2023 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-five.