This text of New York § 4-E (Credit relating to certain sales and compensating use taxes) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 4-e. Credit relating to certain sales and compensating use taxes.\n(1) in addition to any other credit allowed by this section, a taxpayer\nshall be allowed a credit against the tax imposed by this part to be\ncredited or refunded in the manner hereinafter provided in this section.\nThe amount of such credit shall be equal to one-half the amount of sales\nand compensating use taxes imposed by section eleven hundred seven of\nthe tax law during the taxpayer's taxable year which became legally due\non or after and was paid on or after July first, nineteen hundred\neighty-one, less one-half of any credits or refunds of such taxes, with\nrespect to the purchase or use by the taxpayer of (i) parts with a\nuseful life of one year or less, tools and supplies for use or\nconsumption directly a
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§ 4-e. Credit relating to certain sales and compensating use taxes.\n(1) in addition to any other credit allowed by this section, a taxpayer\nshall be allowed a credit against the tax imposed by this part to be\ncredited or refunded in the manner hereinafter provided in this section.\nThe amount of such credit shall be equal to one-half the amount of sales\nand compensating use taxes imposed by section eleven hundred seven of\nthe tax law during the taxpayer's taxable year which became legally due\non or after and was paid on or after July first, nineteen hundred\neighty-one, less one-half of any credits or refunds of such taxes, with\nrespect to the purchase or use by the taxpayer of (i) parts with a\nuseful life of one year or less, tools and supplies for use or\nconsumption directly and predominantly in the production of tangible\npersonal property, gas, electricity, refrigeration or steam for sale by\nmanufacturing, processing, generating, assembling, refining, mining or\nextracting or for use directly and predominantly in or on telephone\ncentral office equipment or station apparatus or comparable telegraph\nequipment where such equipment or apparatus is used directly and\npredominantly in receiving at destination or initiating and switching\ntelephone or telegraph communication, and (ii) the service of\ninstalling, repairing, maintaining or servicing the tangible personal\nproperty described in section four-b of this part, including the parts\nwith a useful life of one year or less, tools and supplies described in\nclause (i) of this subdivision. The foregoing credit shall be reduced\nby the amount of any credit for such sales and compensating use taxes\nallowed or allowable against the taxes imposed by any local law of the\ncity imposing a tax on utilities and vendors of utility services, for\nany periods embraced within the taxable year of the taxpayer under this\npart.\n (2) The credit allowed under this section for any taxable year shall\nbe deemed to be an overpayment of tax by the taxpayer to be credited or\nrefunded without interest in accordance with the provisions of section\nseventy-seven of this title.\n (3) Where the taxpayer receives a refund or credit of any tax imposed\nunder section eleven hundred seven of the tax law for which the taxpayer\nhad claimed a credit under the provisions of this section in a prior\ntaxable year, the amount of such tax refund or credit shall be added to\nthe tax imposed by section three of this part, and such amount shall be\nsubtracted in computing entire net income for the taxable year.\n