§ 359. Cap on tax credit. The total amount of tax credits issued by the commissioner for any taxable year may not exceed the limitations set forth in this section. One-half of any amount of tax credits not awarded for a particular taxable year may be used by the commissioner to award tax credits in another taxable year. Credit components in the aggregate With respect to taxable shall not exceed: years beginning in:

$ 50 million 2011

$ 100 million 2012

$ 150 million 2013

$ 200 million 2014

$ 250 million 2015

$ 183 million 2016

$ 183 million 2017

$ 183 million 2018

$ 183 million 2019

$ 183 million 2020

$ 183 million 2021

$ 133 million 2022

$ 83 million 2023

$ 36 million 2024

$ 200 million 2025

$ 200 million 2026

$ 200 million 2027

$ 200 million 2028

$ 200 million 2029

Twenty-five percent of tax credits shall be allocated to businesses accepted into the program under subdivision four of section three hundred fifty-three of this article and seventy-five percent of tax credits shall be allocated to businesses accepted into the program under subdivision three of section three hundred fifty-three of this article.

Provided, however, if by September thirtieth of a calendar year, the department has not allocated the full amount of credits available in that year to either: (i) businesses accepted into the program under subdivision four of section three hundred fifty-three of this article or (ii) businesses accepted into the program under subdivision three of section three hundred fifty-three of this article, the commissioner may allocate any remaining tax credits to businesses referenced in this paragraph as needed; provided, however, that under no circumstances may the aggregate statutory cap for all program years be exceeded. One hundred percent of the unawarded amounts remaining at the end of two thousand twenty-nine may be allocated in subsequent years, notwithstanding the fifty percent limitation on any amounts of tax credits not awarded in taxable years two thousand eleven through two thousand twenty-nine. Provided, however, no tax credits may be allowed for taxable years beginning on or after January first, two thousand forty.