ÿWPC  nbK ùs–ê}A¶—âËž×fA¼×´Üt€`¶6ª_[úˆã¡oíJW`ÞA˜ÞÖá1'6Ê™[[§ŠÍ“7!]UÕZ~|AÅÍÄ1•ì\t–@Û—™L±ƒ•kñ~ S”4lÄYŸÍÛ¤ci¯eHŠÍ{iö„k`÷ùøî¸`% ‰LøúX‹;/â †ŸÎ%ñgch`|”eA I5ÈÙàõ¿Âm‡AoßËeÔ?ýéÅÇ$R7“;Êæm…­´“_j(L¡{,è8qÓ·å+}ÀU§Ö[ZxtÌ …AoéûN7gÓ'8œ¥4±¼ªÖÇóŠÙs£¤¿ÛR®—ÁPåá•U8Ó˜\\ALBPRINTB9\CO920018ÈÈÈÈÈÈÈÈ0xÈhH  Z6Times New Roman RegularX($¡¡øCY+¼ð~3|x ÿU‹ÿÀÀÀ(3¯$§§Ý ƒ!ÝÝ  Ý ¬–.,s  ªÝ ƒ ¯'ÝÝ  ÝÔ_ÔÔ€XNªXXXÔà  àà ` àà ¸ àà  àà h àà À àÚ  Ú1Ú  Ú´èÀ( 9Z+&Courier Regular<à09Z+‹ Courier New Ý ƒ!ÝÝ  ÝÔ_ÔÒX°ÒÒX°ÒÑX°ÑÓÓÔ€XNªXXXÔÑ  ÑÖ€ÿÿÖÑ  Ñà@ðð"ìàSTATE€OF€NEW€YORKˆÐ ° Ðà@ô ô ìàDEPARTMENT€OF€TAXATION€AND€FINANCEˆÐ \¬ Ðà@| | ìàCOMMISSIONER€OF€TAXATION€AND€FINANCEˆÐ X Ðà@,,"ìàALBANY,€NEW€YORKˆÐ ´  Ðà ° àPursuant€to€the€authority€contained€in€subdivision€First€of€sectionÐ ` ° Ð171,€subsection€(a)€of€section€697€and€subsection€(a)€of€section€1096€ofÐ  \  Ðthe€Tax€Law,€the€Commissioner€of€Taxation€and€Finance,€at€an€open€meetingÐ ¸  Ðheld€on€even€date€with€the€signing€of€this€regulation,€hereby€makes€andÐ d´  Ðadopts€the€following€amendments€to€the€regulations€of€the€Department€ofÐ `  ÐTaxation€and€Finance,€as€published€in€Title€20€of€the€Official€CompilationÐ ¼  Ðof€Codes,€Rules€and€Regulations€of€the€State€of€New€York,€by€amending€theÐ h¸ ÐBusiness€Corporation€Franchise€Tax€Regulations,€as€published€in€SubchapterÐ d ÐA€of€Chapter€I€of€such€Title,€by€amending€the€Franchise€Tax€on€BankingÐ À ÐCorporations€Regulations,€as€published€in€Subchapter€B€of€Chapter€I€of€suchÐ l¼ ÐTitle,€by€amending€the€Franchise€Taxes€on€Insurance€CorporationsÐ h ÐRegulations,€as€published€in€Subchapter€C€of€Chapter€I€of€such€Title,€andÐ Ä Ðby€amending€the€New€York€State€Personal€Income€Tax€Regulations,€asÐ pÀ  Ðpublished€in€Subchapter€A€of€Chapter€II€of€such€Title,€to€read€as€follows:Ð !l" Ðà ° àSection€1.€Subpart€5„9€of€the€Business€Corporation€Franchise€TaxÐ È"$ ÐRegulations,€as€published€in€Subchapter€A€of€Chapter€I€of€Title€20,€isÐ t$Ä& ÐREPEALED€and€a€new€Subpart€5„9€is€added€to€read€as€follows:Ð  &p!( Ðà@XX%ìàòòSUBPART€5„9ˆÐ Ì'#* Ðà@˜ ˜ ìàEMPIRE€ZONE€WAGE€TAX€CREDITˆÐ x)È$, Ðà ° àSec.Ð $+t&. Ðà ° à5„9.1€€€€GeneralÐ Ð, (0 Ðà ° à5„9.2€€€€Period€of€eligibility€and€eligibility€requirementsÐ |.Ì)2 Ðà ° à5„9.3€€€€Meaning€of€termsÐ (0x+4 Ðà ° à5„9.4€€€€Computation€of€the€empire€zone€wage€tax€creditÐ N Ðà ° àðð€5„9.1€€€General.€€(Tax€Law,€ðððð€€210(19),€1083(c)(9),€1085(m))Ð ú¬ Ðà ° à(a)€In€accordance€with€section€210.19€of€the€Tax€Law,€a€taxpayer€thatÐ ¦ X Ðhas€been€certified€or€that€has€applied€for€certification€(see€subdivisionÐ R  Ð(b)€of€this€section)€pursuant€to€article€18„B€of€the€General€Municipal€LawÐ þ ° Ðmay€be€eligible€to€claim€an€empire€zone€wage€tax€credit€(formerly€known€asÐ ª\  Ð"economic€development€zone€wage€tax€credit")€against€the€tax€imposed€byÐ V  Ðarticle€9„A€of€the€Tax€Law€with€respect€to€wages€paid€for€full„timeÐ ´  Ðemployment,€other€than€to€general€executive€officers,€in€newly€created€jobsÐ ®`  Ðlocated€in€empire€zones€(EZððs)€or€zone€equivalent€areas€(ZEAððs),€designatedÐ Z  Ðas€such€pursuant€to€article€18„B€of€the€General€Municipal€Law.