N.Y. Comp. Codes R. & Regs. tit. 11, § 400.4 – Tax credits.

(a) The aggregate maximum amount of tax credits permitted under section 1511(k) of the Tax Law shall be $100 million ($50 million scheduled for utilization beginning in 1999 and $50 million scheduled for utilization beginning in 2000).
1. (1) The $50 million tax credits scheduled for utilization beginning in 1999 may be allocated among and vested in certified investors beginning in 1998 as provided in section 400.5 of this Part.
2. (2) The $50 million tax credits scheduled for utilization beginning in 2000 may be allocated among and vested in certified investors beginning on June 15, 1998, as provided in section 400.5 of this Part. A separate request for allocation of such tax credits must be submitted by the certified capital company. Such request may be submitted on or after June 1, 1998.
3. (3) Any portion of the $50 million tax credits scheduled for utilization beginning in 1999 which remains unallocated as of year-end 1999 shall be added to the $50 million tax credits scheduled for utilization beginning in 2000.
(b) Any insurance company subject to the tax imposed by article 33 of the Tax Law may make an investment of certified capital (or request an allocation of tax credits for an investment of certified capital) in certified capital companies in an amount not to exceed $10 million in the aggregate for any calendar year; provided, however, that an insurance company may make an investment of certified capital in an amount exceeding $10 million (or request an allocation of tax credits in excess of $10 million) for calendar years 1999 and 2000 only as provided in section 11(i) of the Tax Law.
(c) In the event the requests for allocation of tax credits to be utilized in 1999 by all certified investors in all certified capital companies exceeds $50 million, tax credits to be utilized in 1999 shall be allocated among certified investors in certified capital companies in the manner provided in section 400.5(e) of this Part. In the event the requests for allocation of tax credits to be utilized in 2000 by all certified investors in all certified capital companies exceeds $50 million, tax credits to be utilized in 2000 shall be allocated among certified investors in certified capital companies in the manner provided in section 400.5(e) of this Part.