2023 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.