N.Y. COM Law § 359

§ 359. Cap on tax credit. The total amount of tax credits issued by\nthe commissioner for any taxable year may not exceed the limitations set\nforth in this section. One-half of any amount of tax credits not awarded\nfor a particular taxable year may be used by the commissioner to award\ntax credits in another taxable year.\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 $ 183 million 2016\n $ 183 million 2017\n $ 183 million 2018\n $ 183 million 2019\n $ 183 million 2020\n $ 183 million 2021\n $ 133 million 2022\n $ 83 million 2023\n $ 36 million 2024\n $ 200 million 2025\n $ 200 million 2026\n $ 200 million 2027\n $ 200 million 2028\n $ 200 million 2029\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 this\nparagraph as needed; provided, however, that under no circumstances may\nthe aggregate statutory cap for all program years be exceeded. One\nhundred percent of the unawarded amounts remaining at the end of two\nthousand twenty-nine may be allocated in subsequent years,\nnotwithstanding the fifty percent limitation on any amounts of tax\ncredits not awarded in taxable years two thousand eleven through two\nthousand twenty-nine. Provided, however, no tax credits may be allowed\nfor taxable years beginning on or after January first, two thousand\nforty.\n