Form Tsb-M-06(3)c - Supplemental Summary Of Corporation Tax Legislative Changes Enacted In 2005 - Office Of Tax Policy Analysis Technical Services Division Page 3
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TSB-M-06(3)C
Corporation Tax
April 19, 2006
For Article 32 and Article 33 taxpayers, the credit and carryover of the credit may not
reduce the tax to less than $250.
The credit is not refundable. However, any amount of credit not used in the current tax
year may be carried forward and applied in subsequent tax years.
This provision takes effect for tax years beginning on or after January 1, 2005, for costs
incurred on or after July 1, 2005.
(Tax Law, sections 187-n, 210.37, 1456(t), and 1511(x))
Security officer training tax credit (Articles 9, 9-A, 32, and 33)
The Tax Law has been amended to provide for a security officer training tax credit. The
credit is provided to a taxpayer subject to tax under Article 9, 9-A, 32 or 33 which is a qualified
building owner employing qualified security officers. If the amount of the credit awarded
exceeds the taxpayer’s tax for the year, the excess will be credited or refunded (without interest).
There is an annual cap of $5 million on the aggregate amount of New York State credit
allowed. The security officer training tax credit program will be administered by the New York
State Office of Homeland Security. Taxpayers must file an application with the Office of
Homeland Security to receive an allocation of the credit. For more information about this credit,
visit the New York State Office of Homeland Security website at
(Tax Law, sections 26, 187-n, 210.37, 1456(t), and 1511(x))
Enhancement of farmer’s school tax credit eligibility (Article 9-A)
For tax years beginning on or after January 1, 2006, the definition of federal gross
income from farming for purposes of eligibility for the Article 9-A Farmer’s school tax credit,
will include gross income from a commercial horse boarding operation as defined in section 301
of the Agriculture and Markets Law.
(Tax Law, section 210.22)
Exception to the recapture of the empire zone investment tax credit added (Article 9-A)
Article 9-A has been amended to provide for an exception to the recapture provisions of
the empire zone investment tax credit (EZ-ITC). In general, a recapture of the EZ-ITC must be
made when the qualified property for which an EZ-ITC has been claimed is disposed of or ceases
to be in qualified use prior to the end of its useful life. The sale or other disposition of a
partner’s interest in a partnership is considered a disposition for purposes of the recapture
provisions.
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