N.Y. Tax Law § 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.