Ð ¸ Ðà ° à(b)(1)€In€order€to€claim€a€credit,€a€taxpayer€must€be€certifiedÐ ²d Ðpursuant€to€article€18„B€of€the€General€Municipal€Law€with€respect€to€theÐ ^ Ðtaxable€year.€For€purposes€of€this€subdivision,€a€taxpayer€is€certifiedÐ  ¼ Ðwhere€the€taxpayer€has€received€certification€pursuant€to€article€18„B€ofÐ ¶h Ðthe€General€Municipal€Law€and€such€certification€has€not€been€revoked.€AÐ b Ðtaxpayer€will€be€deemed€certified€with€respect€to€an€entire€taxable€year€ifÐ !À  Ðthe€taxpayer€applied€for€such€certification€on€or€before€the€last€day€ofÐ º"l" Ðthe€taxable€year,€whether€such€application€was€approved€during€such€taxableÐ f$$ Ðyear€or€in€a€subsequent€taxable€year.Ð &Ä& Ðà0 ° àExample:€Taxpayer€A€is€a€calendar€year€taxpayer,€located€in€an€empireÐ ¾'p!( Ðzone.€€On€December€30,€1999,€Taxpayer€A€applied€for€certification.€€OnÐ j)#* ÐApril€30,€2000,€Taxpayer€A€received€notice€from€the€Department€ofÐ +È$, ÐEconomic€Development€that€it€had€been€certified€as€of€the€date€theÐ Â,t&. Ðlocal€zone€certifying€officer€signed€and€dated€the€application,€whichÐ n. (0 Ðwas€April€1,€2000.€For€purposes€of€the€empire€zone€wage€tax€credit,Ð 0Ì)2 ÐTaxpayer€A€is€deemed€to€have€been€certified€as€of€January€1,€1999,€theÐ N Ðfirst€day€of€Taxpayer€Aððs€taxable€year€in€which€it€applied€forÐ ú¬ Ðcertification.€€If€the€requirements€set€forth€in€section€210.19€of€theÐ ¦ X ÐTax€Law,€other€than€with€respect€to€certification,€are€met,€then€wagesÐ R  Ðpaid€by€Taxpayer€A€on€and€after€January€1,€1999,€will€constituteÐ þ ° Ðempire€zone€wages.Ъ\ °€%°€% Ðà ° à(2)€Where€a€taxpayerððs€certification€pursuant€to€article€18„B€of€theÐ V  ÐGeneral€Municipal€Law€has€been€revoked€during€the€taxable€year,€an€empireÐ ´  Ðzone€wage€tax€credit€may€be€allowed€with€respect€to€empire€zone€wages€paidÐ ®`  Ðduring€the€taxable€year€prior€to€the€revocation.€€For€a€special€provisionÐ Z  Ðwith€respect€to€the€assessment€of€tax€due€to€a€taxpayerððs€decertificationÐ ¸ Ðpursuant€to€article€18„B€of€the€General€Municipal€Law,€see€section€38.1€ofÐ ²d Ðthis€Title.Ð ^ Ðà ° à(c)€A€taxpayer€entitled€to€claim€an€empire€zone€wage€tax€credit€mustÐ  ¼ Ðsubmit€a€copy€of€its€certificate€of€eligibility€together€with€a€"Claim€forÐ ¶h ÐEZ€Wage€Tax€Credit"€form€or€a€"Claim€for€ZEA€Wage€Tax€Credit"€form€whenÐ b Ðclaiming€the€credit.€If€the€certificate€of€eligibility€has€not€yet€beenÐ !À  Ðreceived,€a€copy€of€the€application€for€such€certificate€must€be€submitted.