2015 New York Laws
TAX - Tax
Article 9 - (Tax) CORPORATION TAX
187-N*2 - Fuel cell electric generating equipment expenditures credit.

*   187-n.  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,
  one  hundred  eighty-four  and  one hundred eighty-five 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 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.
** NB Effective until January 1, 2018
** (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 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.
** NB Effective January 1, 2018
(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  or  one  hundred eighty-five 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 Effective until January 1, 2018
** (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 Effective January 1, 2018
* NB There are 2  187-n's