N.Y.
Tax Law Section 187-E
Credit for transportation improvement contributions
1.
Allowance of credit. A taxpayer shall be allowed a credit, to be computed as provided in § 20 (Credit for transportation improvement contributions)section twenty of this chapter, against the taxes imposed by sections one hundred eighty-three, one hundred eighty-four and former section one hundred eighty-six of this article. 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 amount of such credit over the amount of any credit allowed by this section against the tax imposed by section one hundred eighty-three of this article.2.
Application of credit. 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 or former section one hundred eighty-six 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 thus deductible in such taxable year shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of § 1086 (Overpayment)section ten hundred eighty-six of this chapter. Provided, however, the provisions of subsection (c) of § 1088 (Interest on overpayment)section ten hundred eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.3.
Credit recapture. For provisions requiring recapture of credit, see subdivision (c) of § 20 (Credit for transportation improvement contributions)section twenty of this chapter.
Source:
Section 187-E — Credit for transportation improvement contributions, https://www.nysenate.gov/legislation/laws/TAX/187-E (updated Jan. 5, 2018; accessed Oct. 26, 2024).