Ð º"l" ÐThe€appropriate€certificate€of€eligibility,€or€application€for€suchÐ f$$ Ðcertificate,€must€be€attached€to€the€taxpayerððs€franchise€tax€report€forÐ &Ä& Ðthe€year€in€which€the€taxpayer€is€claiming€the€credit.Ð ¾'p!( Ðà ° à(d)€If€a€taxpayer€has€claimed€an€empire€zone€wage€tax€creditÐ j)#* Ðcontingent€on€the€approval€of€the€application€for€certification€accordingÐ +È$, Ðto€article€18„B€of€the€General€Municipal€Law€and€such€application€isÐ Â,t&. Ðâ âsubsequently€denied,€such€taxpayer€must€file€an€amended€report€with€theÐ n. (0 ÐCommissioner€to€reflect€the€disallowance€of€the€empire€zone€wage€taxÐ N Ðcredit.Ð ú¬ Ðâ âà ° àðð€5„9.2€Period€of€eligibility€and€eligibility€requirements€(Tax€Law,€Ð ¦ X Ððð€210(19))Ð R  Ðà ° à(a)(1)€The€empire€zone€wage€tax€credit€is€allowed€for€up€to€fiveÐ þ ° Ðconsecutive€taxable€years,€beginning€in€the€first€taxable€year€in€which€theÐ ª\  Ðtaxpayer€meets€the€eligibility€rules€described€in€section€210.19€of€the€TaxÐ V  ÐLaw.€Effective€for€taxable€years€beginning€on€or€after€January€1,€2001,€theÐ ´  Ðzone€equivalent€area€wage€tax€credit€is€also€allowed€for€up€to€fiveÐ ®`  Ðconsecutive€taxable€years,€beginning€in€the€first€taxable€year€in€which€theÐ Z  Ðtaxpayer€meets€the€eligibility€rules€described€in€section€210.19€of€the€TaxÐ ¸ ÐLaw.Ð ²d Ðà ° à(2)€Transition€Rule.€For€purposes€of€the€zone€equivalent€area€wage€taxÐ ^ Ðcredit:€Ð  ¼ Ðà ° à(Ô_ÔiÔ_Ô)€a€taxpayer€who€is€first€eligible€to€claim€the€zone€equivalent€areaÐ ¶h Ðwage€tax€credit€prior€to€January€1,€1997€will€be€allowed€to€claim€the€zoneÐ b Ðequivalent€area€wage€tax€credit€for€up€to€two€consecutive€years,€beginningÐ !À  Ðin€the€first€taxable€year€in€which€the€taxpayer€meets€the€eligibility€rulesÐ º"l" Ðdescribed€in€section€210.19€€of€the€Tax€Law;€Ð f$$ Ðà ° à(ii)€a€taxpayer€who€is€first€eligible€to€claim€the€zone€equivalentÐ &Ä& Ðarea€wage€tax€credit€on€or€after€January€1,€1997€and€before€January€1,Ð ¾'p!( Ð2001,€will€be€allowed€to€claim€the€zone€equivalent€area€wage€tax€credit€forÐ j)#* Ðup€to€two€consecutive€taxable€years€beginning€in€the€first€taxable€year€inÐ +È$, Ðwhich€the€taxpayer€meets€the€eligibility€rules€described€in€section€210.19Ð Â,t&. Ðof€the€Tax€Law.€In€addition,€for€taxable€years€beginning€on€or€afterÐ n. (0 ÐJanuary€1,€2001,€such€taxpayer€will€be€allowed€to€claim€the€credit€for€upÐ 0Ì)2 Ðto€three€additional€consecutive€taxable€years,€in€which€the€taxpayerÐ N Ðcontinues€to€meet€such€eligibility€rules.€€Each€of€such€additional€taxableÐ ú¬ Ðyears€must€fall€within€the€five€year€period€beginning€with€the€firstÐ ¦ X Ðtaxable€year€in€which€the€taxpayer€is€eligible€to€claim€the€zone€equivalentÐ R  Ðarea€wage€tax€credit.à  àÐ þ ° Ðà0 ° àExample:€Taxpayer€B€is€a€calendar€year€taxpayer,€located€in€a€zoneÐ ª\  Ðequivalent€area.