible premises to which the taxpayer has relocated; 35 provided, however, that no credit shall be allowed for the relocation of 36 any retail activity or hotel services. For purposes of this subdivision, 37 the terms "eligible aggregate employment shares", "eligible premises", 38 "relocate", "retail activity" and "hotel services" shall have the mean- 39 ings ascribed by section twenty-five-ff of the general city law. 40 (2) The credit allowed under this subdivision with respect to eligible 41 aggregate employment shares maintained with respect to eligible premises 42 to which the taxpayer has relocated shall be allowed for the taxable 43 year of the relocation and for any of the ten succeeding taxable years 44 during which eligible aggregate employment shares are maintained with 45 respect to eligible premises; provided that the credit allowed for the 46 tenth succeeding taxable year shall be calculated by multiplying the 47 number of eligible aggregate employment shares maintained with respect 48 to eligible premises in the tenth succeeding taxable year by the lesser 49 of one and a fraction the numerator of which is such number of days in 50 the taxable year of relocation less the number of days the eligible 51 business maintained employment shares in eligible premises in the taxa- 52 ble year of relocation and the denominator of which is the number of 53 days in such tenth succeeding taxable year during which such eligible 54 aggregate employment shares are maintained with respect to such prem- 55 ises. 
 S. 8063 7 1 (3) Except as provided in paragraph four of this subdivision, if the 2 amount of the credit allowable under this subdivision for any taxable 3 year exceeds the tax imposed for such year, the excess may be carried 4 over, in order, to the five immediately succeeding taxable years and, to 5 the extent not previously deductible, may be deducted from the taxpay- 6 er's tax for such years. 7 (4) The credits allowed under this subdivision, against the tax 8 imposed by this chapter for the taxable year of the relocation and for 9 the four taxable years immediately succeeding the taxable year of such 10 relocation, shall be deemed to be overpayments of tax by the taxpayer to 11 be credited or refunded, without interest, in accordance with the 12 provisions of section seventy-seven of this title. For such taxable 13 years, such credits or portions thereof may not be carried over to any 14 succeeding taxable year. 15 (5) The credit allowable under this subdivision shall be deducted 16 after the credits allowed by subdivision (b) of this section, but prior 17 to the deduction of any other credit allowed by this section. 18 § 5. Section 11-503 of the administrative code of the city of New York 19 is amended by adding a new subdivision (r) to read as follows: 20 (r) Relocation assistance credit per employee. (1) In addition to any 21 other credit allowed by this section other than a credit allowed by 22 subdivision (i) of this section, a taxpayer that has obtained the 23 certifications required by chapter six-E of title twenty-two of this 24 code shall be allowed a credit against the tax imposed by this chapter. 25 The amount of the credit shall be the amount determined by multiplying 26 five thousand dollars by the number of eligible aggregate employment 27 shares maintained by the taxpayer during the taxable year with respect 28 to eligible premises to which the taxpayer has relocated; provided, 29 however, that no credit shall be allowed for the relocation of any 30 retail activity or hotel services. For purposes of this subdivision, the 31 terms "eligible aggregate employment shares", "eligible premises", 32 "relocate", "retail activity" and "hotel services" shall have the mean- 33 ings ascribed by section 22-627 of this code. 34 (2) The credit allowed under this subdivision with respect to eligible 35 aggregate employment shares maintained with respect to eligible premises 36 to which the taxpayer has relocated shall be allowed for the taxable 37 year of the relocation and for any of the ten succeeding taxable years 38 during which eligible aggregate employment shares are maintained with 39 respect to eligible premises; provided that the credit allowed for the 40 tenth succeeding taxable year shall be calculated by multiplying the 41 number of eligible aggregate employment shares maintained with respect 42 to eligible premises in the tenth succeeding taxable year by the lesser 43 of one and a fraction the numerator of which is such number of days in 44 the taxable year of relocation less the number of days the taxpayer 45 maintained employment shares in eligible premises in the taxable year of 46 relocation and the denominator of which is the number of days in such 47 tenth succeeding taxable year during which such eligible aggregate 48 employment shares are maintained with respect to such premises. 