NY Tax L § 187-Q (2021)
2021 New York Laws TAX - Tax Article 9 - Corporation Tax 187-Q - Utility Covid-19 Debt Relief Credit.

§  187-q. Utility COVID-19 debt relief credit. 1. Allowance of credit.   A taxpayer  doing  business  in  this  state  that  is  subject  to  the   supervision  of  the public service commission shall be allowed a credit   against the taxes imposed by this article, to be computed as hereinafter   provided, for the amount  of  debt  that  the  taxpayer  has  waived  in   accordance  with procedures established by the public service commission   that was owed to the taxpayer by customers who received utility  arrears   assistance  pursuant  to  the  chapter  of  the  laws  of  two  thousand   twenty-one that enacted this section. Provided,  however,  that  if  the   taxpayer  is subject to tax under both sections one hundred eighty-three   and one hundred eighty-four of this article the amount  of  such  credit   allowable   against   the  tax  imposed  by  such  section  one  hundred   eighty-four 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 that 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   shall  be  treated as an overpayment of tax to be refunded in accordance   with the provisions of section one thousand eighty-six of this  chapter.   Provided,  however,  the  provisions  of  subsection  (c) of section one   thousand eighty-eight of this chapter notwithstanding, no interest shall   be paid thereon.3. Certification. No amount of waived customer debt may be  the  basis   for  the  credit  herein  unless  such amount is certified by the public   service  commission  as  provided  herein.  After  consulting  with  the   commissioner,  the  public service commission shall establish procedures   for determining the amount of waived customer debt that may be used as a   basis for the tax credit allowed by this section. Such procedures  shall   include  provisions  describing the application process, application due   dates,  the  documentation  that  will  be  provided  by  taxpayers   to   substantiate  the  amount  of  customer  debt  that  was  waived by such   taxpayers, the process by which  the  public  service  commission  shall   certify  to  a  taxpayer  and  to  the commissioner the amount of waived   customer debt that qualifies for the credit, and such  other  provisions   as deemed necessary and appropriate.4.  Timing  of  credit.  The  credit  allowed by this section shall be   claimed in the taxable year  in  which  the  public  service  commission   certifies  the  amount  of  customer  debt  waived  by the taxpayer that   qualifies for the credit allowed by this section.5. Credit recapture. If the certification made by the  public  service   commission  under  subdivision  three  of this section is revoked by the   public service commission,  the  amount  of  credit  described  in  this   section  and  claimed  by the taxpayer prior to that revocation shall be   added back to the tax in the  taxable  year  in  which  such  revocation   becomes final.6. Information sharing. Notwithstanding any provision of this chapter,   employees  and  officers  of  the  public  service  commission  and  the   department shall be allowed and  are  directed  to  share  and  exchange   information  regarding the credits allowed, or claimed, pursuant to this   section, and the taxpayers who are  applying  for  credits  or  who  are   claiming  credits,  including  information  contained in or derived from   credit claim forms submitted to the department, and the  information  of   the  taxpayer  used by the department of public service to determine the   amount of waived customer debt.