€Taxpayer€B€meets€the€eligibility€requirements,Ð V  Ðdescribed€in€section€210.19€of€the€Tax€Law,€to€claim€the€zoneÐ ´  Ðequivalent€area€wage€tax€credit€for€taxable€years€1997€and€1998€andÐ ®`  Ðclaims€the€credit€for€such€years.€Taxpayer€B€continues€to€meet€suchÐ Z  Ðeligibility€requirements€for€taxable€years€1999€Ô_ÔandÔ_Ô€2000.€Since€theÐ ¸ Ðextension€of€the€zone€equivalent€area€wage€tax€credit€to€a€period€ofÐ ²d Ðup€to€five€consecutive€taxable€years€is€not€effective€until€January€1,Ð ^ Ð2001,€Taxpayer€B€may€not€claim€the€zone€equivalent€area€wage€taxÐ  ¼ Ðcredit€for€taxable€years€1999€or€2000.€However,€if€Taxpayer€BÐ ¶h Ðcontinues€to€meet€the€eligibility€rules€in€taxable€year€2001,€it€mayÐ b Ðclaim€the€credit€for€that€one€additional€taxable€year.€(Taxable€yearÐ !À  Ð2001€would€fall€within€the€five€year€period€beginning€when€Taxpayer€BÐ º"l" Ðoriginally€claimed€the€credit€(1997),€and€such€taxable€year€begins€onÐ f$$ Ðor€after€January€1,€2001.)Ð&Ä&°€%°€% Ðà ° à(b)€In€addition€to€the€eligibility€rules€described€in€section€210.19Ð ¾'p!( Ðof€the€Tax€Law,€the€following€also€applies.€Taxpayers€which€have€shiftedÐ j)#* Ðtheir€operations€or€portions€thereof€from€an€area€within€New€York€State,Ð +È$, Ðwhich€is€not€an€empire€zone€or€zone€equivalent€area,€to€an€area€which€is€anÐ Â,t&. Ðempire€zone€or€zone€equivalent€area,€and€have€been€certified€under€sectionÐ n. (0 Ð959(a)€of€article€18„B€of€the€General€Municipal€Law,€are€eligible€toÐ 0Ì)2 Ðinclude€the€employees€which€have€been€shifted€from€the€area€which€is€not€anÐ N Ðempire€zone€or€zone€equivalent€area,€when€determining€the€number€of€full„Ð ú¬ Ðtime€employees€employed€by€the€taxpayer€in€the€zone€or€area€during€theÐ ¦ X Ðtaxable€year.€Taxpayers€which€have€shifted€their€operations€or€portionsÐ R  Ðthereof€from€an€area€outside€New€York€State€are€similarly€eligible€toÐ þ ° Ðinclude€the€employees€which€have€been€shifted€from€outside€the€State.Ð ª\  Ðà ° àðð€5„9.3€Meaning€of€terms.€(Tax€Law,€ðð€210(19)(b),(c))Ð V  Ðà ° àIn€addition€to€the€terms€provided€in€section€210.19€of€the€Tax€Law,Ð ´  Ðthe€following€terms,€as€used€in€this€Subpart€and€in€section€210.19,€haveÐ ®`  Ðthese€meanings:Ð Z  Ðà ° à(a)€The€term€"empire€zone€wages"€means€wages€paid€by€a€certifiedÐ ¸ Ðtaxpayer€for€full„time€employment,€other€than€to€general€executiveÐ ²d Ðofficers,€during€the€taxable€year€in€an€area€designated€or€previouslyÐ ^ Ðdesignated€as€an€empire€zone€or€zone€equivalent€area€pursuant€to€articleÐ  ¼ Ð18„B€of€the€General€Municipal€Law,€where€such€employment€is€in€a€jobÐ ¶h Ðcreated€in€the€area€(i)€during€the€period€of€its€designation€as€an€empireÐ b Ðzone,€(ii)€within€four€years€of€the€expiration€of€such€designation,€orÐ !À  Ð(iii)€during€the€ten€year€period€immediately€following€the€date€ofÐ º"l" Ðdesignation€as€a€zone€equivalent€area.