49 (3) Except as provided in paragraph four of this subdivision, if the 50 amount of the credit allowable under this subdivision for any taxable 51 year exceeds the tax imposed for such year, the excess may be carried 52 over, in order, to the five immediately succeeding taxable years and, to 53 the extent not previously deductible, may be deducted from the taxpay- 54 er's tax for such years. 55 (4) The credits allowed under this subdivision, against the tax 56 imposed by this chapter for the taxable year of the relocation and for 
 S. 8063 8 1 the four taxable years immediately succeeding the taxable year of such 2 relocation, shall be deemed to be overpayments of tax by the taxpayer to 3 be credited or refunded, without interest, in accordance with the 4 provisions of section 11-526 of this title. For such taxable years, such 5 credits or portions thereof may not be carried over to any succeeding 6 taxable year. 7 (5) The credit allowable under this subdivision shall be deducted 8 after the credits allowed by subdivisions (b) and (j) of this section, 9 but prior to the deduction of any other credit allowed by this section. 10 § 6. Section 11-604 of the administrative code of the city of New York 11 is amended by adding a new subdivision 24 to read as follows: 12 24. Relocation assistance credit per employee. (a) In addition to any 13 other credit allowed by this section other than a credit allowed by 14 subdivision seventeen of this section, a taxpayer that has obtained the 15 certifications required by chapter six-E of title twenty-two of this 16 code shall be allowed a credit against the tax imposed by this chapter. 17 The amount of the credit shall be the amount determined by multiplying 18 five thousand dollars by the number of eligible aggregate employment 19 shares maintained by the taxpayer during the taxable year with respect 20 to eligible premises to which the taxpayer has relocated; provided, 21 however, that no credit shall be allowed for the relocation of any 22 retail activity or hotel services. For purposes of this subdivision, the 23 terms "eligible aggregate employment shares", "eligible premises", 24 "relocate", "retail activity" and "hotel services" shall have the mean- 25 ings ascribed by section 22-627 of this code. 26 (b) The credit allowed under this subdivision with respect to eligible 27 aggregate employment shares maintained with respect to eligible premises 28 to which the taxpayer has relocated shall be allowed for the taxable 29 year of the relocation and for any of the ten succeeding taxable years 30 during which eligible aggregate employment shares are maintained with 31 respect to eligible premises; provided that the credit allowed for the 32 tenth succeeding taxable year shall be calculated by multiplying the 33 number of eligible aggregate employment shares maintained with respect 34 to eligible premises in the tenth succeeding taxable year by the lesser 35 of one and a fraction the numerator of which is such number of days in 36 the taxable year of relocation less the number of days the taxpayer 37 maintained employment shares in eligible premises in the taxable year of 38 relocation and the denominator of which is the number of days in such 39 tenth taxable year during which such eligible aggregate employment 40 shares are maintained with respect to such premises. 41 (c) Except as provided in paragraph (d) of this subdivision, if the 42 amount of the credit allowable under this subdivision for any taxable 43 year exceeds the tax imposed for such year, the excess may be carried 44 over, in order, to the five immediately succeeding taxable years and, to 45 the extent not previously deductible, may be deducted from the taxpay- 46 er's tax for such years. 47 (d) The credits allowed under this subdivision, against the tax 48 imposed by this chapter for the taxable year of the relocation and for 49 the four taxable years immediately succeeding the taxable year of such 50 relocation, shall be deemed to be overpayments of tax by the taxpayer to 51 be credited or refunded, without interest, in accordance with the 52 provisions of section 11-677 of this chapter. For such taxable years, 53 such credits or portions thereof may not be carried over to any succeed- 54 ing taxable year. 
