N.Y. COM Law § 359

§ 359. Cap on tax credit. The total amount of tax credits listed on\ncertificates of tax credit issued by the commissioner for any taxable\nyear may not exceed the limitations set forth in this section. One-half\nof any amount of tax credits not awarded for a particular taxable year\nmay be used by the commissioner to award tax credits in another taxable\nyear.\nCredit components in the aggregate With respect to taxable\nshall not exceed: years beginning in:\n $ 50 million 2011\n $ 100 million 2012\n $ 150 million 2013\n $ 200 million 2014\n $ 250 million 2015\n $ 200 million 2016\n $ 200 million 2017\n $ 200 million 2018\n $ 200 million 2019\n $ 200 million 2020\n $ 200 million 2021\n $ 150 million 2022\n $ 100 million 2023\n $ 50 million 2024\n Twenty-five percent of tax credits shall be allocated to businesses\naccepted into the program under subdivision four of section three\nhundred fifty-three of this article and seventy-five percent of tax\ncredits shall be allocated to businesses accepted into the program under\nsubdivision three of section three hundred fifty-three of this article.\n Provided, however, if by September thirtieth of a calendar year, the\ndepartment has not allocated the full amount of credits available in\nthat year to either: (i) businesses accepted into the program under\nsubdivision four of section three hundred fifty-three of this article or\n(ii) businesses accepted into the program under subdivision three of\nsection three hundred fifty-three of this article, the commissioner may\nallocate any remaining tax credits to businesses referenced in\nparagraphs (i) and (ii) of this section as needed; provided, however,\nthat under no circumstances may the statutory cap be exceeded.\n