N.Y. Tax Law § 187-e: Credit for transportation improvement contributions

§ 187-e. Credit for transportation improvement contributions. 1.

Allowance of credit. A taxpayer shall be allowed a credit, to be

computed as provided in section twenty of this chapter, against the

taxes imposed by sections one hundred eighty-three, one hundred

eighty-four and former section one hundred eighty-six 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 former section one hundred eighty-six 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

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.

3. Credit recapture. For provisions requiring recapture of credit, see

subdivision (c) of section twenty of this chapter.