 S. 8063 9 1 (e) The credit allowable under this subdivision shall be deducted 2 after the credit allowed by subdivision eighteen of this section, but 3 prior to the deduction of any other credit allowed by this section. 4 § 7. The administrative code of the city of New York is amended by 5 adding a new section 11-643.10 to read as follows: 6 § 11-643.10 Relocation assistance credit per employee. (a) In addition 7 to any other credit allowed by this part other than a credit allowed by 8 section 11-643.7 of this part, a taxpayer that has obtained the certif- 9 ications required by chapter six-E of title twenty-two of this code 10 shall be allowed a credit against the tax imposed by this part. The 11 amount of the credit shall be the amount determined by multiplying five 12 thousand dollars by the number of eligible aggregate employment shares 13 maintained by the taxpayer during the taxable year with respect to 14 eligible premises to which the taxpayer has relocated; provided, howev- 15 er, that no credit shall be allowed for the relocation of any retail 16 activity or hotel services. For purposes of this section, the terms 17 "eligible aggregate employment shares", "eligible premises", "relocate", 18 "retail activity" and "hotel services" shall have the meanings ascribed 19 by section 22-627 of this code. 20 (b) The credit allowed under this section with respect to eligible 21 aggregate employment shares maintained with respect to eligible premises 22 to which the taxpayer has relocated shall be allowed for the taxable 23 year of the relocation and for any of the ten succeeding taxable years 24 during which eligible aggregate employment shares are maintained with 25 respect to eligible premises; provided that the credit allowed for the 26 tenth succeeding taxable year shall be calculated by multiplying the 27 number of eligible aggregate employment shares maintained with respect 28 to eligible premises in the tenth succeeding taxable year by the lesser 29 of one and a fraction the numerator of which is such number of days in 30 the taxable year of relocation less the number of days the taxpayer 31 maintained employment shares in eligible premises in the taxable year of 32 relocation and the denominator of which is the number of days in such 33 tenth succeeding taxable year during which such eligible aggregate 34 employment shares are maintained with respect to such premises. 35 (c) Except as provided in subdivision (d) of this section, if the 36 amount of the credit allowable under this section for any taxable year 37 exceeds the tax imposed for such year, the excess may be carried over, 38 in order, to the five immediately succeeding taxable years and, to the 39 extent not previously deductible, may be deducted from the taxpayer's 40 tax for such years. 41 (d) The credits allowed under this section, against the tax imposed by 42 this chapter for the taxable year of the relocation and for the four 43 taxable years immediately succeeding the taxable year of such relo- 44 cation, shall be deemed to be overpayments of tax by the taxpayer to be 45 credited or refunded, without interest, in accordance with the 46 provisions of section 11-677 of this chapter. For such taxable years, 47 such credits or portions thereof may not be carried over to any succeed- 48 ing taxable year. 49 (e) The credit allowable under this section shall be deducted prior to 50 the deduction of any other credit allowed by this part. 51 § 8. Section 11-654 of the administrative code of the city of New York 52 is amended by adding a new subdivision 24 to read as follows: 53 24. Relocation assistance credit per employee. (a) In addition to any 54 other credit allowed by this section other than a credit allowed by 55 subdivision seventeen of this section, a taxpayer that has obtained the 56 certifications required by chapter six-E of title twenty-two of this 
 S. 8063 10 1 code shall be allowed a credit against the tax imposed by this subchap- 2 ter. The amount of the credit shall be the amount determined by multi- 3 plying five thousand dollars by the number of eligible aggregate employ- 4 ment shares maintained by the taxpayer during the taxable year with 5 respect to eligible premises to which the taxpayer has relocated; 6 provided, however, that no credit shall be allowed for the relocation of 7 any retail activity or hotel services. For purposes of this subdivision, 8 the terms "eligible aggregate employment shares", "eligible premises", 9 "relocate", "retail activity" and "hotel services" shall have the mean- 10 ings ascribed by section 22-627 of this code. 11 (b) The credit allowed under this subdivision with respect to eligible 12 aggregate employment shares maintained with respect to eligible premises 13 to which the taxpayer has relocated shall be allowed for the taxable 14 year of the relocation and for any of the ten succeeding taxable years 15 during which eligible aggregate employment shares are maintained with 16 respect to eligible premises; provided that the credit allowed for the 17 tenth succeeding taxable year shall be calculated by multiplying the 18 number of eligible aggregate employment shares maintained with respect 19 to eligible premises in the tenth succeeding taxable year by the lesser 20 of one and a fraction the numerator of which is such number of days in 21 the taxable year of relocation less the number of days the taxpayer 22 maintained employment shares in eligible premises in the taxable year of 23 relocation and the denominator of which is the number of days in such 24 tenth taxable year during which such eligible aggregate employment 25 shares are maintained with respect to such premises. 