NY Tax L § 187-B (2021)
2021 New York Laws TAX - Tax Article 9 - Corporation Tax 187-B - Alternative Fuels and Electric Vehicle Recharging Property Credit.

§  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  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-two.