1. (a) Where a taxpayer is allowed a credit pursuant to Subpart 5-2 of this Part, with respect to property, the acquisition, construction, reconstruction or erection of which commenced on or after January 1, 1976 and prior to January 1, 1987, the taxpayer will be allowed a credit for each of the three years next succeeding the taxable year for which the credit pursuant to Subpart 5-2 of this Part is allowed with respect to such property, of 50 percent of the credit allowable pursuant to Subpart 5-2 of this Part. Provided, that the credit allowable under this section for any taxable year will only be allowed if a taxpayer has at least one employee during that year, and if:

   1. (1) the average number of employees during such taxable year is at least 101 percent of the average number of employees during the taxable year immediately preceding the taxable year for which the credit pursuant to Subpart 5-2 of this Part is allowed; or
   2. (2) in case of a taxpayer which was incorporated in the current taxable year or a taxpayer which was not subject to the tax imposed by article 9-A immediately preceding the taxable year for which the credit pursuant to Subpart 5-2 of this Part is allowed, the average number of employees in the taxable year for which the credit under this Subpart is allowable is at least 101 percent of the average number of employees during the taxable year in which the credit pursuant to Subpart 5-2 of this Part is allowed.
2. (b) A taxpayer entitled to claim the employment incentive tax credit should submit a “Claim for Investment Tax Credit” (form CT-46) when claiming the employment incentive tax credit.

Tax Law, § 210(12-A)