26 (c) Except as provided in paragraph (d) of this subdivision, if the 27 amount of the credit allowable under this subdivision for any taxable 28 year exceeds the tax imposed for such year, the excess may be carried 29 over, in order, to the five immediately succeeding taxable years and, to 30 the extent not previously deductible, may be deducted from the taxpay- 31 er's tax for such years. 32 (d) The credits allowed under this subdivision, against the tax 33 imposed by this chapter for the taxable year of the relocation and for 34 the four taxable years immediately succeeding the taxable year of such 35 relocation, shall be deemed to be overpayments of tax by the taxpayer to 36 be credited or refunded, without interest, in accordance with the 37 provisions of section 11-677 of this chapter. For such taxable years, 38 such credits or portions thereof may not be carried over to any succeed- 39 ing taxable year. 40 (e) The credit allowable under this subdivision shall be deducted 41 after the credit allowed by subdivision eighteen of this section, but 42 prior to the deduction of any other credit allowed by this section. 43 § 9. The opening paragraph of subdivision (b) of section 22-622 of the 44 administrative code of the city of New York, as amended by section 3 of 45 part RR of chapter 56 of the laws of 2020, is amended to read as 46 follows: 47 No eligible business shall be authorized to receive a credit against 48 tax or a reduction in base rent subject to tax under the provisions of 49 this chapter, and of title eleven of the code as described in subdivi- 50 sion (a) of this section, until the premises with respect to which it is 51 claiming the credit meet the requirements in the definition of eligible 52 premises and until it has obtained a certification of eligibility from 53 the mayor or an agency designated by the mayor, and an annual certif- 54 ication from the mayor or an agency designated by the mayor as to the 55 number of eligible aggregate employment shares maintained by such eligi- 56 ble business that may qualify for obtaining a tax credit for the eligi- 
 S. 8063 11 1 ble [business'] business's taxable year. Any written documentation 2 submitted to the mayor or such agency or agencies in order to obtain any 3 such certification shall be deemed a written instrument for purposes of 4 section 175.00 of the penal law. Application fees for such certif- 5 ications shall be determined by the mayor or such agency or agencies. No 6 certification of eligibility shall be issued to an eligible business on 7 or after July first, two thousand [twenty-five] thirty unless: 8 § 10. Title 22 of the administrative code of the city of New York is 9 amended by adding a new chapter 6-E to read as follows: 10 CHAPTER 6-E 11 RELOCATION ASSISTANCE CREDIT PER EMPLOYEE 12 Section 22-627 Definitions. 13 22-628 Authorization to provide relocation assistance credit per 14 employee. 15 § 22-627 Definitions. When used in this chapter, the following terms 16 shall have the following meanings: 17 (a) "Aggregate employment shares" means the sum of all employment 18 shares maintained by an eligible business in a taxable year. 19 (b) "Eligible aggregate employment shares" means, in the case of an 20 eligible business, the amount, if any, of aggregate employment shares 21 maintained by an eligible business in eligible premises in the taxable 22 year in which such eligible business claims a credit pursuant to section 23 22-628 of this chapter; provided, however, that: 24 (1) such amount shall not exceed the lesser of: 25 (i) the number of aggregate employment shares maintained by such 26 eligible business in eligible premises in the taxable year during which 27 such eligible business relocates; 28 (ii) the maximum approved employment shares for such eligible busi- 29 ness; or 30 (iii) an amount equal to the product of multiplying the aggregate 31 employment shares and the linear scalar for such eligible business in 32 such tax year; and 33 (2) a full-time work week or part-time work week at eligible premises 34 prior to the date of relocation shall not be taken into account in 35 determining eligible aggregate employment shares. 36 (c) "Eligible business" means any person subject to a tax imposed 37 under chapter five, subchapter two, three or three-A of chapter six of 38 title eleven of this code, that: 39 (1) has been conducting substantial business operations at one or more 40 business locations outside of New York state for the twenty-four consec- 41 utive months immediately preceding the taxable year during which such 42 eligible business relocates but has not maintained employment shares at 43 premises in New York state at any time during the period beginning Janu- 44 ary first, two thousand twenty-five and ending on the date such business 45 enters into a lease or a contract to purchase the premises that will 46 qualify as eligible premises pursuant to this chapter; and 47 (2) on or after July first, two thousand twenty-five relocates all or 48 part of such business operations. 49 (d) "Eligible premises" means one or more non-residential premises 50 that consist of at least twenty thousand square feet that are: 51 (1) wholly contained in real property located in the city of New York; 52 and 53 (2) for which final certificates of occupancy were issued prior to 54 January first, two thousand. 
