NY S04990

Adds new category (E-1) to the investment tax credit in Tax Law Section 210(12)(b)(i) for property used in providing investment advisory services or managing investment portfolios for accredited investors with accounts exceeding one million dollars

Requires taxpayers claiming the credit to be a regulated broker or dealer (or affiliate), registered as an investment adviser under Section 203 of the Investment Adviser Act of 1940, and have at least one client that is a regulated investment company with assets exceeding one hundred million dollars

Makes similar additions to investment tax credits in Tax Law Section 606(a)(2)(A) and Section 1456(i)(2) to include the new investment advisory services category

Allows aggregation of property uses across the new investment advisory services category and existing related categories (broker/dealer and investment company advisory services) when determining if property qualifies for the credit

Maintains existing employment requirements that at least eighty percent of administrative and support function employees be located in New York State, or meet alternative thresholds based on average or historical employee counts