N.Y.
Tax Law Section 187-B
Alternative fuels and electric vehicle recharging property credit
1.
General. A taxpayer shall be allowed a credit, to be credited against the taxes imposed under sections one hundred eighty-three and one hundred eighty-four of this article. Such credit, to be computed as hereinafter provided, shall be allowed for alternative fuel vehicle refueling and electric vehicle recharging property placed in service during the taxable year. Provided, however, that the amount of such credit allowable against the tax imposed by § 184 (Additional franchise tax on transportation and transmission corporations and associations)section one hundred eighty-four of this article shall be the excess of the credit allowed by this section over the amount of such credit allowable against the tax imposed by section one hundred eighty-three of this article.2.
(a) Alternative fuel vehicle refueling property and electric vehicle recharging property. The credit under this section for alternative fuel vehicle refueling and electric vehicle recharging property shall equal for each installation of property the lesser of five thousand dollars or the product of fifty percent and the cost of any such property less any costs paid from the proceeds of grants.(b)
To qualify for the credit, the property must:(i)
be located in this state;(ii)
constitute alternative fuel vehicle refueling property or electric vehicle recharging property; and(iii)
not be paid for from the proceeds of grants awarded before January first, two thousand fifteen, including grants from the New York state energy research and development authority or the New York power authority.3.
Definitions.(a)
The term “alternative fuel vehicle refueling property” means all of the equipment needed to dispense any fuel at least eighty-five percent of the volume of which consists of one or more of the following: natural gas, liquified natural gas, liquified petroleum, or hydrogen.(b)
The term “electric vehicle recharging property” means all the equipment needed to convey electric power from the electric grid or another power source to an onboard vehicle energy storage system.4.
Carryovers. In no event shall the credit under this section be allowed in an amount which will reduce the tax payable to less than the applicable minimum tax fixed by section one hundred eighty-three of this article. If, however, the amount of credit allowable under this section for any taxable year reduces the tax to such amount, any amount of credit not deductible in such taxable year may be carried over to the following year or years and may be deducted from the taxpayer’s tax for such year or years.5.
Credit recapture. If, at any time before the end of its recovery period, alternative fuel vehicle refueling or electric vehicle recharging property ceases to be qualified, a recapture amount must be added back in the year in which such cessation occurs.(i)
Cessation of qualification. Alternative fuel vehicle refueling property or electric vehicle recharging property ceases to be qualified if: (I) the property no longer qualifies as alternative fuel vehicle refueling property or electric vehicle recharging property; or (II) fifty percent or more of the use of the property in a taxable year is other than a trade or business in this state; or (III) the taxpayer receiving the credit under this section sells or disposes of the property and knows or has reason to know that the property will be used in a manner described in this subparagraph.(ii)
Recapture amount. The recapture amount is equal to the credit allowable under this section multiplied by a fraction, the numerator of which is the total recovery period for the property minus the number of recovery years prior to, but not including, the recapture year, and the denominator of which is the total recovery period.6.
Termination. The credit allowed by subdivision two of this section shall not apply in taxable years beginning after December thirty-first, two thousand twenty-five.
Source:
Section 187-B — Alternative fuels and electric vehicle recharging property credit, https://www.nysenate.gov/legislation/laws/TAX/187-B (updated Apr. 29, 2022; accessed Apr. 27, 2024).
