N.Y.
Tax Law Section 187-N*2
Fuel cell electric generating equipment expenditures credit
(1)
Allowance of credit. For taxable years beginning before January first, two thousand nine, a taxpayer whose business is not substantially engaged in the commercial generation, distribution, transmission, or servicing of energy or energy products shall be allowed a credit against the taxes imposed by sections one hundred eighty-three and one hundred eighty-four of this article, equal to its qualified fuel cell electric generating equipment expenditures. 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. This credit shall not exceed one thousand five hundred dollars per generating unit with respect to any taxable year. The credit provided for herein shall be allowed with respect to the taxable year in which the fuel cell electric generating equipment is placed in service.(2)
Qualified fuel cell electric generating equipment expenditures.(a)
Qualified fuel cell electric generating equipment expenditures are the costs, incurred on or after July first, two thousand five, associated with the purchase of on-site electricity generation units utilizing proton exchange membrane fuel cells, providing a rated baseload capacity of no less than one kilowatt of electricity and no more than one hundred kilowatts of electricity, which are located in this state at the time the qualified fuel cell electric generating equipment is placed in service.(b)
Qualified fuel cell electric generating equipment expenditures shall also include costs, incurred on or after July first, two thousand five, for materials, labor for on-site preparation, assembly and original installation, engineering services, designs and plans directly related to construction or installation and utility compliance costs.(c)
Such qualified expenditures shall not include interest or other finance charges.(d)
The amount of any federal, state or local grant received by the taxpayer, which was used for the purchase and/or installation of such equipment and which was not included in the federal gross income of the taxpayer, shall not be included in the amount of such qualified expenditures.(3)
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 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. * NB There are 2 § 187-n’s
Source:
Section 187-N*2 — Fuel cell electric generating equipment expenditures credit, https://www.nysenate.gov/legislation/laws/TAX/187-N*2 (updated Jan. 5, 2018; accessed Apr. 27, 2024).
