2023 New York Laws › TAX - Tax › Article 9 - 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
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.
(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