€€Where€a€taxpayerððs€certificationÐ f$$ Ðpursuant€to€article€18„B€of€the€General€Municipal€Law€has€been€revoked,€anyÐ &Ä& Ðwages€paid€by€the€taxpayer€on€or€after€the€effective€date€of€suchÐ ¾'p!( Ðdecertification€will€not€constitute€empire€€zone€wages.Ð j)#* Ðà ° à(b)€For€purposes€of€calculating€the€empire€zone€wage€tax€credit,€theÐ +È$, Ðterm€"individuals€employed"€includes€any€individual€for€which€theÐ Â,t&. Ðrelationship€of€employer€and€employee€exists€when€the€taxpayer€has€theÐ n. (0 Ðright€to€control€and€direct€the€individual€not€only€as€to€the€result€to€beÐ 0Ì)2 Ðaccomplished€by€the€individual€but€also€as€to€the€means€by€which€suchÐ N Ðresult€is€to€be€accomplished.€If€the€relationship€of€employer€and€employeeÐ ú¬ Ðexists,€the€designation€or€description€of€the€relationship,€and€theÐ ¦ X Ðmeasure,€method€or€designation€of€the€compensation€are€immaterial.Ð R  Ðà ° à(c)€The€term€"full„time€employment"€means€a€job€consisting€of€at€leastÐ þ ° Ð35€hours€per€week€or€two€or€more€jobs€which€together€constitute€theÐ ª\  Ðequivalent€of€a€job€of€at€least€35€hours€per€week.€A€seasonal€job€whichÐ V  Ðmeets€the€requirements€of€the€preceding€sentence€qualifies€as€a€full„timeÐ ´  Ðemployment€position€if€such€job€is€of€at€least€three€months€continuousÐ ®`  Ðduration.Ð Z  Ðà ° à(d)€For€purposes€of€meeting€the€requirements€for€being€a€targetedÐ ¸ Ðemployee,€as€defined€in€section€210.19(b)(2)€of€the€Tax€Law:€(i)€TheÐ ²d ÐDepartment€will€only€recognize€Form€ES€450,€issued€by€the€Department€ofÐ ^ ÐLabor€(DOL),€and€signed€by€a€DOL€representative€as€proof€of€the€€targetedÐ  ¼ Ðstatus€of€an€individual€under€the€empire€zone€wage€tax€credit€program;€andÐ ¶h Ðà ° à(ii)€the€term€"family"€means€a€group€of€two€or€more€persons€(one€ofÐ b Ðwhom€is€the€householder€(i.e.,€the€person€who€owns€or€maintains€the€house))Ð !À  Ðrelated€by€birth,€marriage,€or€adoption€and€residing€together;€all€suchÐ º"l" Ðpersons€(including€related€subfamily€members)€are€considered€members€of€theÐ f$$ Ðsame€family.€For€example,€if€the€son€of€the€householder€and€the€sonððs€wifeÐ &Ä& Ðare€in€the€household,€they€are€treated€as€part€of€the€householderððs€family.Ð ¾'p!( ÐHowever,€a€lodger€and€spouse,€not€related€to€the€householder,€areÐ j)#* Ðconsidered€as€a€separate€family€and€not€as€part€of€the€householderððs€familyÐ +È$, Ðfor€purposes€of€this€definition.Ð Â,t&. Ðà ° à(e)€The€term€"general€executive€officers"€has€the€same€meaning€as€inÐ n. (0 Ðsection€4„5.3€of€this€Title„General€executive€officers.