 S. 8063 12 1 (e) "Employment share" means, for each employee, partner or sole 2 proprietor of an eligible business, the sum of: (1) the number of full- 3 time work weeks worked by such employee, partner or sole proprietor 4 during the eligible business's taxable year divided by the number of 5 weeks in the taxable year; and (2) the number of part-time work weeks 6 worked by such employee, partner or sole proprietor during the eligible 7 business's taxable year divided by an amount equal to twice the number 8 of weeks in the taxable year. Employment share shall not include full- 9 time or part-time work weeks attributable to employees, partners or sole 10 proprietors acquired by an eligible business as a result of a merger 11 with, acquisition of another person, or a transaction having a compara- 12 ble effect, that occurs after June thirtieth, two thousand twenty-five, 13 and before the end of the taxable year in which a credit is claimed by 14 such eligible business pursuant to this section, or to successors, if 15 any, to those employees, partners or sole proprietors. 16 (f) "Full-time work week" means a week during which at least thirty- 17 five hours of gainful work has been performed by an employee, partner or 18 sole proprietor. 19 (g) "Hotel services" means any services that consist predominately of 20 the lodging of guests at a building or a portion thereof that is regu- 21 larly used and kept open for such services. Hotel services shall include 22 the lodging of guests at an apartment hotel, a motel, boarding house or 23 club, whether or not meals are served. 24 (h) "Linear scalar" means, for an eligible business in a taxable year, 25 the quotient of dividing: 26 (1) the total square footage of an eligible premises; by 27 (2) the product of multiplying two hundred fifty by such business's 28 aggregate employment shares. 29 (i) "Maximum approved employment shares" means a limitation on the 30 aggregate employment shares that an eligible business may receive in any 31 taxable year determined by the mayor pursuant to section 22-628 of this 32 chapter based on documentation submitted by such business demonstrating 33 such business's intention to relocate. The maximum approved employment 34 shares is the number of aggregate employment shares such business 35 intends to relocate as indicated by the mayor on the applicable initial 36 certification of eligibility. 37 (j) "Mayor" means the mayor, or an agency as designated by the mayor. 38 (k) "Part-time work week" means a week during which at least fifteen 39 but less than thirty-five hours of gainful work has been performed by an 40 employee, partner or sole proprietor. 41 (l) "Person" includes any individual, partnership, association, joint- 42 stock company, corporation, estate or trust, limited liability company, 43 and any combination of the foregoing. 44 (m) "Program total" means the sum of maximum approved aggregate 45 employment shares included in all initial certification of eligibility 46 issued by the mayor. 47 (n) "Relocate" means, with respect to an eligible business, to trans- 48 fer a pre-existing business operation to an eligible premises, or to 49 establish a new business operation at such premises, provided that an 50 eligible business shall not be deemed to have relocated unless at least 51 one employee, partner or sole proprietor of the eligible business is 52 transferred to such premises from a pre-existing business operation 53 conducted outside the state of New York. The date of relocation shall be 54 the first day on which the individual so transferred commences work at 55 such eligible premises. The taxable year of relocation shall be the 56 taxable year in which the date of relocation occurs. For purposes of 
 S. 8063 13 1 this chapter, an eligible business may relocate only once but may add or 2 substitute other eligible premises throughout such period. 3 (o) "Retail activity" means any activity which consists predominately 4 of: 5 (1) the sale, other than through the mail or by the telephone or by 6 means of the internet, of tangible personal property to a person, for 7 any purpose unrelated to the trade or business of such person; 8 (2) the selling of a service to an individual which generally involves 9 the physical, mental or spiritual care of such individual; 10 (3) the physical care of the personal property of any person unrelated 11 to the trade or business of such person; or 12 (4) the provision of a retail banking service. 