New York Laws
Article 9 - Corporation Tax
187-H - Remediated Brownfield Credit for Real Property Taxes for Qualified Sites.

§ 187-h. Remediated brownfield credit for real property taxes for
qualified sites. 1. Allowance of credit. A taxpayer shall be allowed a
credit, to be computed as provided in subdivision (b) of section
twenty-two of this chapter, against the taxes imposed by sections one
hundred eighty-three and one hundred eighty-four of this article.
Provided, however, that the amount of such credit allowed 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.

2. 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 allowed
under this section for any taxable year reduces the tax to such amount,
any amount of credit not thus deductible in such taxable year shall be
treated as an overpayment of tax to be credited or refunded in
accordance with the provisions of section ten hundred eighty-six of this
chapter. Provided, however, the provisions of subsection (c) of section
ten hundred eighty-eight of this chapter notwithstanding, no interest
shall be paid thereon.

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