Section 11-643.7. Relocation and employment assistance credit

(a) In
  addition to any other credit allowed by this part, a taxpayer  that  has
  obtained   the   certifications  required  by  chapter  six-B  of  title
  twenty-two of the code shall be allowed a credit against the tax imposed
  by this part. The amount of the credit shall be the amount determined by
  multiplying five hundred dollars or, in the case of a taxpayer that  has
  obtained   pursuant   to  chapter  six-B  of  such  title  twenty-two  a
  certification of eligibility dated on  or  after  July  first,  nineteen
  hundred ninety-five, one thousand dollars or, in the case of an eligible
  business  that  has  obtained  pursuant  to  chapter six-B of such title
  twenty-two a certification of eligibility dated on or after July  first,
  two  thousand,  for  a  relocation to eligible premises located within a
  revitalization area defined in subdivision (n) of section 22-621 of  the
  code,  three  thousand  dollars,  by  the  number  of eligible aggregate
  employment shares maintained by the taxpayer  during  the  taxable  year
  with respect to particular premises to which the taxpayer has relocated;
  provided, however, with respect to a relocation for which no application
  for  a  certificate of eligibility is submitted prior to July first, two
  thousand three to eligible premises that are not within a revitalization
  area,  if  the  date  of  such  relocation  as  determined  pursuant  to
  subdivision  (j)  of  section  22-621  of the code is before July first,
  nineteen hundred ninety-five, the amount to be multiplied by the  number
  of  eligible  aggregate employment shares shall be five hundred dollars,
  and with respect  to  a  relocation  for  which  no  application  for  a
  certificate  of  eligibility  is  submitted  prior  to  July  first, two
  thousand three, to eligible premises that are  within  a  revitalization
  area,  if  the  date  of  such  relocation  as  determined  pursuant  to
  subdivision (j) of such section is before July first,  nineteen  hundred
  ninety-five,  the  amount  to  be  multiplied  by the number of eligible
  aggregate employment shares shall be five hundred dollars,  and  if  the
  date  of  such  relocation  as determined pursuant to subdivision (j) of
  such section is on or after July first,  nineteen  hundred  ninety-five,
  and  before  July  first,  two thousand, one thousand dollars; provided,
  however, that no credit shall be  allowed  for  the  relocation  of  any
  retail  activity  or hotel services; and provided that in the case of an
  eligible business that has obtained pursuant to chapter  six-B  of  such
  title  twenty-two  certifications  of  eligibility  for  more  than  one
  relocation, the portion  of  the  total  amount  of  eligible  aggregate
  employment  shares  to  be  multiplied by the dollar amount specified in
  this subdivision for each such certification of a  relocation  shall  be
  the  number  of  total  attributed  eligible aggregate employment shares
  determined with respect to such relocation pursuant to  subdivision  (o)
  of  section  22-621 of the code. For purposes of this section, the terms
  "eligible aggregate employment shares,"  "relocate,"  "retail  activity"
  and  "hotel services" shall have the meanings ascribed by section 22-621
  of the code.
    (b) The credit allowed under this section  with  respect  to  eligible
  aggregate  employment  shares  maintained  with  respect  to  particular
  premises to which the taxpayer has relocated shall be  allowed  for  the
  first  taxable  year  during  which  such  eligible aggregate employment
  shares are maintained with respect to such premises and for any  of  the
  twelve   succeeding   taxable  years  during  which  eligible  aggregate
  employment shares are maintained with respect to such premises; provided
  that the credit allowed for the twelfth succeeding taxable year shall be
  calculated by multiplying the number of  eligible  aggregate  employment
  shares   maintained  with  respect  to  such  premises  in  the  twelfth
  succeeding taxable year  by  the  lesser  of  one  and  a  fraction  the
  numerator  of  which  is  such  number  of  days  in the taxable year of

  relocation less the number of  days  the  eligible  business  maintained
  employment  shares  in  the  eligible  premises  in  the taxable year of
  relocation and the denominator of which is the number of  days  in  such
  twelfth  succeeding  taxable  year  during which such eligible aggregate
  employment shares are maintained with respect to such  premises.  Except
  as  provided  in  subdivision  (d) of this section, if the amount of the
  credit allowable under this section for any taxable year exceeds the tax
  imposed for such year, the excess may be carried over, in order, to  the
  five  immediately  succeeding  taxable  years  and,  to  the  extent not
  previously deductible, may be deducted from the taxpayer's tax for  such
  years.
    (c)  The  credit  allowable under this section shall be deducted after
  the credit allowed by section 11-643.8, but prior to  the  deduction  of
  any other credit allowed by this part.
    (d)  In  the  case  of a taxpayer that has obtained a certification of
  eligibility pursuant to chapter six-B of title twenty-two  of  the  code
  dated  on or after July first, two thousand for a relocation to eligible
  premises located within the revitalization area defined  in  subdivision
  (n)  of  section  22-621  of  the  code,  the credits allowed under this
  section, or in the case of a taxpayer that has relocated more than once,
  the  portion  of  such  credits  attributed  to  such  certification  of
  eligibility pursuant to subdivision (a) of this section, against the tax
  imposed  by this chapter for the taxable year of such relocation and for
  the four taxable years immediately succeeding the taxable year  of  such
  relocation, shall be deemed to be overpayments of tax by the taxpayer to
  be  credited  or  refunded,  without  interest,  in  accordance with the
  provisions of section 11-677 of this chapter. For  such  taxable  years,
  such  credits  or  portions  thereof  may  not  be  carried  over to any
  succeeding taxable year; provided, however, that this subdivision  shall
  not apply to any relocation for which an application for a certification
  of  eligibility  was  not  submitted  prior  to July first, two thousand
  three, unless the date of such relocation is on or after July first, two
  thousand.