N.Y. Tax Law § 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-eight.