Ð 0Ì)2 Ðà ° àðð€5„9.4€Computation€of€the€empire€zone€wage€tax€credit€(Tax€Law€ðð€210Ð N Ð(19)(d))Ð ú¬ Ðà ° àIn€addition€to€the€rules€provided€in€section€210.19(d)€of€the€Tax€Law,Ð ¦ X Ðwith€respect€to€the€computation€of€the€empire€zone€wage€tax€credit,€theÐ R  Ðrule€provided€in€subdivision€(b)€of€section€5„9.2€of€this€Subpart,€withÐ þ ° Ðrespect€to€the€shifting€of€operations€or€some€portions€thereof,€alsoÐ ª\  Ðapplies€to€the€computation€of€the€empire€zone€wage€tax€credit.€TaxpayersÐ V  Ðwhich€have€shifted€operations€or€some€portions€thereof€from€an€area€withinÐ ´  ÐNew€York€State,€which€is€not€an€empire€zone€or€zone€equivalent€area,€to€anÐ ®`  Ðarea€which€is€an€empire€zone€or€zone€equivalent€area,€and€have€beenÐ Z  Ðcertified€under€section€959(a)€of€Article€18„B€of€the€General€MunicipalÐ ¸ ÐLaw,€are€eligible€to€include€the€employees€which€have€been€shifted€from€theÐ ²d Ðarea€which€is€not€an€empire€zone€or€zone€equivalent€area,€when€determiningÐ ^ Ðthe€amount€of€the€empire€zone€wage€tax€credit,€provided€the€taxpayer€hasÐ  ¼ Ðmet€the€eligibility€requirements€to€claim€the€empire€zone€wage€tax€creditÐ ¶h Ðunder€section€5„9.2€of€this€Subpart€and€section€210.19€of€the€Tax€Law.Ð b ÐTaxpayers€which€have€shifted€their€operations€or€portions€thereof€from€anÐ !À  Ðarea€outside€New€York€State€are€similarly€eligible€to€include€the€employeesÐ º"l" Ðwhich€have€been€shifted€from€outside€the€State.à È àóóÐ f$$ Ðà ° àSection€2.€€Subpart€20„4€of€the€Franchise€Tax€on€Banking€CorporationsÐ &Ä& ÐRegulations,€as€published€in€Subchapter€B€of€Chapter€I€of€Title€20,€isÐ ¾'p!( ÐREPEALED€and€a€new€Subpart€20„4€is€added€to€read€as€follows:Ð j)#* Ðà@$ìàòòSUBPART€20„4à@@ìì*ìàˆÐ +È$, Ðà@˜ ˜ ìàEMPIRE€ZONE€WAGE€TAX€CREDITóóˆÐ Â,t&. Ðà ° àòòSec.óóÐ n. (0 Ðà ° àòò20„4.1óó€€€€òòGeneralÐ 0Ì)2 Ðà ° àðð€20„4.1€General.€€(Tax€Law,€ðð€1456(e))Ð N Ðà ° àIn€accordance€with€section€1456(e)€of€the€Tax€Law,€a€taxpayer€that€hasÐ ú¬ Ðbeen€certified€or€that€has€applied€for€certification€pursuant€to€articleÐ ¦ X Ð18„B€of€the€General€Municipal€Law€may€be€eligible€to€claim€an€empire€zoneÐ R  Ðwage€tax€credit€against€the€tax€imposed€by€Article€32€of€the€Tax€Law€withÐ þ ° Ðrespect€to€wages€paid€for€full„time€employment,€other€than€to€generalÐ ª\  Ðexecutive€officers,€in€newly€created€jobs€located€in€empire€zones€(EZððs)€orÐ V  Ðzone€equivalent€areas€(ZEAððs),€designated€as€such€pursuant€to€article€18„BÐ ´  Ðof€the€General€Municipal€Law.€The€provisions€of€Subpart€5„9€of€thisÐ ®`  ÐChapter,€dealing€with€the€empire€zone€wage€tax€credit€against€the€taxÐ Z  Ðimposed€by€article€9„A€of€the€Tax€Law,€are€applicable€to€the€credit€allowedÐ ¸ Ðby€section€1456(e)€of€the€Tax€Law,€except€that€references€in€Subpart€5„9€toÐ ²d Ðsection€210.19€of€the€Tax€Law€are€deemed€to€refer€to€section€1456(e)€forÐ ^ Ðarticle€32€taxpayers.óóÐ  ¼ Ðà ° àSection€3.€Subpart€32„2€of€the€Franchise€Taxes€on€InsuranceÐ ¶h ÐCorporations€Regulations,€as€published€in€Subchapter€C€of€Chapter€I€ofÐ b ÐTitle€20,€is€REPEALED€and€a€new€Subpart€32„2€is€added€to€read€as€follows:Ð !