State Codes and Statutes

Statutes > New-york > Tax > Article-9 > 187-i

§  187-i.  Environmental remediation insurance credit. 1. Allowance of  credit. A taxpayer shall be allowed a credit, to be computed as provided  in section twenty-three of this chapter, against the  taxes  imposed  by  sections  one  hundred  eighty-three,  one  hundred  eighty-four and one  hundred eighty-five of this article. 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.    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 or one hundred eighty-five 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.

State Codes and Statutes

Statutes > New-york > Tax > Article-9 > 187-i

§  187-i.  Environmental remediation insurance credit. 1. Allowance of  credit. A taxpayer shall be allowed a credit, to be computed as provided  in section twenty-three of this chapter, against the  taxes  imposed  by  sections  one  hundred  eighty-three,  one  hundred  eighty-four and one  hundred eighty-five of this article. 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.    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 or one hundred eighty-five 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.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Tax > Article-9 > 187-i

§  187-i.  Environmental remediation insurance credit. 1. Allowance of  credit. A taxpayer shall be allowed a credit, to be computed as provided  in section twenty-three of this chapter, against the  taxes  imposed  by  sections  one  hundred  eighty-three,  one  hundred  eighty-four and one  hundred eighty-five of this article. 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.    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 or one hundred eighty-five 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.