§ 187-H — Remediated brownfield credit for real property taxes for qualified sites

New York § 187-H

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

Text

§ 187-h. Remediated brownfield credit for real property taxes for\nqualified sites. 1. Allowance of credit. A taxpayer shall be allowed a\ncredit, to be computed as provided in subdivision (b) of section\ntwenty-two of this chapter, against the taxes imposed by sections one\nhundred eighty-three and one hundred eighty-four of this article.\nProvided, however, that the amount of such credit allowed against the\ntax imposed by section one hundred eighty-four of this article shall be\nthe excess of the amount of such credit over the amount of any credit\nallowed by this section against the tax imposed by section one hundred\neighty-three of this article.\n 2. Application of credit. In no event shall the credit under this\nsection be allowed in an amount which will reduce the tax payable to\nless than the applicable minimum tax fixed by section one hundred\neighty-three of this article. If, however, the amount of credit allowed\nunder this section for any taxable year reduces the tax to such amount,\nany amount of credit not thus deductible in such taxable year shall be\ntreated as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section ten hundred eighty-six of this\nchapter. Provided, however, the provisions of subsection (c) of section\nten hundred eighty-eight of this chapter notwithstanding, no interest\nshall be paid thereon.\n