À  Ðà@$ìàòòSUBPART€32„2ˆÐ º"l" Ðà@˜ ˜ ìàEMPIRE€ZONE€WAGE€TAX€CREDITˆÐ f$$ Ðà ° àSec.Ð &Ä& Ðà ° à32„2.1óó€€€€òòGeneralÐ ¾'p!( Ðà ° àðð€32„2.1€€General.€(Tax€Law,€ðð€1511(g))Ð j)#* Ðà ° àIn€accordance€with€section€1511(g)€of€the€Tax€Law,€a€taxpayer€that€hasÐ +È$, Ðbeen€certified€or€that€has€applied€for€certification€according€to€articleÐ Â,t&. Ð18„B€of€the€General€Municipal€Law€may€be€eligible€to€claim€an€empire€zoneÐ n. (0 Ðwage€tax€credit€against€the€tax€imposed€by€Article€33€of€the€Tax€Law€withÐ 0Ì)2 Ðrespect€to€wages€paid€for€full„time€employment,€other€than€to€generalÐ N Ðexecutive€officers,€in€newly€created€jobs€located€in€empire€zones€(EZððs)€orÐ ú¬ Ðzone€equivalent€areas€(ZEAððs),€designated€as€such€according€to€article€18„BÐ ¦ X Ðof€the€General€Municipal€Law.€The€provisions€of€Subpart€5„9€of€thisÐ R  ÐChapter,€dealing€with€the€empire€zone€wage€tax€credit€against€the€taxÐ þ ° Ðimposed€by€article€9„A€of€the€Tax€Law,€are€applicable€to€the€credit€allowedÐ ª\  Ðby€section€1511(g)€of€the€Tax€Law,€except€that€references€in€Subpart€5„9€toÐ V  Ð210.19€of€the€Tax€Law€are€deemed€to€refer€to€section€1511(g)€for€Article€33Ð ´  Ðtaxpayers.óóÐ ®`  Ðà ° àSection€4.€Section€106.8€of€the€Personal€Income€Tax€Regulations,€asÐ Z  Ðpublished€in€Subchapter€A€of€Chapter€II€of€Title€20,€is€REPEALED€and€a€newÐ ¸ ÐSection€106.8€is€added€to€read€as€follows:Ð ²d Ðà ° àòòðð€106.8€Empire€zone€wage€tax€credit.€€(Tax€Law,€ðð€606(k)Ð ^ Ðà ° àIn€accordance€with€section€606(k)€of€the€Tax€Law,€a€taxpayer€who€hasÐ  ¼ Ðbeen€certified€or€who€has€applied€for€certification€according€to€articleÐ ¶h Ð18„B€of€the€General€Municipal€Law€may€be€eligible€to€claim€an€empire€zoneÐ b Ðwage€tax€credit€against€the€ordinary€tax€(see€section€101.1€of€thisÐ !À  ÐArticle),€with€respect€to€wages€paid€for€full„time€employment€in€newlyÐ º"l" Ðcreated€jobs€located€in€empire€zones€(EZððs)€or€zone€equivalent€areasÐ f$$ Ð(ZEAððs),€designated€as€such€according€to€article€18„B€of€the€GeneralÐ &Ä& ÐMunicipal€Law.€The€provisions€of€Subpart€5„9€of€this€Chapter,€dealing€withÐ ¾'p!( Ðthe€empire€zone€wage€tax€credit€against€the€tax€imposed€by€Article€9„A€of€Ð  j)#* Ðthe€Tax€Law,€are€applicable€to€the€credit€allowed€by€section€606(k)€of€theÐ N ÐTax€Law,€except€that€references€in€Subpart€5„9€to€section€210.19€of€the€TaxÐ ú¬ ÐLaw€are€deemed€to€refer€to€section€606(k)€for€Article€22€taxpayers.Ð ¦ X ÐóóÓÓÌDated:€€€Albany,€New€YorkÐ ( Ú ÐÌà ° à€€€€January€25,€2002Ð Ô †  ÐÌÌà ° àà  àà ` àà ¸ àà  àà h àòò€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€óóÐ V  Ðà ° àà  àà ` àà ¸ àà  àà h àArthur€J.€RothÐ ,Þ  Ðà ° àà  àà ` àà ¸ àà  àà h àCommissioner€of€Taxation€and€FinanceÐ ´  ÐÌ