187-L - Empire zone employment incentive credit for agricultural cooperatives.
§ 187-l. Empire zone employment incentive credit for agricultural cooperatives. 1. Where a taxpayer is allowed a credit under section one hundred eighty-seven-k of this article, the taxpayer shall be allowed a credit for each of the three years next succeeding the taxable year for which the credit under such section one hundred eighty-seven-k is allowed, with respect to such property, whether or not deductible in such taxable year or in subsequent taxable years pursuant to subdivision four of such section one hundred eighty-seven-k, of thirty percent of the credit allowable under such section one hundred eighty-seven-k; provided, however, that the credit allowable under this section for any taxable year shall only be allowed if the average number of employees employed by the taxpayer in the empire zone, designated pursuant to article eighteen-B of the general municipal law, in which such property is located during such taxable year is at least one hundred one percent of the average number of employees employed by the taxpayer in such empire zone or, where applicable, in the geographic area subsequently constituting such zone, during the taxable year immediately preceding the taxable year for which the credit under such section one hundred eighty-seven-k is allowed and provided, further, that if the taxpayer was not subject to tax and did not have a taxable year immediately preceding the taxable year for which the credit under section one hundred eighty-seven-k is allowed, the credit allowable under this section for any taxable year shall be allowed if the average number of employees employed in such empire zone in such taxable year is at least one hundred one percent of the average number of such employees during the taxable year in which the credit under such section one hundred eighty-seven-k is allowed. 2. The average number of employees employed in an empire zone, or, where applicable, in the geographic area subsequently constituting such zone, in a taxable year shall be computed by ascertaining the number of such employees within such zone, or, where applicable, in the geographic area subsequently constituting such zone, except general executive officers, employed by the taxpayer on the thirty-first day of March, the thirtieth day of June, the thirtieth day of September and the thirty-first day of December in the taxable year, by adding together the number of employees ascertained on each of such dates and dividing the sum so obtained by the number of such above-mentioned dates occurring within the taxable year. For the purposes of this section, the term "employees" and the term "general executive officers" shall mean the same as in subparagraph three of paragraph (a) of subdivision three of section two hundred ten of this chapter. 3. In no event shall the credit herein provided for be allowed in an amount which will reduce the tax payable to less than the minimum tax prescribed in subdivision two of section one hundred eighty-five of this article. Provided, however, that if the amount of credit allowable under this section for any taxable year reduces the tax to such amount, any amount of credit not deductible in such taxable year may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years.