§ 187-C — Biofuel production credit

New York § 187-C

• Jurisdiction: New York
• Law TAX: Tax
• Art. 9: Corporation Tax

Text

§ 187-c. Biofuel production credit. A taxpayer shall be allowed a\ncredit to be computed as provided in section twenty-eight of this\nchapter, as added by part X of chapter sixty-two of the laws of two\nthousand six, against the tax imposed by this article. Provided,\nhowever, that the amount of such credit allowed against the tax imposed\nby section one hundred eighty-four of this article shall be the excess\nof the amount of such credit over the amount of any credit allowed by\nthis section against the tax imposed by section one hundred eighty-three\nof this article. In no event shall the credit under this section be\nallowed in an amount which will reduce the tax payable to less than the\napplicable minimum tax fixed by section one hundred eighty-three of this\narticle. If, however, the amount of the credit allowed under this\nsection for any taxable year reduces the tax to such amount, the excess\nshall be treated as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section six hundred eighty-six of this\nchapter. Provided, however, the provisions of subsection (c) of section\none thousand eighty-eight of this chapter notwithstanding, no interest\nshall be paid thereon. The tax credit allowed pursuant to this section\nshall apply to taxable years beginning before January first, two\nthousand twenty.\n