13 § 22-628 Authorization to provide relocation assistance credit per 14 employee. (a) An eligible business that relocates shall be allowed to 15 receive a credit against a tax imposed by chapter five, subchapter two, 16 three or three-A of chapter six of title eleven of this code, as 17 described in subdivision (r) of section 11-503, subdivision twenty-four 18 of section 11-604, section 11-643.10, or subdivision twenty-four of 19 section 11-654 of this code. 20 (b) No eligible business shall be authorized to receive a credit 21 against tax under the provisions of this chapter and of title eleven of 22 this code as described in subdivision (a) of this section, unless the 23 premises with respect to which it is claiming the credit are eligible 24 premises and until it has obtained an initial certification of eligibil- 25 ity from the mayor and an annual certification from the mayor as to the 26 number of eligible aggregate employment shares maintained by such eligi- 27 ble business that may qualify for obtaining a tax credit for the eligi- 28 ble business's taxable year. Each initial certification of eligibility 29 shall include the maximum approved employment shares for the eligible 30 business, which shall not exceed five hundred employment shares. Any 31 written documentation submitted to the mayor in order to obtain any such 32 certification shall be deemed a written instrument for purposes of 33 section 175.00 of the penal law. An application fee for such certif- 34 ication shall be determined by the mayor. No initial certification of 35 eligibility shall be issued to an eligible business on or after July 36 first, two thousand twenty-eight unless: 37 (1) prior to such date such business has purchased, leased or entered 38 into a contract to purchase or lease eligible premises; 39 (2) prior to such date such business submits a preliminary application 40 for an initial certification of eligibility to such mayor with respect 41 to a proposed relocation to such premises; 42 (3) such business enters into a lease or contract to purchase an 43 eligible premises between the date that such business submits such 44 preliminary application and three months thereafter; and 45 (4) such business relocates to such premises not later than thirty-six 46 months from the date of submission of such preliminary application. 47 (c) Notwithstanding any provision of law to the contrary, the mayor 48 shall not issue an initial certification of eligibility that would cause 49 the program total to exceed three thousand maximum approved employment 50 shares. The mayor shall approve such applications on a first-come, 51 first-serve basis among eligible businesses in accordance with rules 52 promulgated pursuant to subdivision (d) of this section. The mayor shall 53 include on the mayor's website an indication regarding whether the 54 program total has reached three thousand maximum approved employment 55 shares. 
 S. 8063 14 1 (d) The mayor shall be authorized to promulgate rules and regulations 2 to administer and ensure compliance with the provisions of this chapter, 3 including but not limited to rules and regulations to provide for alter- 4 native methods to measure employment shares in instances where an eligi- 5 ble business is not required by law to maintain weekly records of full- 6 time work weeks and part-time work weeks of employees, partners or sole 7 proprietors. 8 (e) For the duration of the benefit period, the recipient of a credit 9 shall file an application for an annual certification each year demon- 10 strating such recipient's eligibility for such credit and the average 11 wage and benefits offered to the applicable relocated employees used in 12 determining eligible aggregate employment shares. Such mayor shall have 13 the authority to require that statements filed under this subdivision be 14 filed electronically and that such statements be certified. 15 (f) The department of small business services may require in a 16 contract with a not-for-profit corporation that provides economic devel- 17 opment services for the city of New York that such corporation will 18 provide administrative support to the mayor and assist the mayor's 19 review of any initial certification of eligibility or annual certif- 20 ication, and provide recommendations regarding the approval of any cred- 21 it pursuant to this chapter. 22 § 11. This act shall take effect July 1, 2025.